Author: MIL-OSI Publisher

Source: NZ Music Month takes to the streets

I am very pleased to open the redeveloped George Forbes Building at Lincoln University.

The original building was opened by Governor-General Viscount Cobham on 11^th August 1960. He inherited Viscount Cobham from his father but his birth name was actually Charles Lyttelton, Lyttelton being named after his great grandfather.

The building has undergone significant changes since then that have made it a notable landmark in the area.

This latest development creates a vibrant new student hub, which will contribute to a world-class campus.

I know Lincoln has a strong focus on its students, both in terms of their campus experience but also a commitment to supporting their success in study and moving into employment.

This space demonstrates your focus on your learners and their future, by providing a mix of areas for relaxation and recreation, as well as places to work and collaborate with others.

And collaboration is one of the hallmarks of the university.

We can see it today in your strong domestic and international partnerships in research and teaching.

An excellent example is Bioprotection Aotearoa, a Centre of Research Excellence that features a collaborative partnership of 11 universities and CRIs to train the next generation of bioprotection researchers. It also delivers pioneering, multi-disciplinary research to protect our productive and natural landscapes from pathogens, pests and weeds in a warming climate.

Scientists from Lincoln along with Plant & Food Research have contributed to the discovery of a new gene – the PAR gene – that will make it possible to produce seeds from crops that are genetically identical to the mother plant, without pollination. This was done with scientists in the Netherlands and Japan, and it is expected to lead to major innovations in plant breeding.

You also have a strong history in commercial collaboration. The New Zealand Agricultural Engineering Institute (NZAEI) established in 1965, now Lincoln Agritech, has a history of finding practical engineering solutions to agricultural issues, supporting sustainable production. That contributes social, environmental and economic benefits to the community but also to your researchers and helps maintain the university’s reputation as a partner in innovation.

It’s not an exaggeration to say that Lincoln has been making vital contributions to our country and to the wider world, in agriculture, horticulture and viticulture, for nearly 150 years. That’s quite an achievement and something to be proud of.

Your focus on the agricultural sector has positioned you well in our nation’s economy and helped build our reputation as an agricultural innovator, as well as a successful and reliable supplier of high-quality food and associated technologies.

These are some of the things that place this small university in the top 150 for agriculture and forestry, according to the QS World University Rankings.

It is also in the top 150 for hospitality and leisure, another significant industry for economic growth, and one that relies for much of its appeal on the quality of our rural environments and the products that are so important to this country’s economy.

I know that you have a long-term plan which is driving the shape of the campus, with both new and redeveloped facilities.

With Plant & Food Research and Landcare Research across the road, we have a hub of research excellence that is important to New Zealand’s agricultural future.

These combine to make Lincoln an attractive place to study. You have rapidly rebuilt your domestic and international student population, and achieved a position of financial sustainability while continuing to be recognised as a leader in research for the land-based sectors.

Keeping all of your achievements in mind, it gives me great pleasure to turn to the opening of this new development and the opportunities still to come.

I want to thank a great-grandson and namesake of George Forbes, who provided very helpful information on his history. I know he was invited today and I hope he is here.

The Right Honourable George William Forbes was MP for Hurunui from 1908 to 1943 and Prime Minister from 1930 to 1935. He was also the first leader of the National Party.

Before that he was farmer in Cheviot – on his farm called Crystal Brook – which he farmed until his death. He had a keen and enduring interest in the industry throughout his political career, and he regularly attended agricultural events here at Lincoln.

The George Forbes Memorial Library was developed in recognition of his advancement of the interests of Canterbury Agricultural College, as it was then, in the mid-1920s, when plans for Massey Agricultural College were underway.

The library has moved but the building retains his name. It is now the new entry point to the university.

For learners just starting their tertiary education journey, this will be a place of welcome and connection with each other and the studies that will support their success in years to come.

Many Lincoln alumni have gone on to play, and continue to play, prominent roles in New Zealand life. There is an impressive list of scientists, All Blacks and business leaders, as well as politicians and media personalities, who have passed through these halls. There are a few international leaders in there as well.

Lincoln was a key part of their leadership journey.

That’s as it should be. We expect our tertiary institutions to produce leaders in all areas – science, arts, public service, sports, community and commerce.

I believe George William Forbes would be proud and pleased with this place and the contribution Lincoln is continuing to make to New Zealand, as well as the continuing association of his name with the university.

Thank you Chancellor and Vice Chancellor for your continuing efforts, and congratulations to you and the university community on this occasion.

I now take great pride in officially declaring the George Forbes Building open.

Nō reira, tēnā koutou, tēnā koutou, tēnā koutou katoa.

Source: NZ Music Month takes to the streets

Check against delivery.

Kia ora and thank you so much for inviting me here today. It’s great to be with you all.

Can I start by thanking Fran O’Sullivan for her hard work in organising and supporting this annual event and the also NZME for sponsoring the event as always. 

I’d also like to acknowledge our Deputy Mayor Desley Simpson, Councillor Richard Hills, and my colleague the Honourable Chris Bishop, the Minister of many things relevant to Auckland’s future and success – Transport, Housing, RMA Reform, Infrastructure – the list goes on. He is also, importantly, Leader of the House because you can’t change the law if he doesn’t let you change the law, so it’s very important to have the Leader of the House on site – great to see you here. 

Also, the opposition spokesperson for Auckland, Carmel Sepuloni, and Shanan Halbert – lovely to see you here today as well.

It’s always good to be with you all as leaders of our city – people who believe in Auckland’s future and are committed to its success.

This shared commitment mirrors our Government’s focus on Going for Growth – driving positive change for this city, and delivering real results.
 

Context
 

As a Government, we have set a clear, decisive plan to get New Zealand back on track.

There is no doubt that our country – and this city – faces significant challenges.

At the heart of those challenges are the economy, inflation, and interest rates, which have been tightening household budgets and stifled economic growth. 

The Government has spent the last 18 months focused on the basics – rebuilding our economy, restoring law and order, and delivering better public services, particularly in health and education.

By reducing wasteful spending, reining in inflation, and lowering interest rates, we are easing the pressure on families and mortgages and giving businesses the certainty they need to grow and invest.

We campaigned on this, and we are starting to see the green shoots of economic recovery.

Inflation is back within the one to three per cent band, and interest rates are falling. This is good news for Kiwi households and businesses and is critical to easing the cost-of-living pressures for New Zealanders.  

Just last week, it was confirmed that our economy has also started to turn the corner, with GDP growing by 0.7 percent in the three months to December – ahead of what the economists were projecting – welcome news after a long period of economic decline, which we inherited, leaving Kiwis feeling poorer. 

Under Christopher Luxon’s leadership, our Government is Going for Growth, and working tirelessly to sustain this momentum, because a stronger economy means more jobs, better incomes, and more opportunities for Kiwis to get ahead. 

Rebuilding our economy also requires discipline across every part of government, local and central – delivering the services and infrastructure that Kiwis need, while ensuring every dollar is spent wisely to produce tangible results. 

This disciplined approach is especially crucial for Auckland – home to 34 per cent of our population and generating 38 per cent of New Zealand’s GDP.

Rebuilding our economy means the Government can continue to invest in the priorities facing our city, whether that is better schools, more doctors and nurses in our hospitals, or the infrastructure needed for our fast-growing city.

As Minister for Auckland, my role is to champion this city’s interests and ensure it receives the attention and investment it rightfully deserves from central Government, and I am proud of what we have already achieved as a Government. 

Delivering for Auckland

Since entering government, we have moved quickly deliver on our promises and get Auckland back on track. 

We axed the Auckland Regional Fuel Tax, removing 11.5 cents per litre from the cost of fuel.

We delivered tax relief for hardworking Aucklanders, with average-income households receiving up to $102 a fortnight.

We have also prevented a 25.8 per cent increase in water rates through our Local Water Done Well plan, ensuring Aucklanders have access to affordable and sustainable water services.

This will save Aucklanders around $899 million in water and wastewater charges over four years through the Watercare Charter. 

I want to acknowledge the team from Watercare for the excellent work they’ve done, as well as Auckland Council who have partnered with the Government to enable this deal. 

The deal with Auckland Council to financially separate Watercare has also built huge confidence in the pipeline of water infrastructure in Auckland. 

A major sign of this confidence was the decision by tunnelling company, Ghella, who are building the Auckland Central Interceptor, to keep their tunnel boring machine in Auckland, following the completion of the central interceptor tunnels this Friday. They see the growing pipeline of water infrastructure projects that require delivering in our city. 

This is what real confidence in the infrastructure pipeline looks like and it’s a privilege to play a part in delivering that. 

We have also opened new state-of-the-art radiology equipment at Auckland City Hospital’s Regional Cancer and Blood Service.

We’ve deployed additional cops on the beat – raising beat cops to 51 in the CBD – strengthening law and order to improve safety in the inner city and across Auckland.

We scrapped Auckland Light Rail, halting a project that haemorrhaged over $228 million without delivering a single metre of track.

We have introduced legislation for Time of Use Schemes, which will support the Government’s and Auckland Council’s efforts to reduce congestion across the city and improve efficiency of our roading network. 

We set a clear direction for both roading and public transport projects across Auckland, including the Northland Corridor, Mill Road Stage 1, the North-West Alternative State Highway, the Northwestern Busway and the Airport to Botany Busway so Aucklanders can have a clear plan of future transport projects for the city – both roading and public transport connections that this city needs for the future. 

And we are restoring democratic accountability for transport decisions, ensuring Auckland ratepayers have a genuine say in shaping our city.

Our track record as a Government demonstrates our commitment to delivering real outcomes for Auckland and getting our city back on track.

What’s next for Auckland

But the question is what’s next for Auckland?

While we’ve achieved a lot in a short space of time, our work isn’t done. There is much more to do. Two key areas of work that will be underway over the next 12-18 months, which I think are critically to our city’s success, is capitalising on the benefits of the City Rail Link and developing an Auckland Regional Deal.

The next 12-18 months see significant change in Auckland as we look forward to the completion of the City Rail Link. 

This project, started under the last National Government, will be truly transformational for the city and unlock huge benefits for Aucklanders, including reduced travel times and increased opportunities for development along our rail corridor. 

Once complete, the City Rail Link will be truly city shaping, and will have a significant impact beyond just making transport more accessible for Aucklanders. 

Unlocking the benefits of the CRL is key to Auckland’s success. Both the Government and Auckland Council have invested billions of dollars into this project and we must make sure that we are getting the benefits from it. 

Whether it is the work Transport Minister Chris Bishop is delivering with Auckland Council to remove level crossings to keep traffic moving safely in our suburbs, or it is unlocking development around train stations across Auckland, we must make sure that the city maximises the benefits. 

