Source: New Zealand Government
Turbocharging New Zealand’s economic growth is the key to brighter days ahead for all Kiwis, Prime Minister Christopher Luxon says.
In the Prime Minister’s State of the Nation Speech in Auckland today, Christopher Luxon laid out the path to the prosperity that will affect all aspects of New Zealanders’ lives.
“Right now it is a tough time for many Kiwis – we’ve experienced the biggest recession since the early 1990s. Growth is the solution – we must embrace it.
“We’ve already made significant reforms in 2024 – take fast-track, stopping wasteful spending, new roads, RMA reform, stopping ram raids, new trade deals, backing farmers, banning cellphones in class, FamilyBoost, making foreign investment easier, increasing speed limits, and focusing councils on the basics.
“And in 2025 we’re going even further – all focused on growth so we can have thriving businesses making a profit, paying higher wages, hiring more people and investing in more growth.
“Going for growth means wherever you come from, and whatever you want to achieve, New Zealand will be an outstanding place to make it happen.
In his speech Mr Luxon announced major changes to the science and innovation sector and overseas investment, all designed to lift productivity, boost Kiwi incomes, and create opportunities here at home.
“Invest New Zealand will be established as the Government’s one-stop-shop for foreign direct investment.
“Modelled off the success of Ireland and Singapore, Invest New Zealand will roll out the welcome mat – streamlining the investment process and providing tailored support to foreign investors.
“Invest New Zealand will increase capital investment across a range of critical sectors – like banking and fintech, critical infrastructure like transport and energy, manufacturing, and innovation.
“We’re also undertaking a significant reform of the science sector – because we want more break throughs, more discoveries, more start-ups, more IPOs, and many more opportunities for Kiwis to compete on the world stage.
“Backing our science and innovation sector, and backing economic growth, will drive productivity and make us all wealthier. It will lift incomes, help families to get ahead and also allow us to invest more in the public services Kiwis deserve.
“We will shake up our Crown Research Institutes, establishing four Public Research Organisations – focused on bio-economy, earth sciences, health and forensic sciences, and advanced technology.
“And I want us to commercialise our brilliant ideas – so that our science system makes us all wealthier. Too often, new innovations are effectively shelved – with potential commercialisation often an afterthought.
“Right now, scientists see too few of the proceeds of their own research. We’re going to change that – with researchers seeing a greater commercial share of their own innovations.”
In his speech Mr Luxon also highlighted some of the other areas that would be key for growth – including competition, RMA reform, fixing health and safety rules, backing tourism and mining, and making life easier for farmers.
“Last year the OECD said that insufficient competition was an important factor in driving New Zealand’s long standing productivity woes – with our distance from other markets making domestic competition doubly important.
“Too often we see reports of Kiwis getting a raw deal because of a lack of competition. In banking, energy, retail, construction and groceries. I’m up for action.”
Mr Luxon said that 2025 would be all about going for growth.
“Too often when it comes to economic growth, New Zealand has slipped into a culture of saying no. We need to shift our mindset and embrace it.
“I want our kids to know that New Zealand is where the opportunities are – not Australia or the UK.
“2025 will be another massive year for New Zealand – and I am obsessed with doing everything it takes to unleash the growth, innovation, and investment we need to thrive – because Kiwis deserve nothing less.”
