"There has been the odd outbreaks and that can be damaging. But it's great to set a goal and put the finance, infrastructure and resources in place."
Prime Minister John Key said rats, possums and stoats kill 25 million native birds every year, and prey on other native species and the environment.
The introduced pests also threatened the economy and primary sector, with their total economic cost estimated at around $3.3 billion a year, he said.
Primary Industries Minister Nathan Guy said the goal of a Predator Free New Zealand by 2050 would have major positive impacts for farmers and the wider primary sector.
"Possums and ferrets are the main carriers of bovine TB, which is a very destructive disease for cattle and deer. In this year's Budget the Government committed $100 million towards combined eradication efforts with industry starting with cattle and deer by 2026," Mr Guy said.
"By pooling our resources and working together we can jointly achieve our goals of both eradicating bovine TB, and achieving a predator free New Zealand."
Not all the technology to make New Zealand predator free yet exists, and the Biological Heritage National Science Challenge would have an important role in developing the science to achieve the predator free goal, he said.
But New Zealand First said the Government initiative had the potential to derail into the worst unintentional ecological blunder of modern times.
Primary Industries and Outdoor Recreation spokesman Richard Prosser said possums were primarily herbivores.
"Few studies exist that document the contribution of birds and eggs to the possum's diet, but those that do indicate bird material to be less than 0.5per cent.
In some areas, thanks to diminished numbers of birds such as the kereru, possums may be the only agents capable of spreading large tree seeds.
"The myth that possums are the major cause of TB in cattle has been debunked by figures that the Government itself has supplied in response to our questions.
But we do know that poisoning operations aimed at possums result in the direct and indirect deaths of many endangered birds."
New Zealand First supports trapping initiatives and the development of new technologies, but was concerned about the increasing the use of poisons.
Forest & Bird Advocacy manager Kevin Hackwell said a predator-free country was achievable by 2050 with the right resources, experts and framework in place.
"A predator-free country will also be of huge value to public health and our agriculture industries which currently spend many millions every year combating waste, contamination, and disease due to pests like rats and possums."