The Government has also recently welcomed proposals around regional deals, and I welcome Auckland Council’s proposal which has been put forward as part of that process. 

I hope that maximising the City Rail Link benefits can be part of that deal because that is something we must jointly ensure happens for the city. 

Regional deals are an opportunity to bring Councils, Government, Business, Iwi and community together with a longer-term view than just the three-year political cycle, about what’s need to enable the key issues to be unlock, whether that economic growth, productivity, housing, or infrastructure. 

I’m looking forward to the opportunity we have before us to build on the work already underway with Auckland Council, and how a regional deal could support that. 

As Minister of Auckland, I will be advocating for Auckland to be the first cab off the rank for a regional deal so we can build on the strong progress we have already made for Auckland in the past 18 months. 

A regional deal will be a long-term plan for the city, outlining how both local and central government can work together to unlock economic growth in our city, build houses, and deliver the infrastructure needed for this city. 

It is also an opportunity to outline how central and local governments need to work together to solve problems and deliver tangible solutions. 

Taxpayers and Ratepayers are ultimately the same people – and they expect central and local governments to work together to deliver on their priorities over the long term. 

Regional deals are an opportunity to do just that and I will be working closely with Auckland Council on their plan to deliver a Regional Deal for Auckland. 

But, great infrastructure and economic reforms also need high-quality public services, particularly in health, that are efficient and put patients first.

Keeping Auckland healthy

That’s why we’re determined to ensure Aucklanders have timely, quality access to healthcare.

A lot has changed since I last spoke to you in March, when I was talking about potholes – but even Bernard Orsman managed to find a pothole at Greenlane Hospital carpark yesterday, and we got it fixed. 

Some might say I traded one challenge for an even bigger one. In a growing city like Auckland, we need a resilient health system, so that rising demand from a growing population doesn’t mean waitlists balloon out even more than they already have.

The Government is putting more money into health than ever before and we are focussing our health system on delivering the timely and quality healthcare for all New Zealanders. 

To achieve this – we have restored national health targets – which are key to delivering timely and quality healthcare. 

Unfortunately over the last 6 years, we’ve seen the results go backwards for patients, whether its Kiwis waiting longer in emergency departments or elective surgeries, which increased from 1000 people more than four months in 2017 to over 27,000 waiting more than four months in 2023.

It is unacceptable and New Zealanders deserve better. Health targets have been restored to deliver better outcomes for patients because what gets measured gets managed.

But performance also depends on infrastructure. Auckland’s population is growing, so we need modern hospitals to keep up.

For the expectant new mother needing maternity care.

For the elderly patient needing a hip replacement.

For the injured tradie needing urgent care after an accident on the job.

Health Infrastructure Plan

At the recent New Zealand Infrastructure Summit, I highlighted 67 health infrastructure projects – valued at $6.39 billion – which are in the pipeline across the country. 

$1.5 billion of that is in Auckland, including Manukau Health Park here in Auckland, large scale remediation programmes across our estate at Auckland Hospital and Greenlane Hospital.

But at current estimates, we cannot build capacity fast enough to meet the demands of a growing population. 

Today, I am providing an update on the Health Infrastructure Plan that Cabinet is developing. This plan will set a direction for the next 10 to 20 years to ensure that as a country, we build the right things in the right places at the right size and scale.

While each project will require its own business case, the plan will set a long-term view of health infrastructure needs across the country and gives Health New Zealand a clear plan to work upon. 

We know that hospitals across the Auckland region are experiencing pronounced bed shortages, which are expected to increase as the population grows.

South Auckland in particular is one of our fastest-growing communities, with significant health challenges. 

This community experiences higher rates of infectious conditions and long term conditions such as diabetes, cardiovascular disease, and chronic respiratory disease. 

The health needs of South Auckland are compounding, and this impacts the whole region, with both Middlemore and Auckland City Hospital under pressure to service the south Auckland population – and this pressure will only continue to grow.

A new site in South Auckland has long been acknowledged by the region’s health planning as necessary to meet the growing demand. 

Today, I’m confirming that as part of the Health Infrastructure Plan, a new major hospital in South Auckland is being explored. 

The next steps involve detailed planning by Health New Zealand and securing land to accelerate development.

This hospital would work alongside Middlemore, adding more beds, modern surgical theatres, and expanded emergency services – easing pressure on the system and improving outcomes for Aucklanders. 

Kiwis deserve better than long waits in overcrowded emergency departments and long waits for surgery. Patients come first, and investing in infrastructure is key to delivering that.

The Health Infrastructure Plan has been considered by Cabinet and will be published in the coming weeks 

Conclusion

We have a clear growth agenda for Auckland. We’ve taken decisive action to ease the cost of living, restore law and order, and keep our city moving.

Auckland must be a city that works for its people – where businesses thrive, families can afford to live, people can travel quickly and safely, and everyone has access to timely, quality healthcare.

That’s my focus.

Thanks very much for having me here.

Thank you, and I look forward to continuing this work alongside you all.

Source: NZ Music Month takes to the streets

Good afternoon, everyone. Thanks, Murray, for that introduction.

It’s a pleasure to be speaking with you here in New Zealand’s capital city of growth, at this launch of the Project Auckland report.

Can I start by acknowledging my parliamentary colleague Hon Simeon Brown. He is unquestionably the biggest advocate for Auckland I know – and is a staunch advocate for you all around the Cabinet table.

I also want to acknowledge Project Auckland Editor Fran O’Sullivan, Deputy Mayor Desley Simpson, and my former parliamentary colleague and boss Simon Bridges.

While I am a boy from Lower Hutt, I want to reassure you that I know and love this city, having lived here for two years, having many friends who live here, and am at the moment almost a weekly visitor.

Auckland is critical to New Zealand’s future. We are not going to be successful in growing our economy if we don’t think carefully about how we enable Auckland, as our largest and most important city, to grow and thrive.

That’s why government is investing heavily into transport in Auckland, through new Roads of National Significance, new busways, and commuter rail.

Without question, the largest of these planned investments is a second harbour crossing.

In fact, it will be one of the most expensive infrastructure investments in New Zealand history.

Our existing bridge is old, and even with the clip-on lanes, it’s expected to struggle with forecast increases in demand.

Despite the daunting cost, and the other challenges that come with the project, advancing an additional harbour crossing is a priority for this Government.

Right now, there is a barge in the harbour undertaking geotechnical, environmental, and utilities investigations of the Harbour floor – the first-time studies of this kind have been done.

NTZA are about to kick off early market soundings on this project, largely to help us make the decision every Aucklander is waiting for: bridge or tunnel. We expect to make that decision mid-2026.

Being realistic, this project won’t be built for a while yet – but Auckland doesn’t need to wait that long to experience a transformational transport project.

Everyone in this room knows the potential City Rail Link has to enable the growth Auckland needs.

Once open next year, CRL will double Auckland’s rail capacity and reduce congestion across the city, enabling Aucklanders to get to where they want to go faster.

It is critical for the city’s future that we take advantage of CRL and ensure that the maximum benefits are felt by Aucklanders.

We must focus high density, mixed-use developments around CRL stations – with as many jobs, houses, services and amenities within walking distance as possible.

This approach is known as transit-oriented development, and has been adopted by the world’s best and most liveable cities – think Stockholm, Copenhagen, Hong Kong, Tokyo, and Singapore.

Cities that embrace transit orientated development consistently outperform those that don’t across multiple metrics: they experience increases in productivity, lower unemployment, higher population growth, increased availability of homes, and more stable rents.

And with CRL, we have a once in a generation chance to embrace this in Auckland.

Consent decline

This is why I was so frustrated last week to see a resource consent application to build a $100m office building on K Road – within walking distance of the new CRL station – was denied by commissioners.

Frankly, this decision made me feel physically ill.

How can it possibly be that an 11-story building, which includes retail spaces and food and beverage stores, alongside office and commercial spaces for more than 400 people, is turned down in the centre of New Zealand’s biggest city?

The site it is currently planned to be on is a gravel pit. You heard that correctly. Our current planning laws are so fundamentally broken that a gravel pit in the CBD of Auckland is unable to be developed into a new office building.

The commissioners’ report said “The principal concern for the board is the scale of the development.”

Which might be more understandable if that was said about a development in a small regional town, but is astounding when there is a 20 story building within 100 metres.

Putting it simply, and excuse the RMA language, the commissioners when declining this application concluded that the adverse effects related to built form and appearance, streetscape, and historic heritage had not been sufficiently avoided such that the effects on the environment were considered ‘more than minor’.

This is precisely why we are scrapping the RMA, and replacing it with a radically more enabling system predicated on property rights. As you will have hopefully seen, I announced the architecture for our new system earlier this week.

A number of the changes we are progressing would have likely led to this K-Road development being approved rather than declined.

Our planned standardised zoning approach will help us move away from considering matters such as built form and appearance, or streetscape.

It will be clear what you can build and where, with fewer restrictions encouraging increased creativity in our built form – likely improving the look of our cities.

What I want to see in our new planning system is that development like this, due to its proximity to rapid transit and the central city, would be able to proceed without the need to gain approval at all – instead proceeding as a permitted activity through a standardised zone.

The other, more technical change we are proposing to make is the removal of what is known as non-complying activity status. The RMA states that a consent can only be granted for a non-complying activity if the adverse effects of the activity are minor, or the activity will not be contrary to objectives and policies of a plan.

In layman’s terms, this creates a barrier to some of these larger projects, with a much higher bar for approval, which sometimes is insurmountable.

This K-Road development was one of these non-complying activities. Remember that McDonalds in Wanaka that was declined a few weeks ago? Also a non-complying activity. That Southland windfarm that was declined last week? You guessed it: non-complying activity.

8-10% of all resource consent applications every year are for non-complying activities – and therefore face this sometimes impossibly high-bar.

By removing non-complying activities in our new system, alongside narrowing the effects considered in the planning system, we will making it substantially easier for these big projects to get approval.

PC 78

Moving on from K-Road – another issue that has been causing significant uncertainty for Auckland Council, as well as Aucklanders, has been the ongoing saga with it’s current plan change process, known as PC 78.

Auckland Council has been progressing PC 78 since mid-2022. This was the vehicle that was intended to implement the National Policy Statement on Urban Development – more commonly known as the NPS-UD, and the Medium Density Residential Standards – more commonly known as the MDRS. Apologies for the acronym soup.

The idea was that the MDRS, which enabled more density in the suburbs, and the NPS-UD, which enabled more density around CBDs and rapid transit, were both meant to be adopted by councils quickly – and the last Government gave them new planning tools to achieve this.

