Source: New Zealand Labour Party
And what role you can play in helping us to address some of the biggest challenges we face, while also creating new opportunities for business and good paying jobs in communities across our country.
I also want to acknowledge our iwi leaders, and all our kiwi investors and firms in the room.
I also want to extend my thanks to the Prime Minister, Ministers and the current government for inviting me to address you this morning.
My presence here, and that of my colleagues Hons Dr Megan Woods, Kieran McAnulty and Peeni Henare, I hope it shows you, is that there is a broad agreement across the political spectrum that New Zealand stands to gain from greater overseas and domestic investment—especially when it comes to infrastructure, growing our own capability and innovation.
There is some common ground amongst our political parties, but what I want to clearly set out, are the boundaries that a future Labour government will have so you can invest with some certainty.
For me—and for the Labour Party—the key question will always be: what kind of investments are we talking about and who benefits?
With a limited pool of domestic capital, attracting foreign investment has to be a key part of our plan for economic growth.
But how that growth happens—and who it benefits—matters.
I’m not interested in an economy where one part of the country races ahead of the rest. Nor will I accept investments that depend on jobs that are low paid and insecure.
Our measure of success isn’t solely about the amount of money we attract.
It is about the people, about how families are doing and whether they have a warm place to live and jobs that pay enough to cover life’s essentials.
Whether we are creating opportunities for their kids, so they see a future for themselves in New Zealand.
Whether we are confronting the challenges we face in a way that creates new business opportunities and sets us up for the future.
The Labour Party commits to working constructively—and on a bipartisan basis—to help attract investment to this country. This is what our own infrastructure sector is calling for, and this is what we will try to do.
With your investment we want to create wealth and sustain wealth in New Zealand for future generations.
But it has to be the right kind of investment.
In the past, governments have too often made choices based on the view that investments and values are separable. But they’re not. Our investments must reflect our values.
When foreign investment is rushed, or lacks adequate safeguards, it can undermine our economy, drive up costs, and reduce local opportunities. Which, more often than not, means the benefits of investment are not shared fairly.
We have to do things differently.
I am in no doubt about the opportunity we have ahead of us. But how we go about seizing these opportunities—and who stands to benefit most—is the critical question that we all need to be asking ourselves.
For me, the answer is clear: we will only succeed if we increase overseas investment in a way that benefits all of New Zealand.
That means investments should be sustained, not one-off. They should be targeted at driving the long-term change we need in this country. And they should put people on a path to good-paying jobs in businesses of the future.
You would have heard yesterday about the opportunities from investing in Iwi and the Māori economy.
Recent data shows that the Māori contribution to the economy grew from $17 billion in 2018 to $32 billion in 2023 – and there is no reason why this trend cannot continue.
But this growth also reflects something deeper.
Iwi Māori take a long-term approach to prosperity, with a strong focus on the wellbeing of both their people and the natural environment. And that is exactly how we should be thinking about overseas investment. Through an intergenerational lens.
And for me personally that’s important. Like the Minister of Finance, I too have many children. Together we have a football team and a reserve. I have eight children ages 20, 19, 18, 17, 15, 14, 13, 12. Yes eight children in nine years and no twins.
So I too have a lot invested in the future of our country.
Where I see a role for government is in creating the conditions for you to plan and invest. We need to set a clear framework – and we will work with the current government to do so, but it is up to you to seize the opportunities it will create.
Before becoming a Member of Parliament, I worked for over a decade in tax law and also in the private global and domestic insurance industry. I know how important continuity and certainty is to business and investors.
So let me reassure you, Labour isn’t going to spend our first year back in government pausing, cancelling, and reviewing everything.
Just because the current government started something, we aren’t just going to stop it because it was their idea and not ours. If it’s working, contracted or underway, we will keep moving forward.
But let me also be clear about where we will step in.
The next Labour Government will not support any step towards the private ownership or operation of our public hospitals, schools, prison or critical infrastructure.
These are essential public services, and people expect their government to safeguard them for the benefit of all New Zealanders long into the future.
The reason why investing in New Zealand has been seen as a privilege is because successive governments agreed that there are some things too important to New Zealanders to sell off.
Our land, our hospitals, our schools, and infrastructure are not just assets to be traded—they are the foundation of our communities and economy and must remain in public hands.
And so, to anyone who is interested in new opportunities created by the recent proposed changes to the Overseas Investment Act, I want you to know this: Labour will restore the protections necessary to ensure that investment serves New Zealand’s long-term interests, not just short-term profits.
Overseas investment must create real benefits for New Zealanders, and uphold our values as a country. Where it doesn’t, we will make different choices.
I say this not to deter investment, but to make clear what investments an incoming Labour Government will prioritise.
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We have always supported—and will continue to support—high-quality, strategic investment that delivers benefits to New Zealanders.
For us that means:
- Investment must create jobs and raise wages for Kiwis, not just deliver profits that flow offshore;
- It must protect key national assets, like housing, healthcare, and public education, for the long-term benefit of all New Zealanders;
- It must protect our natural environment;
- It must honour Te Tiriti o Waitangi – our founding document.
- And it must contribute to our long-term economic growth, rather than speculative and short-term buyouts.
There is no question that investment—both domestic and foreign—will play a central role in New Zealand’s future.
We know this, as it was a Labour Government that created the Super Fund and Kiwisaver that today have collectively over $200 billion dollars in assets.
There has been a lot of mention of PPPs at the summit, but we know there are other forms of financing and funding you may be interested in, such as Infrastructure, Government or Green bonds and equities. Because we have a stable political environment, I know that sometimes the more conservative investment instruments may help with the diversity of your portfolio. I also know that scale is of importance to international investors, so we will look at ways to group projects to achieve an investable offering. We are open to these discussions.
The challenge will always be ensuring that we invest in the right things, in the right way, with the right protections in place.
When done right, overseas investment can help to create jobs, support communities, and grow local businesses.
It can help us address some of the biggest challenges we face, encourage innovation, and plant the seeds of new growth.
We will support investment in housing that gets Kiwis into warm dry affordable homes—without creating a speculation market.
We will back investment into infrastructure where there is also a long-term commitment to New Zealand.
And we will enthusiastically support new opportunities, like renewable energy—not just to cut climate emissions, but to lower power bills, support our advanced manufacturing sector and create local jobs.
I am so proud to be a first-generation New Zealander, and to be able to stand here and advocate for what is right for our people.
I am also somebody who understands that what you have to offer has the potential to change New Zealand for the better.
Labour is committed to working constructively to ensure our investment settings support growth while safeguarding New Zealand’s interests.
We want a future where our infrastructure is world-class.
Our industries are strong and innovative.
Our workers benefit from high-wage, high-skill jobs.
Our economy remains resilient and secure.
We want a future that is climate-resilient and built for the next generation.
We know we don’t have all the answers, and that we must all work together to solve the big challenges facing our beautiful Aotearoa New Zealand.
My door is always open, and as we move forward and into the next election, know that Labour will be up front with you and provide certainty where you need it.
But we also have a responsibility to get this right—not just for today, but for the generations to come.
Nō reira, tēnā koutou, tēnā koutou, tēnā koutou katoa.
Fa’afetai lava mo le avanoa.
Thank you.
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