This, however, did not quite pan out. Fast forward to today, years after these were introduced, Auckland Council are still going through their plan change process to implement them.

In fairness to them, there have been significant challenges along the way. Cyclone Gabrielle and flooding events, and the change in Government has now made the progress of PC 78 tricky, to say the least.

I think Mayor Brown put it best when he called the current situation “a bit like RMA gymnastics”.

Following the floods, Auckland Council has seen the need to address a number of new natural hazard areas prone to flooding.

Unfortunately, and frankly, annoyingly, the plan change process they had to use for PC 78, does not allow downzoning. It wasn’t envisaged at the time that councils would need to do anything other than upzoning using this process, and now they are stuck.

The other issue is the light rail corridor. Auckland Council left this blank in PC 78, anticipating new station location announcements, which obviously did not come, as we won the election, and scrapped this wasteful project as promised.

We also have also communicated changes to the rules around the MDRS, as we campaigned on, therefore changing Auckland Council’s approach to PC 78 yet again.

These things have left Auckland Council in a very confusing situation not entirely of their own making – although I do want to say, that if they had they delivered this plan change on the timeframes originally required of them, a number of these issues would be much easier to manage now.

With us about to introduce a new RMA system, and this having dragged on for frankly far too long already, we want Auckland Council to bank some quick-wins for density and development now. Aucklanders have waited for too long.

That’s why I can confirm today that I have changed my legal “direction”, made under the RMA, on Auckland Council on the timing and sequencing of decisions on PC 78.

This change will bring forward decisions on the city centre, by ten months from the previously required date of March 2026 to May 2025.

This will almost immediately support the enablement of thousands of dwellings and significant development potential in the heart of Auckland – where basically everyone accepts this kind of growth is critical.

We are able to do this because the city centre parts of PC 78 are discrete from the rest of the changes and have been through submissions and hearings already.

Locking in this part of the plan change as soon as possible is a massive win for our biggest city, and a massive win for economic growth.

For the time being, the remainder of PC 78 will still need to be completed by March 2026 as per the law.

I note that Auckland Council, in their submission on the Resource Management (Consenting and Other System Changes) Amendment Bill, which is currently before the Environment Select Committee, have asked for changes to enable the immediate withdrawal of the remaining parts of PC 78.

As this Bill is currently before Select Committee, and due to come back to Parliament later in the year, I am unable to provide comment on whether these suggestions will be incorporated.

However, I can confirm this is something that is being considered as part of the Committee’s process, and I’ll have more to say on this in due course.

I am grateful to the work of Mayor Brown and his council in advancing housing and urban outcomes for our great city of Auckland.

In my experience, Mayor Brown has been steadfast in his support for sensible density in the city centre, in Auckland’s metro-centres, and near key transport connections. I want to thank him for his leadership, and for bringing sense back into the density debate in Auckland.

This situation has without a doubt been the most complex I have had to deal with as a Minister. If anything, it underscores the urgent need for our replacement planning system.

Aucklanders shouldn’t need a PhD in planning or a team of lawyers to understand the progress of a major zoning change going on in their backyards. Our new system will have plans that are much more streamlined and simple, clearly communicating what Kiwis can do on their own property, without the years and years of backwards and forwards.

Conclusion

In conclusion, I want to repeat what I have said in my column in the Project Auckland report we are all here to launch today:

Auckland has a bright future. Whenever I visit Auckland, I get a palpable sense of opportunity knocking. Auckland isn’t waiting, it’s getting on with the mission of growth. It is bursting at the seams with opportunities — now, it is the responsibility of all of us to help make it happen.

Thank you – I will now take your questions.

Source: NZ Music Month takes to the streets

[Comments following the bilateral meeting with United States Secretary of State, Marco Rubio; United States State Department, Washington D.C.]

* We’re very pleased with our meeting with Secretary of State Marco Rubio this afternoon.

* We came here to listen to the new Administration and to be clear about what is important to New Zealand. Today, we enjoyed substantive and productive discussions with Secretary Rubio across a broad range of issues.

* There’s a lot happening in the Indo-Pacific, and indeed our world. It’s a seriously valuable time to be here in Washington DC.

* Secretary Rubio has had a long career in foreign policy and it was helpful to re-connect with him and hear his insights into what is going on.

* This has been a very successful visit to Washington DC, meeting with a wide range of representatives of the Trump Administration.

* We agreed that we should continue to work together for a free, open and prosperous Indo-Pacific. And we talked about all the areas where New Zealand and the United States have interests in common. These include the prosperity and stability of the Pacific Islands, space and technology, as well as Antarctica where our cooperation has been deep and longstanding.

* This visit has provided the starting point for considering what constructive cooperation between New Zealand and the United States might look like in the months and years ahead.

* This is just the first step. We will now go back to New Zealand to discuss with Cabinet colleagues what we have learned here in Washington DC.

* With Secretary Rubio, we have agreed to remain in close contact in the months ahead. We will no doubt see each other again later this year, whether at a regional meeting or back here in DC.

Source: NZ Music Month takes to the streets

Good morning, everyone.

I’m Todd McCay, Minster of Agriculture, Forestry, Trade, the first minister for Investment – or Foreign Direct Investment, as well as associate minister for Foreign Affairs — responsible with the Deputy PM for: Latin America, Gulf States, Northen Asia, and Africa.

New Zealand is an ambitious, innovative country. We’re globally connected, rich with opportunity, and open for business. If you’re looking for a place to invest, to build, or to grow—New Zealand is the place to be.

Our location in the Asia-Pacific, a stable political environment, a highly skilled workforce, and significant network of trade and investment agreements makes us an obvious choice for global businesses.

As Trade and Investment Minister, I often talk to investors who see the immense potential New Zealand offers. They tell me they want to do more here, and my message to them, and to you, is clear: we will back you.

If you want to grow, to expand, or to innovate in New Zealand, we will help make it happen.

The Government, and New Zealanders, know that Foreign Direct Investment is crucial to grow the economy. It fuels innovation, creates jobs, and ensures we can compete on the world stage. That’s why we’re making it easier than ever for investors like you to seize the opportunities that we have to offer.

We have important trade architecture through trade and investment agreements with most parts of the world, 20 of them in fact, from the UK and EU to the CPTPP including Japan, countries from North America, South America, South East Asia, Australia, China, Singapore and of course two newly concluded last year in record time, the UAE and GCC including Saudi Arabia.

We have a network of investment treaties and agreements with more than 40 countries – 84% of New Zealand’s FDI is covered by these agreements worth $133 billion. And we have more than 40 double tax agreements and we respect tax rules and law.

Today, I am pleased to announce that we will roll out the welcome mat, by establishing a new agency – Invest New Zealand — a dedicated, standalone group focused solely on attracting foreign investment, whose job it is to make it easier for you. I also want to introduce you to our key growth sectors, where we see huge potential, and tell you about the changes we’re making to ensure New Zealand is a top-tier destination for your investment.

Invest NZ has a bold new vision

We’re taking investment attraction to the next level.

To scale up our efforts, we will stand up Invest New Zealandby 1 July this year.

The world has responded positively to our announcement that we are open to investment — and we don’t want them to have to wait for our service.

Invest NZ will be a one-stop-shop, a problem solver, cutting through bureaucracy and proactively ensuring that investment propositions get through the system quickly. Its job will be to work with you get the right decisions from central and local government smoothly, get your consent or permission effortlessly. We want to derisk your decision to invest in our country.

Through Invest NZ, we will:

• Target high-impact investments in key sectors like technology, agritech, renewable energy, fintech, finances, manufacturing, advanced manufacturing and of course the production and processing of high-quality, safe food.
• Remove unnecessary barriers so investing here is easy, efficient, and predictable.
• Proactively engage with global investors and multinationals, showcasing the unique advantages of doing business in New Zealand.
• Support high-growth Kiwi businesses to become investment-ready, so they can scale up and expand internationally.

While Invest NZ won’t lead on infrastructure investment – that remains with National Infrastructure Funding and Financing Limited – it will connect global investors with the right agencies to get deals done. We want to make it as easy as possible for you to do business here.

Invest NZ is a tool available to investors get deals through the system quickly and efficiently, and to give you the certainty that the Government stands with you.

By leveraging our strengths: our talent, innovative excellence, and commitment to high-quality production – Invest NZ will unlock tens of billions of dollars in global investment and position New Zealand as one of the most attractive places to invest in the Asia-Pacific.

We have set an ambition target to double exports by value within ten years, Invest NZ will ensure New Zealand attracts the capital needed to help achieve this. We will also compare FDI stock as a percentage of GDP against other nations to better measure our success in attracting investment.

If you want to do more in New Zealand, we back you and Invest NZ will help make it happen.

Investing in High-Growth Sectors

There’s no shortage of world-class investment opportunities in New Zealand – you heard about a few of them yesterday from the Prime Minister and my colleagues. Across multiple industries, businesses are scaling, innovating, and looking for global partners to help them grow. We believe some of the biggest untapped opportunities lie in the following sectors:

Fintech & Finance

New Zealand’s fintech sector is booming.

• $2.6 billion in revenue in 2023, with 24% compound annual growth since 2018.
• Now New Zealand’s largest tech sector, establishing a critical mass of larger export firms like Xero.
• Fintech firms with $5m+ in revenue have tripled in a decade.
• The sector employs 4,200 people in New Zealand, with another 4,650 offshore.
• The Government is introducing open banking legislation to drive competition and innovation in financial services, creating new opportunities for investment. There are opportunities for more banks in New Zealand.

Renewable Energy

New Zealand is leading the global shift to net-zero carbon.

• 88% of our electricity is generated from renewables—but just 30% of our industry and transport runs on clean energy, meaning massive untapped potential.
• Strong government backing and natural resources make this a prime sector for investment.
• Opportunities exist in green hydrogen, battery storage, renewable energy exports, data storageand AI processing.

Advanced Transportation

New Zealand is a testbed for cutting-edge transport technology.

• Ranked third in the world for rocket launches.
• A forward-thinking regulatory environment allows innovation to scale fast.
• Investors can plug into a fast-growing ecosystem spanning aerospace, EVs, and autonomous transport.

Aquaculture

Aquaculture is New Zealand’s fastest-growing food production sector.

• The global market is expanding at 5.4% compound annual growth rate.
• New Zealand has one of the largest exclusive economic zones in the world (4.1 million sq km).
• The industry is targeting $3 billion in annual value by 2035.

Cleantech

New Zealand is a global leader in sustainable innovation.

• The cleantech market is projected to hit $1 trillion by 2030.
• We have a highly skilled tech workforce and strong R&D capability.
• A growing pipeline of scalable cleantech ventures needs capital to accelerate growth.

Minerals & Resources

New Zealand’s mineral sector is primed for growth.

• The sector aims to double exports to $3 billion and grow jobs from 5,290 to 7,000+ by 2035.
• Expansion of gold, coking coal, mineral sands, critical minerals and rare earth minerals will drive this growth.
• New Fast Track Approvals legislation is clearing the path for investment.

We Back You

There are world-leading businesses across all these sectors ready for investment. Many of them need not just capital, but global expertise, networks, and partners who can help them scale.

So, my message to you is clear: If you’re ready to invest, we’re ready to help. We can drive growth together and turn opportunity into profit.

I encourage you to get in touch with the team at Invest New Zealand if you’re interested in learning more about opportunities in the sectors included in the following showcase or in any other sectors.

Conclusion

It is now a privilege to hand over to my colleagues who will take you through the specific sector opportunities I’ve highlighted:

• Minister Jones: recourses and aquiculture
• Minister Collins: Advanced Transportation
• Minister Watts: renewable and clean energy

It has been a pleasure speaking with you. I look forward to seeing many of you take the next step and grow sectors in New Zealand.

As New Zealand’s newly appointed, and first Minister responsible for Foreign Direct Investment, I want to leave you all with one clear message – we are open for business, and we will be saying yes to investment.

Thank you.

Source: NZ Music Month takes to the streets

Tēna koutou katoa. Greetings everyone.

It’s a pleasure to be here today, to feel your energy and the sense of possibility and opportunity in this room. Whether you’ve travelled from the other side of the world, or took on Auckland traffic to be here, your presence matters.

I’m here today as a proud New Zealander, one of a team of Government Ministers determined to make much more of the enormous potential of this incredible country. To:

• improve the quality of peoples’ lives
• deliver better public services and
• create great jobs for our kids;

That last point is especially important for me, on a personal level: I’m a mother of four children aged 9, 12, 13 and 15. In this world of abundant choices for them, in terms of where they take their skills, where they take their lives, I want them – and all young Kiwis – to see this as a country of aspiration, and a place they should choose to make their home. I entered politics with a very strong conviction that strong leadership and good policy are needed to make this a place that the world’s talent will continue to make their home.

I serve our Prime Minister as both our Finance Minister and our Minister for Economic Growth.

As Finance Minister, I take responsibility for managing our Government’s books. So yes, I am the bean-counter, and I am always on a perpetual mission to drive more value from the spending we do and the investments we make. I am the Ministerial colleague who takes pride in scrutinising the dollars, in reading through the business cases, and having the courage to say ‘no’ when proposals don’t stack up, and in saying ‘yes’ to innovations and partnerships that enhance the financial discipline and reliable delivery of vital public infrastructure.

I also have the privilege of being our Minister for Economic Growth, helping lead our Government’s growth agenda. Growth is central to our mission and purpose: not only is it our most powerful tool for strengthening our public finances and flattering those books of mine, it’s also the means by which we will create better choices, higher living standards and more financial security for our people.

Why should you invest in New Zealand?

New Zealand is incredibly well positioned for growth. We are an undervalued stock. We have a stable democracy, with strong institutions and enduring respect for the rule of law, that has survived over successive changes of government. We have safe borders, extraordinary natural resources, a temperate climate, strong trading relationships, an open, innovative culture – and you’ll see that open culture on display these next two days, and expect to have some candid and frank conversations – that’s how we roll. We have talented people.

Let me paint that picture for you.

Our stable democracy

We ranked first on the World Bank’s ease of doing business index the last time the bank issued the index in 2019.

We rank second on the Economist Group’s Democracy Index and according to Transparency International we are the fourth least corrupt country in the world. This is a good, reliable place to do business.

We have safe borders, good international relations and extensive trading networks.

Of course, it is somewhat simpler to have safe borders when you are surrounded by ocean, as we are. Our nearest big neighbour is 1500km away. We have worked hard, over many decades, to establish diplomatic relations with a large number of countries in all regions of the world.

In 2024 we exported more than $101 billion worth of goods and services.

Our largest export markets are China, the US and Australia, but we export to 230 nations in total.

Across successive governments, we have weaved a constellation of close trading and economic relationships that give our exporters access to a broad range of markets on competitive terms.

Our main good exports are dairy products, tourism, meat, wool and forestry, but our exports extend to world-beating digital services, advanced manufacturing and exciting creative industries.

We have strong institutional settings

It should give you confidence that while elections may change things, many things will remain.

Over successive decades and Governments, we have worked hard to put in place best-practice institutional frameworks: an independent central bank with a remit for low and stable inflation – the first inflation-targeting regime in the world – and a floating exchange rate.

Our legal system, based on the British model, upholds the rule of law with an independent judiciary.

Our government accounts are prepared according to high international standards and are released in a timely fashion.

Stability is our middle name.

We have sound government accounts

Our Public Finance Act requires the government of the day to be transparent about both its short- and long-term fiscal objectives and to maintain prudent debt levels and report against these measures.

We have relatively low levels of government debt compared to other countries, with the IMF’s most recent Fiscal Monitor ranking us having relatively the 26^th lowest level of public debt when compared to the 33 advanced countries they assess.

The Government is working hard to put net core Crown debt on a downward trajectory, balancing the need to ensure are resilient to and future economic shocks that may come our way while making room for the prudent investments needed to drive future productivity.

Labour market flexibility

We have a flexible labour market.

OECD comparisons rank us highly in terms of flexibility for hiring temporary workers, and for settings that allow high labour flows between jobs and industries.

Between 2000 and 2017 about one fifth of New Zealand workers switched jobs each year and about half of those job switches involved a change of industry.

This flexibility helps labour productivity by making it easier for workers to move from less productive to more productive firms, or to jobs that better match their skills.

We are well poised to adapt our workforce to the new industries and new challenges that are right upon us as a world, and that will continue to arise in the coming decades.

Similarly, our rates of long-term unemployment are low, and while we did not escape the post-Covid downturn in economic activity experienced throughout the world, our unemployment levels remain below historic averages.

We have flexible and responsive regulatory systems. We are small, and we are nimble. Our small size and our can-do attitude has translated to has translated to an ability to respond quickly to emerging opportunities.

A key example is that of space company Rocket Lab, which the Prime Minister referred to. It announced in late 2014, through its leader Peter Beck, that it wanted to launch rockets from a remote peninsula on the East Coast of the North Island.

Less than a year later, seized by that possibility and opportunity, the Government agreed to a new regulatory regime – a world-leading regulatory regime – to enable those rockets to launch.

That regime came into law in 2017 with the first launch by Rocket Lab taking place that same year.

We have done it before, and we are prepared to do it for emerging industries again.

Unlike some countries in the world, beset by large size and complexity, we have a parliament that allows these things to happen quickly.

We also have some of the best, most efficient and most sustainable farmers in the world, who take pride in making the most of our abundant natural resources.

We have a long history of not subsidising our farmers but instead having them face competitively into world markets.

Fonterra is the sixth largest global dairy producer and our sheep and beef farmers are internationally renowned. We feed tens of millions of people around the world, delivering products that meet exacting safety standards.

New Zealand’s exclusive economic zone is over 14 million square kilometres, the ninth largest in the world, and aquaculture is New Zealand’s fastest-growing food production sector.

We have abundant renewable energy. Eighty-eight per cent of our electricity comes from hydro, geothermal, wind, solar and other sources of renewable energy. We have no lack of land or desire or capacity for far far more renewable energy.

We are blessed with minerals and resources, and have huge capacity to make more of these. Legislative changes are paving the way for increased investment in the mining of gold, coking coal, mineral sands and critical minerals.

We have an entrepreneurial and innovative DNA

We pride ourselves – as the Prime Minister said – on what we call our number eight wire mentality – our ability to innovate.

New Zealand is, by and large, a country of small businesses, led by innovative people with a can-do attitude, some of whom make it very big.

Examples include cloud-based accounting software company Xero, Wētā Digital famous for its groundbreaking visual effects and Fisher&Paykel Healthcare, globally recognised for its work providing innovative healthcare solutions for more than 50 years.

We have a proud and accomplished indigenous population, with our Māori economy becoming an increasingly significant player in the New Zealand economy and contributing hugely to New Zealand’s unique national identity.

Over the five years to 2023 the Māori asset base increased from $69 billion to $126 billion. That was a faster rate of asset growth than for the economy as a whole – testament to the success iwi and Māori entities are having in making smart and long-term investment choices, underpinned by strong commercial discipline.

Over the same period the Māori economic contribution to gross domestic product increased from $17 billion to $32 billion. Mark my words, that growth is set to continue.

Changing attitudes

And we’ve been trading successfully internationally since the first contact between Europeans and Māori in the latter part of the 18th century.

We have some strong traditions. But I also think that New Zealand is at a moment of change. Some of that change isn’t things you can see, but it is a change in attitude.

Where once New Zealanders primarily were concerned about preserving what we already had, and our way of life as it has been, increasingly, New Zealanders have growing recognition of the need to embrace change if we want to provide opportunities for our children and fund high quality health, education and other public services.

That desire to change, that sense of ambition and possibility, is reflected in the Government’s reform agenda.

Let me give you some examples.

1.Overseas investment

We recognize that the world doesn’t owe us a living and that every country in the world must compete for its share of the world’s wealth.

NZ’s foreign direct investment levels currently sits at around 40% of GDP compared to the OECD average of 53% as at 2023. There is untapped potential for more investment in this economy.

We are reforming our overseas investment settings to ensure more of the world’s capital can flow here and is encouraged to flow here. We are determined not to allow red tape or uncertain settings to disrupt investment and growth.

The impulse driving this reform is strong.

Over the past 10 years, New Zealand’s labour productivity growth has only averaged about 0.3 per cent a year.

Low capital intensity has been identified as one of the major causes of that low productivity.

In order to increase our productivity, we need more capital investment. And David Seymour has been changing the rules to ensure we can.

Therefore, we’re changing the rules to:

• Better reflect the benefits investment can provide to New Zealand’s economy
• make consenting decisions in just 15 days for all investments aside from residential land, farmland and fishing quota
• strengthen the Government’s ability to intervene on the rare occasions that a transaction is not in the national interest; and

Our goal is to increase New Zealand’s attractiveness as a destination for your investment.

2. Fast-track consenting

We’re acutely aware of the challenges and frustrations for the need for effective, timely and affordable approval processes for new projects.

We’re reforming our resource consenting rules, and fast-tracking the consenting process for projects of national and regional importance.

They include:

• renewable energy projects
• aquaculture businesses
  • mining projects; and
  • housing developments

3. Gearing up for a more stable and predictable infrastructure pipeline with more Public Private Partnerships

Our democracy is robust, and the contest of ideas in our Parliament is very lively, but we have found common ground, across parties, on the need for a more bipartisan approach to infrastructure planning and delivery. The presence of three opposition Parliamentarians here today is testament to that shared aspiration, and that sense of what is good for New Zealand over the long term.

The simply reality is that overcoming New Zealand’s infrastructure deficit demands an approach that can look through elections and any change of Government.

We do intend to be here for many, many years to come – but in the event that there is a change, we recognise the benefits that come from sequencing a clear pipeline of upcoming investments and have made institutional reforms to support this. Across all areas of public infrastructure we are working to logically identify, prioritise, and sequence the investments needed over the coming decade and beyond. You will hear a lot more detail about these plans from our Ministers over the course of this summit.

We are excited, also, by the opportunity for adoption of modern funding, financing and partnership approaches for the delivery of these public infrastructure projects.

The New Zealand Government has done eight public private partnerships so far. They include schools, roads and corrections facilities. We have learned from these, and we want to do more.

Of course, we’ll only do PPPs when they are in New Zealand’s best interests.

When negotiating PPPs our focus is on the enhanced delivery of public services not just cost.

We are interested in incentivising and allowing innovation, locating risk with those best-placed to address it, focusing decision-makers on whole-of-life outcomes and unlocking new funding sources.

We recognise that the people in this room bring not only capital but also skill, and experience that will allow us to deliver better infrastructure faster.

The outlook

Our Government has a clear mandate to drive growth-enhancing reforms across a broad range of public policy.

As I stand here today, I can be clear with you that there is a Government that wants to make this an even better place to do business. Whether it’s:

• Changing work visa to make it easier for employers to get the workers they need and to better facilitate foreign direct investment
• Reviewing competition rules with a view to increasing competition, we see huge possibility for new entrants in our grocery, and banking sectors, among others and we’re ensuring that our regulatory frameworks encourage innovation and disruption.
• Launching a minerals strategy
• We have also been working on a number of reforms across government to increase our education standards to ensure access to a skilled workforce,
• We have been reorienting the science and innovation system to focus more on commercialisation, and to make the most of new gene technologies.

Across all of these reforms, whether it is regional growth initiatives, whether it is macroeconomic reform, whether it is microeconomic reform, our focus is on making the most of what we have.

Conclusion

Like a lot of countries, New Zealand has been through a challenging few years.

But what I would put to you as I stand here today is that if I could choose to be any country in this particular moment in time, this moment of some uncertainty, of rapid change and of more concerns about security than I have seen in my generation, in a world in which people are worried about security – I would choose New Zealand.

In a world in which people are worried about food supply and the effect of extreme climatic events, I would choose New Zealand.

We have safe, secure borders, a temperate climate. We have abundant resources, robust institutions, strong cultural foundations and the best people. Our best years are ahead of us, and we are grateful to you for coming with us on this journey.

There are huge opportunities for you to generate value. There are huge opportunities for us to grow together. Let’s make New Zealand an even better place.

Thank you.

Source: NZ Music Month takes to the streets

Good morning,

I would like to join the Prime Minister and Minister of Finance in extending a warm welcome to you all.

And I’d like to say a big thank you for being here.

This Summit is about showing you that New Zealand is open for business, we are going for growth, and we are a safe and strong country to invest in.

Over the next two days, we will be showcasing our infrastructure pipeline, our exciting growth sectors, and the Māori economy.

I have the great privilege of being the Minister for Infrastructure alongside a few other roles.

And this morning, I want to talk to you about the New Zealand Government’s vision for infrastructure.

We were elected to be a government of infrastructure.

We know that we have a big infrastructure deficit and addressing it is critical to boosting growth and improving our productivity.

Over the past 15 months, we have been laying the groundwork to create a highly performing infrastructure sector.

We’ve laid out ambitious plans to remove red tape, improve funding and financing, and to make sure the government is a much better client.

Role of private capital

We are also determined to attract more private capital, capacity, and capability into our infrastructure system.

Because we can’t unlock our potential without the private sector.

Private construction firms build our infrastructure. This is well understood by the public.

What is less visible is the important role private capital plays in public infrastructure.

Under the right contractual and regulatory frameworks, private capital is hugely beneficial for our system and, therefore, beneficial for New Zealanders.

Private capital in public infrastructure can:

• introduce competitive tension,
• encourage efficiency, innovation, and disciplined project management,
• boost local capability and capacity,
• incentivise on-time, on-budget delivery,
• incentivise good asset maintenance and consistent level of service, and
• lift accountability.

We only have to look at the Ultrafast Broadband rollout – where New Zealand is among the top countries in the world for fibre coverage – and the Puhoi to Warkworth State Highway to know that private capital can deliver great outcomes for Kiwis.

To achieve more of these outcomes more often, our objective is to broaden the funding base for projects and utilise private capital, where efficient.

This, along with other changes to the infrastructure system, will help get New Zealand ahead so that we can grow our economy, create jobs and opportunities, and raise our standard of living.

Infrastructure is a key enabler for growth and lifting our standard of living

New Zealand has incredible potential, and I believe that we can be so much wealthier and more productive than we are today.

Infrastructure is critical for the wellbeing of people and the prosperity of nations.

Infrastructure also represents some of our longest-lived assets. In fact, some bridges in our highway network have been around since the 1800s.

New Zealand has more than 2,500 public schools, 40 public hospitals, and more than 96,000 kilometres of road.

In 2022, our infrastructure assets, excluding land, were worth about $287 billion.

We can thank past generations for their sustained investment in infrastructure.

We want our grandchildren, and their grandchildren to thank us too. That’s why delivering infrastructure for the future is a key part of this Government’s plan.

New Zealand has a proud history of building for the future

Before I outline the changes we are making to New Zealand’s infrastructure system, I want to share two stories from our past.

Our geography, small size, and isolation have long presented challenges, but we have always been up for the task of finding innovative and ambitious ways to deliver the infrastructure our country needs.

High Voltage Direct Current Cable – Cook Strait Cable

Let me start with the Cook Strait Cable.

In the 1960s, New Zealand had a problem. The need for electricity in the North Island was growing, but most of the generation opportunities were in the South Island.

We needed a cable to connect the two.

Instead of letting something as small as the Cook Strait stop us, we used world leading engineering and built a High Voltage Direct Current, or HVDC link between Benmore, and Lower Hutt – the city I am proud to represent as a Member of Parliament.

That’s 610 kilometres of cable.

When it was built in 1965, our HVDC submarine cable was the world’s largest and longest of its kind.

This project was ahead of its time and allowed New Zealand to:

• better optimise the national grid,
• provide security of electricity supply, and
• make early use of renewable energy – something we are very lucky to have an abundance of here.

Transpower, New Zealand’s National Grid owner and System Operator, is planning to replace the Cook Strait Cables at the end of the decade and has secured global cable supplier Prysmian to do this.

For 60 years now the Cable has helped power New Zealand, and it remains a true example of Kiwi ingenuity and ambition.

Auckland Harbour Bridge

The second story I would like to share is about the Auckland Harbour Bridge.

66 years ago, the North Shore – about 10 kilometres north from where we are sitting right now – was a sleepy area with a population of around 50,000 and was only accessible from Auckland via a 50-kilometre drive, or by ferry.

This all changed with the construction of the Auckland Harbour Bridge, which began in 1955.

Hundreds of workers were needed, including many brought over from England.

In 1959 the Bridge opened, with toll booths to help recoup the cost.

Demand was massive and population on the North Shore boomed. It is now home to over 240,000 people.

Only a decade after the bridge was built, we added huge steel extensions, or clip-ons, onto the wide concrete piers.

The clip-ons were built in Japan, shipped to New Zealand, and attached to the bridge – doubling the number of lanes from four to eight, which remain in use today.

Even though this bridge was built 66 years ago, there are still lessons we can learn from it:

• first, people who benefit from infrastructure should help pay the cost of it,
• second, investment in infrastructure can unlock significant growth, and
• third, it’s wise to build infrastructure that is future-proofed and that can adapt to change.

These two stories remind me that New Zealand has built some world-leading, innovative, and growth-enabling infrastructure.

We have built tunnels through mountains, cables across the sea, and dams that power hundreds of thousands of homes.

And we will build on this legacy.

Future challenges

But, today, New Zealand, like many other countries, faces new challenges like a growing and aging population, congestion, more frequent hazard and extreme weather events, a backlog of asset maintenance, and project cost blow-outs.

By 2050, If we keep doing things how we are now, New Zealand is expected to have an infrastructure deficit of around $210b.

We cannot tackle these challenges by continuing the status quo – so, once again, New Zealand has to innovate.

And we are still up for the job.

This Government is not here to make tweaks around the edges. We are ambitious, and we are here to fundamentally shift the way we plan, select, fund and finance, build, and look after our infrastructure.

That’s why we are here with you today – to showcase our more enabling system, and to learn from and partner with you to deliver the infrastructure New Zealand needs.

My priorities as Minister for Infrastructure

Last year, I mapped out what I want from the infrastructure system.

I want the private sector to invest here, because they are confident in the pipeline and are enabled to get on with it by an efficient and fair consenting system.

And I want the public to enjoy infrastructure that is safe, reliable, accessible, and good value for money.

To achieve this, I’m focused on six priorities as Infrastructure Minister:

1. Establishing National Infrastructure Funding and Financing Ltd – which we did in December last year.
2. Developing a 30-year National Infrastructure Plan.
3. Improving infrastructure funding and financing.
4. Improving the consenting framework.
5. Improving education and health infrastructure.
6. Strengthening asset management.

These priorities are in response to what the coalition Government has heard from industry and infrastructure experts, both in New Zealand and overseas.

National Infrastructure Funding and Financing Ltd

Let’s start with National Infrastructure Funding and Financing Ltd, or NIFFCo.

On 1 December 2024, we established NIFFCo – a Crown-owned company. When you decide to join us in transforming New Zealand’s infrastructure, these are the people you will work with.

Allow me to introduce you to the Chair, Mark Binns, and the Chief Executive Officer, Graham Mitchell. They are here for the next two days and are keen to chat to you about what they do.

But, at a high-level, NIFFCo that has three functions:

• Its first function is to act as the Crown’s ‘shopfront’ to facilitate private sector investment and interest in infrastructure – this includes receiving and evaluating any Market Led Proposals, or Unsolicited Bids.
• NIFFCo’s second function is to partner with agencies, and in some cases, local government, on projects involving complex procurement, alternative funding mechanisms and private finance – including Public Private Partnerships (PPPs).
• Its third function is to administer central government infrastructure funds.

NIFFCo will help unlock access to more capital for infrastructure and give the private sector a clear and knowledgeable Government-side partner to work with on projects and transactions.

So, if you want to put forward a project, are looking for an opportunity to invest in New Zealand infrastructure or want to partner with Government – NIFFCo is open for business.

NIFFCo will also lift the government’s commercial capability and help us be a better client of infrastructure. It will do this by deploying expertise into agencies that are working on projects involving private finance and alternative funding mechanisms.

This includes, but is not limited to, projects involving traditional loans, equity investments, PPPs, developer levies, beneficiary levies, concessions, or other value uplift mechanisms.

When we established NIFFCo, we also clarified roles and responsibilities of other entities in the Crown’s Infrastructure system. So, broadly:

• The Infrastructure Commission is focused on long-term strategy and planning and is the Government’s independent advisor on infrastructure matters.
• Alongside its economic and fiscal responsibilities, in the infrastructure space, the Treasury is primary adviser to me as Minister for Infrastructure, and the steward of the government’s Investment Management System.
• Crown Infrastructure Delivery is mandated to deliver infrastructure on behalf of government agencies that don’t deliver infrastructure as their “Business as Usual”, or for agencies who would like to use centralised delivery capability.

On top of this, we are establishing, Invest New Zealand, who will work with NIFFCo and others to support our economic growth objectives. Invest New Zealand’s role will include attracting Foreign Direct Investment by marketing New Zealand overseas as an ideal location for business and innovation.

The Minister for Trade and Investment, Todd McClay will talk to you more about this tomorrow.

Developing a 30-year National Infrastructure Plan

Now, let’s move to my second priority, the 30-year National Infrastructure Plan.

The industry has asked for a long-term plan and pipeline so that they can invest in people and equipment.

We have heard them, it’s the right thing to do, and we are doing it.

The New Zealand Infrastructure Commission has been tasked with developing the independent plan by the end of 2025.

It will outline New Zealand’s infrastructure needs over the next 30 years, planned investments over the next 10 years, and recommendations on priority projects and reforms that can fill the gap between what we have and what need.

I want the Plan to mirror what happens in Australia, where the government leverages independent agencies to help them make the right long-term choices, while making sure there is strong capability within government to deliver.

There are four key components of the Plan.

The first is the Infrastructure Needs Assessment. The Needs Assessment will compare the long-run drivers of infrastructure demand – like population growth, aging assets, and natural hazards – against what we have now to identify our needs.

But we also have to be realistic about willingness to pay, because we can’t afford to do everything –

So, our plan is to select the package of projects that delivers the most benefits within our budget constraints.

The second component is strengthening the existing National Infrastructure Pipeline. The Pipeline will outline New Zealand’s infrastructure investments intentions over the next 10 years – in the public and private sector.

The Commission’s Pipeline already has 108 contributing organisations and includes over 7,500 projects, that combined, represents over $204 billion in value.

The third component is the Infrastructure Priorities Programme or the IPP, which is a structured, independent review of unfunded infrastructure projects and problems.

I’m really excited about the Priorities Programme. The IPP is modelled off the Infrastructure Priority List in Australia, which has helped them build political consensus on an enduring pipeline of major projects – and that is what I want for New Zealand as well.

Proposals that pass the test will be identified as priorities for New Zealand. This does not guarantee funding – but it does provide decision makers with a menu of credible proposals which could inform investment decisions.

The fourth component of the National Infrastructure Plan is priority reforms, which will outline non-investment interventions to improve the way we select, invest in, deliver, and look after infrastructure.

To summarise, this Government and future governments can use the National Infrastructure Plan to create a legacy that we can all be proud of.

All political parties have been offered a briefing, and I am confident that the Plan will be a solid step towards bipartisanship for infrastructure.

The Plan will be provided to me and published in December 2025, and the Government will then respond to it in 2026.

Improving infrastructure funding and financing

Now, let’s talk about my third priority, Improving infrastructure funding and financing.

Public infrastructure in New Zealand has historically been primarily funded by taxpayers or ratepayers.

But our heavy reliance on this blunt approach is not serving New Zealand well and has led to perverse outcomes including congestion, run-down assets, and the unresponsive provision of enabling infrastructure – contributing to unaffordable housing.

Infrastructure Funding and Financing Framework

In December last year, Treasury released its new Funding and Financing Framework.

This Framework provides guidance to agencies that they should, in the first instance, seek user or beneficiary pays to fund new infrastructure projects rather than defaulting to taxpayer money.

I expect proposals from sectors such as transport, water, energy, housing, and adaptation to demonstrate how user or beneficiary pays can contribute towards funding requirements.

Greater utilisation of user-pays will provide greater opportunities for the private sector to participate in Crown’s investments.

We want to use the government’s Balance Sheet more strategically and apply good commercial disciplines when deciding how to financially support a proposal – essentially providing “just enough support” to make proposals feasible.

This will mean we can deliver more projects, and channel more support to sectors where it is appropriate for the Crown to be the primary funder, like in health and education.

This Framework sits alongside wider work we have done to broaden and enhance funding and financing tools available to the Crown and councils.

New funding and financing tools

Just two weeks ago, I announced five changes to New Zealand’s funding and financing toolkit for infrastructure – I won’t cover all of these.

But the most relevant to people here, is that we are enabling ‘beneficiary and development levies’ through the Infrastructure Funding and Financing (IFF) Act to be used for major transport projects, such as those delivered by the New Zealand Transport Authority.

The IFF Act allows the creation of a Special Purpose Vehicle to raise finance for projects, where the cost is repaid through a levy charged to properties that benefit from a project over a period of about 20 to 30 years – a common model overseas.

This change has the potential to kickstart our embrace of Transit Oriented Development and will unlock a new funding stream for city-shaping projects.

Refreshed Public Private Partnership (PPP) Policy

To match our more commercial Funding and Financing Framework, and enhanced toolkit – we also knew we would need to modernise the Crown’s policies and contracting models, particularly in the PPP space.

So, after extensive engagement, in November last year, we released a Blueprint to the market outlining how the government will approach future PPPs.

I am very pleased that Labour Spokesperson for Finance, Hon Barbara Edmonds, who is here for the summit, wrote a foreword for the document.

There are several key elements in the refreshed Blueprint for PPPs:

• A more practical approach to risk transfer
• Guidance for agencies on bid cost recognition
• Enhancing the Interactive Tender Process
• Allowing reasonable price validation to occur during the procurement process
• Improving the process for managing claims and dispute resolution, and
• Increasing the capability and resourcing of the Crown so that we can be a better client.

Our approach is to be smart about private capital and use it in a way that unlocks investment and brings more maturity to the design, build, and maintenance of projects.

The new PPP Blueprint sits alongside new Strategic Leasing Guidance, and Guideline for Market Led Proposals.

Improving the consenting framework

Now, let’s move onto my fourth priority, improving the consenting framework.

Currently, our consenting landscape is an incredibly expensive handbrake on growth.

New Zealand’s resource management system governs how we interact with the environment. And for many years, it has been considered broken.

It achieves the worst of both worlds: it stifles development and fails to protect the environment. In many ways, our currently planning system is one of the root causes of our infrastructure deficit.

So finally, we are taking action.

We are undertaking a large reform programme: banking some quick wins now so that some significant projects can benefit from a more enabling system immediately, as well as replacing the entire system, which we plan to have introduced to Parliament mid-this year.

Our new system will be effects based and embrace standardisation, meaning fewer and faster consents.

The driving force behind these reforms is practical enablement of development. It is absolutely possible and necessary to build the infrastructure New Zealand needs and protect the environment at the same time.

To get things moving in the meantime, last year we introduced the Fast-track Approvals Act – which officially opened last month.

This regime allows infrastructure with significant regional and national benefits to access a quicker and easier pathway to get approval to build.

It is a one-stop-shop to access approvals, resource consents, and permits across nine different Acts, all in the one process.

We expect the process to take as quick as six months, depending on the complexity of the project.

It is a game changer for economic growth, and interest has been high.

The Government listed 149 projects in the Act itself, fast-tracking them in the fast-track process. More projects can be referred into the process too.

These 149 projects represent up to 55,000 new homes; 180 kilometres of new road, rail, and public transport routes; three gigawatts in additional generation capacity; and multiple mining and aquaculture projects.

Alongside our Resource Management Act, the Public Works Act will also be overhauled – and I will talk a bit more about this during my Transport speech tomorrow.

Development opportunities in New Zealand are abundant – we just need to unlock them.

Improving education and health infrastructure

I won’t go into too much detail of my, fifth priority, improving education and health infrastructure.

My colleagues – the Minister for Education, Erica Stanford, and the Minister for Health, Simeon Brown, will speak to you later today on the great work they are doing in their respective areas.

I will just quickly say that this government is moving towards:

• More standardised, repeatable designs,
• More modular and staged builds, and
• More strategic procurement – including by using a panel of contractors and partners for large programmes or packages of work.

Strengthening asset management

My sixth, and final priority is strengthening asset management.

Last year, I was shocked to hear that New Zealand is ranked fourth to last in the OECD for asset management, and dead last for the metric on Accountability and Professionalism.

One of the biggest challenges facing New Zealand’s infrastructure is the cost and resources we need to repair and replace assets that are wearing out.

The Infrastructure Commission tells me that 60 cents of every dollar spent on infrastructure should be going towards asset maintenance and renewals.

I’m determined to improve asset management.

So, to drive change, shortly, I’ll be exploring options around long term capital planning, asset management plans, mandatory reporting on standardised metrics, upskilling opportunities, accountability for poor performance, minimum standards, and stronger regulatory scrutiny and monitoring for government agencies.

Everything is on the table.

Conclusion

Let me conclude by thanking you again for being here.

New Zealand is open for business, we are going for growth, and we are worth investing in – particularly in infrastructure.

If you can’t tell, I am passionate about getting the underlying system settings right.

Our Government’s vision for infrastructure is simple: Enable the provision of infrastructure that will get New Zealand ahead so that we can grow our economy, create jobs and opportunities, increase productivity, and raise the standard of living for all Kiwis.

As I said at the start, New Zealand has built some world-leading, innovative, and growth-enabling infrastructure.

We can thank past generations for their sustained investment in infrastructure.

I want to build on this legacy, and I want our grandchildren, and their grandchildren to thank us too.

I look forward to talking to many of you over the next two days about achieving New Zealand’s infrastructure vision.

Thank you.

Source: NZ Music Month takes to the streets

Good morning.

It’s a pleasure to speak with you about our country’s incredible potential. My comments focus on the Government’s work making it easier to do business by improving our regulatory settings.

You know New Zealand is small. From your flight here you know it’s distant. In fact, no Governments can control the size of their population or their geography, but they can control the quality of their public policy.

As Minister for Regulation and Associate Minister of Finance, my job is to ensure New Zealand has the regulatory settings to attract more investment and achieve higher productivity and living standards.

When I talk about regulatory settings, I mean the rules that government puts in place that restrict the use and exchange of private property. That is distinct from government’s other roles, which include spending to produce goods and services, and ownership of capital assets.

It’s this first area where I believe governments can make the most difference to encouraging investment, both domestically and from abroad. The foundation of a good regulatory system is secure property rights on a sound platform of the rule of law.

A recent edition of the Human Freedom Index rated New Zealand ninth out of 165 countries for its application of the rule of law. We were the highest ranked country outside of Western Europe, and ahead of Australia, the United States, Canada, and Great Britain on this score.

All Kiwis love beating Australia, at anything, such as when we got more medals per capita at last year’s Olympics in Paris. I may be unusual but I take particular pride in New Zealand being a freer society with sounder institutions than our neighbour, and indeed having some of the best institutions in the world.

We also have other attractions. A long history of stable democracy, being one of only seven countries to be democratic for the entirety of the twentieth century. We have a modern, open market economy. We have a highly skilled workforce, a stable political environment, and a government committed to making the necessary reforms to ensure long-term success.

We’re not kidding ourselves that that’s enough, however. As I said, sound property rights and a commitment to the rule of law, are only a foundation.

They get us to the starting line, but to win the race we must be better regulators, provide more certainty, and less red tape, making it easier to get a permit to use and develop your property so long as you are not doing harm to others or the natural environment.

That’s exactly the challenge our nation is now stepping up to meet, and it’s the commitment this Government is determined to deliver upon.

Overseas Investment Act changes

One critical area of regulation that I am responsible for is the consenting of overseas investments. Investment from overseas is fundamentally a win-win scenario. As Milton Friedman famously observed, the beauty of the free market lies in the fact that transactions only occur when both parties see mutual benefit. We agree. Investments into our country are, by definition, win-win.

We’re a growing nation and our businesses need capital to maintain our position as a first-world island paradise in the South Pacific. To do that, we are overhauling our regulation of overseas investment.

We’re creating a more efficient, growth-focused approach to attracting overseas investment with changes that will make it easier, quicker, and more transparent for foreign investors to invest in New Zealand businesses. I’ve seen first-hand the difference this makes to Kiwi businesses and Kiwi workers.

Not long ago, I visited two businesses in the same industry, on the same afternoon. Both companies had talented teams and great ideas. One, however, had access to overseas investment.

It meant that business had better machinery, tools that allowed their workers to be more efficient, more productive. It also meant they had access to valuable knowledge, expertise, and global networks that helped them market their product more effectively. It gave them the resources and know-how to scale, to innovate, and to compete at a higher level.

When workers have access to better tools and technologies, they become more productive. And when productivity increases, wages rise. Our country knows this deep down, and we are embracing the world as we seek to strengthen our connections through trade and investment.

Currently, our overseas investment regime processes about $19 billion in foreign investment each year. While this represents a fraction of the total foreign investment into our country, it captures major investments of significant value.

I want this number to grow, and I think there is desire out there to seize opportunities here.

But I’m aware that our existing screening regime has created barriers for potential investors. Our screening regime approves 98 per cent of applications. However, while many investments have little or no risk, investors must submit onerous applications demonstrating the benefits to New Zealand. That has made applications costly to prepare and time consuming to assess.

When I was put in charge of policy in this area fifteen months ago, I knew we needed change.

I found that two elected Ministers had to sign every consent, no matter how minor. Is it really a good use of time for two elected officials to sign off someone buying a paddock so they can plant grapes, because their passport doesn’t say New Zealand? I think we all know the answer, and that’s why I have delegated the majority of the decision-making to the regulator.

A minor thing, in the scheme of things, but it has sped up consents by several weeks and shows our direction of travel. The regulator now has the power to speed up decision-making, balancing the need for careful risk management with the urgency of encouraging more investment into New Zealand.

That change was part of a new Ministerial Direction letter with a range of simplifying measures. I’m pleased to say it was half the length of the one my predecessor wrote.

Since these changes were implemented, over 90 per cent of the consent applications received and processed have been decided in less than half the seventy-day statutory timeframe. This is a huge win for efficiency but it’s the only the start of the improvements we’re making.

We have made every change possible within Parliament’s current law, the Overseas Investment Act, so now we’re changing the law itself.

We’re undertaking a full review of our Overseas Investment Act, with an aim to make our investment regime even more investor-friendly while ensuring we continue to protect New Zealand’s long-term interests. The new regime will operate with a presumption in favour of foreign investment, acknowledging the significant benefits it can bring to our economy. Our intention is to introduce the law to Parliament in May and pass it into law by the end of the year.

Most critically, the changes will revise the presumption in the Act that it is “a privilege for overseas persons to own or control sensitive New Zealand assets” for asset classes other than residential land, farming, or fishing quota.

Removing the need to justify a privilege will simplify the consenting process. The process will instead focus on whether the investment might do harm to others or the environment that is not managed by our domestic regulations. It will create a two-track consenting regime, dependent on whether such risks are apparent.

For investments that are not in residential land, farmland, or fishing quota, we’ll make decisions in just 15 days, unless the application is potentially contrary to New Zealand’s national interest.

Investments that are subject to a national interest test will continue with a similar process to now, however we are managing rapid consent turn around even in that scenario.

Altogether, we can point to a track record of tangible change in our overseas investment regime. That record allows us to make credible commitments to further improvements planned this year. The take-out is a Government that is committed to attracting overseas investment that matches its words with actions, and a country that is becoming more attractive as a destination for overseas investors.

Regulatory reform

As I mentioned earlier, consenting overseas investment is one regulatory system that we are committed to reforming. We are committed to improving our regulatory environment across the board, and this Government has a very busy program of making it easier to use and exchange private property in this country.

We are not alone in the world when it comes to concerns about red tape and regulation. I think we can make a strong case, however, that we are a standout in tackling the problem.

There has been a red tape renaissance around the world recently, with many governments committing to cutting red tape. I recently saw it described in The Economistas ‘the revolt against regulation’. Countries all over the world are waking up to the impact of decades of laws and regulations, created at one time to ‘solve’ a problem or scratch an electoral itch, over time stacking up like lasagne until no one knows why they were implemented in the first place and if they’re achieving anything other than compliance.

One important step we’ve taken to address the encroachment of red tape across the economy is setting up the Ministry for Regulation. The idea behind the organisation is simple – bureaucracies have their own interests, and a department whose job is to enforce a rule isn’t going to suggest abolishing that rule. Which is where the Ministry for Regulation comes in, they make sure that the Government’s number one consideration is the impact on the regulated party. The Ministry is a major part of this government’s deregulation agenda.

One year ago, the Ministry for Regulation was given the task of improving the quality of regulation in New Zealand. The Ministry can now point to a growing list of deregulation measures helping businesses, workers, and consumers.

As a central agency, the Ministry’s role is to improve regulatory quality across the board, including the experience that New Zealanders have of complying with regulation.

In November last year, we launched a new Red Tape Tipline. This is an online tool on the Ministry’s website where people can make submissions about red tape that affects them. The Ministry is now assisting people by unblocking a myriad of little irritations so they can get back to doing what they do best; producing jobs for their employees, returns for their investors, and goods and services for their customers.

The Ministry is already working hard on the introduction of a Regulatory Standards Bill.The Bill will codify principles of good regulatory practice for existing and future regulations, ensuring regulatory decisions are based on principles of good law-making and economic efficiency.

To make regulatorsaccountable to the New Zealanders they regulate, the Bill proposes a Regulatory Standards Board. The Board will assess complaints and challenges to regulations. Raising the political cost of making bad laws by allowing New Zealanders to hold regulators accountable will result in better law-making, higher productivity, and higher wages for Kiwis.

With the passage of the Regulatory Standards Bill, new and existing laws will be tested against legislated principles of responsible regulation. I won’t elaborate on each one, but these principles establish standards for:

• The rule of law
• Liberties
• Taking of property
• Taxes, fees and levies
• The role of the courts
• Good lawmaking, including problem definition, cost-benefit analysis, and identification of where costs and benefits fall.

Publicly testing regulatory activity against these principles makes it easier for voters to monitor what their politicians are up to. In turn it changes the political calculus from politicians being rewarded for ‘doing something’ to politicians and officials being rewarded for doing something in line with sound regulatory principles.

Ultimately, this Bill will help the Government achieve its goal of improving productivity – ensuring that the regulatory system is transparent, has a mechanism for recourse, and holds regulators accountable to the people.

The Ministry is also tasked with reviewing existing regulations and making recommendations for improvement.

A recently-concluded review into agricultural and horticultural products – widely welcomed by farmers, growers and our agriculture industry – made 16 recommendations for change, with Cabinet accepting all recommendations.

The review found that halving approval times for new products is estimated to generate benefits of $272 million over twenty years for New Zealand farmers and growers.

Thanks to the work of the Ministry, farmers and growers will have faster access to new products which will lift primary sector productivity and growth.

That is one example. Another is Early Childhood Education. In New Zealand it is largely privately-run and amounts to a $6 billion dollar industry. Operators have felt neglected and infuriated by a regulatory system involving multiple agencies and a lack of clarity.

The Ministry for Regulation has listened to the operators, considered their concerns, and brought together the regulators to map out a new approach that addresses genuine public concerns, while making it easier for the sector to operate. As it gets up to speed, the Ministry will be reviewing a sector a quarter for the foreseeable future.

Deregulation across Government

As the Minister for Regulation, I’m proud to be leading the Government’s approach to regulatory policy, however it would be wrong to conclude that’s all we’re doing, or that our regulatory policy is entirely dependent on the Ministry’s efforts. Regulatory reform is a theme across the entire Government.

This Government is replacing its resource management laws. The new law will be premised on the fundamental principle of private property rights. The starting presumption is that you can use and develop your property, and objections should be grounded in impairment of the objectors’ property rights. The result will be a law that makes it easier to use and develop real property.

My colleague, Brooke van Velden, as Minister for Workplace Relations and Safety, has repealed the previous Government’s attempt at industry-wide collective bargaining and has reintroduced 90-day employment trials. She’s now set her sights on simplifying our health and safety and employment laws too, providing certainty for employers and employees.

Another of my colleagues, Nicole McKee, is determined to fix our anti-money laundering laws and provide regulatory relief for individuals and businesses who use that law. This is alongside our Minister of Commerce Scott Simpson’s programme of financial sector regulatory reform.

Our team of agriculture ministers is removing some of the more illogical restrictions on our agricultural sector so farmers can get on with farming.

Our Minister for Energy, Simon Watts, is reversing the previous Government’s ban on offshore oil and gas exploration.

My Colleague Chris Penk, the Minister for Building and Housing, is opening the building products market to foreign competition in a drive to get prices down.

My colleague Chris Bishop is making it easier to get on and build the infrastructure our country desperately needs, as you heard from him earlier.

There is a significant regulatory reform programme happening across nearly every sector of our Government. The result will be a greater ease of doing business, more investment from inside and outside our shores, and better productivity.

Conclusion

We all know that capital is highly mobile, and investors are looking for safe and stable countries to do business.

I am excited by the opportunities presented through the major reforms the Government is making.

We’re creating the conditions that make it even easier for businesses like yours to invest, innovate and grow in New Zealand. We do that because we know it’s a win-win – investment leads to productivity, which leads to higher wages and happier lives.

A troubled world needs a frontier. That’s a space for pioneers. My ancestors started coming to these islands 800 years ago, and migrants continue to join my wider family this century. We are a nation of immigrants.

What we all share is the pioneering spirit that drove us here. We have an ambition to make tomorrow better than today through our own efforts. I believe that culture is more valuable than anything physical, because the greatest natural resource is human creativity.

It also makes us wonderful partners for like-minded people around the world. People who seek to trade value for value and get stronger together. I hope that after this conference, you will see New Zealand as a special place of opportunity, just as my family has for 800 years.

Thank you.

Source: NZ Music Month takes to the streets

Ka nui te mihi kia kotou, kia ora, and good morning everyone. 

To those of you visiting us from overseas, can I extend a very special welcome to each and every one of you. 

Welcome to New Zealand, welcome to the best country on planet Earth, and welcome to our stunning Auckland waterfront. 

And to all those Kiwis I see in the room today, thank you for being here and showcasing some of the extraordinary businesses and talent that exists in our business community. 

And it was a real pleasure to meet many of you informally last night, and my Ministers and I are really looking forward to spending much more time with you over the next two days. 

I meant it before when I said this is the best country on planet Earth. 

Because what makes New Zealand so very special and unique is our Kiwi Spirit which is exemplified in the qualities, character, and attitude of New Zealanders.  

For us, it‘s about resilience and determination, ingenuity and innovation, adventure and exploration, creativity and practical problem-solving, humility and mateship, fairness, and a deep care for our land and community. 

It’s no surprise that growing up in New Zealand, our heroes are Kiwi trailblazers and pioneers, people who have dared to push boundaries, challenge the status quo, and leave a lasting mark on the world.

From our early Māori explorers navigating vast oceans guided by the stars, to modern-day adventurers like Sir Edmund Hillary conquering Everest.   

To Ernest Rutherford, the father of nuclear physics, who split the atom and revolutionised our understanding of science. To Rocket Lab’s Peter Beck and his groundbreaking developments in rocket technology launching satellites into space. 

And Kate Shepperd, who secured New Zealand women the right to vote – the very first country in the world to do so. 

And our phenomenal athletes who show the world what determination and talent can achieve. Or the stunning world of The Lord of the Rings created by one of our most creative storytellers – Peter Jackson.

We may be a small country, but time and again, we have proven that size is no barrier to greatness. From the peaks of Everest to the frontlines of social progress, from scientific breakthroughs to arts and sporting legends, Kiwis have led the way.

And we’re living in an age when New Zealand has never been closer to the action – right in the middle of the booming Indo-Pacific with direct connections to Asia and North America. 

With the weight of global economic activity shifting from the Atlantic to the Pacific and digital connections breaking down barriers, New Zealand has never been closer to the world.  

But for all our spirit and hard work, we also know New Zealand can’t do it alone. 

We’re a small country of around five million people like Ireland, Singapore, and Denmark. 

Just as those countries have prospered by tapping into larger markets, building stronger international connections, and fostering trade and investment, New Zealand needs to do the same. 

If we want our country to thrive, we need to work even harder to compete on the world stage – and, in particular, to unlock the commercial partnerships that will supercharge the next generation of growth in the New Zealand economy. 

That means the Government will work more with Industry to deliver much of the infrastructure and projects that will be showcased over the next two days. 

Many of your organisations will have extensive experience delivering outstanding world-class infrastructure to national and regional governments worldwide.

I want New Zealand to seize every opportunity to partner with the private sector and deliver a fresh generation of infrastructure investment to unleash economic growth.  

But it’s not just infrastructure. 

I want to develop closer ties between outstanding New Zealanders and their companies based here, with investors and organisations based offshore.  

I also want to unlock more partnerships between indigenous Iwi Māori organisations and commercial investors, whether they are based in Auckland or Abu Dhabi, Dunedin or Denver.  

I want start-ups based in Christchurch and Hamilton fighting for seed capital in San Francisco and London – winning their share of global influence and success. 

Breaking perceptions about the New Zealand economy is critical to that. 

Yes, we have globally competitive dairy, film, and tourist industries, but our space industry is also operating at the cutting edge, ranking fourth in the world for launches behind the US, China, and Russia. 

Over the next two days, you will hear more about our plan to unleash growth and ensure New Zealand reaches its full potential. 

We want you to join us on that journey, and we will have several opportunities on display. 

That will include the opportunity to deliver infrastructure in partnership with the Crown – both in the form of immediate opportunities and the pipeline of projects going forward. 

It will include working with Iwi Māori organisations to grow their businesses as they make a multigenerational investment in their people. 

It will include opportunities in a range of specific sectors where we believe New Zealand has a unique role to play and where we expect the Government to focus its efforts on growth. 

In the very short term, we have made good economic progress in our first year in Government, although there’s still a long way to go. 

New Zealand is now in the early stages of a cyclical economic recovery, with growth beginning to pick up and unemployment expected to peak around its current rate. 

Inflation has fallen and now sits comfortably anchored within the Reserve Bank’s target band at 2.2%. 

Annual tourism expenditure was up 23% last year, and services and manufacturing activity have returned to growth after extended periods of contraction. 

Business confidence is at around its highest level in a decade. As confidence has risen, retail trade has picked up, and growth is expected to rise, hitting 3% in 2026. 

So, there’s now cause for optimism in the New Zealand economy that the recovery is underway and better days lie ahead. 

For policymakers here in New Zealand, that poses an opportunity – not just to watch the economic recovery, but to shape it. 

Step-changing economic productivity, lifting incomes, creating jobs, and unleashing the investment New Zealand needs to become much more prosperous.  

Which brings us to today. 

I know the only way we will raise incomes, lift New Zealanders’ standard of living, and fund the quality public services we rely on is by unlocking more investment, more innovation, and more entrepreneurship.

Having broken inflation last year, our collective focus has now turned to shaping the economic recovery – ensuring we take every possible step to lift New Zealand’s economic performance. 

That renewed energy and effort forms the backdrop of this Summit. 

My Government is working around the clock to make New Zealand an outstanding place to do business. 

But before I highlight some of those reforms and my economic priorities as Prime Minister, I want to make a more fundamental point about New Zealand as an investment destination. 

New Zealand has been and will continue to be a poster child for social and political stability in a more volatile and challenging world. 

That reputation is long-standing, but in challenging times, it has come into sharper focus. 

We stand up for our values and live by them, too. That means respecting civil liberties, private property and private life, and the democratic and social institutions that underpin them. 

We consistently advocate for a rules-based international order that allows small countries like New Zealand to thrive. Free trade isn’t just an idea in New Zealand; it’s the bedrock of our prosperity. 

For farmers and growers living in rural New Zealand, it has allowed a modern economic miracle: the opportunity to not just collectively operate one of the most efficient agricultural sectors in the world but to live in some of the most stunning parts of the world while they do it. 

Finally, we might disagree sometimes – but we’re not disagreeable. Over the next two days, you will hear from various political leaders.

You will hear from senior Ministers representing each of the three political parties in our Coalition Government, as well as Barbara Edmonds, the Labour Party’s Opposition Finance Spokesperson.  

It’s pretty normal in New Zealand for political parties to disagree with each other – often loudly, and sometimes even with my own Coalition colleagues. 

But I believe the broad political representation that is here demonstrates that most New Zealanders share the same motivations – higher incomes and more financial freedom, quality public services, and a long-standing belief that our best days lie ahead of us. 

When you look at all the tension, volatility, and strife in the world today, I think that makes us pretty special, and a very attractive destination for anyone looking to take shelter from the global storm. 

Political stability, however, is not an excuse for a lack of ambition. 

You should be under no illusions about my commitment to the Government’s growth agenda and the reforms we are pushing through to unleash investment in the New Zealand economy. 

Last month, Minister for Economic Growth Nicola Willis published our Government’s Going for Growth Agenda – we have copies for you here – which outlines a range of actions we are taking to get the New Zealand economy moving and realising its vast potential. 

Each of those actions fits into one of five pillars we have identified as critical to lifting economic growth and improving New Zealanders’ standard of living:

1. Developing talent,
2. Encouraging innovation, science, and technology,
3. Introducing competitive business settings,
4. Promoting global trade and investment,
5. And delivering infrastructure for growth. 

Across each of those pillars, we have Ministers from across the Government working day and night to drive through reform – in transport,  tourism, aquaculture, construction, advanced aviation, mining, energy, agriculture, and horticulture. 

Over the next two days, you will hear much more about our work programme in those areas that will play a critical role in the next phase of New Zealand’s growth story – with more information on a series of specific investable propositions available in the private sector. 

Among that reform programme are some significant changes designed to achieve a profound step change in the New Zealand economy that I would like to touch on today. 

For a start, we are clearing away decades of broken planning law – brick by brick. 

We have introduced the Fast Track regime, which streamlines the consenting process for projects that are regionally and nationally significant. 

In short, instead of seeking different permissions under different laws, under Fast Track, it’s all done in one place, with a faster process and fewer hurdles to getting underway. 

That regime is now up and running, and I know a number of projects have already submitted applications since it became operational last month. 

In short, if you want to build a wind farm, a highway, a quarry, hundreds of new homes, or any other regionally or nationally significant projects, we are busting down the doors to make it happen faster and cheaper. 

149 projects have already been listed in legislation, but nothing prevents new projects from applying for referral into the scheme. 

And it doesn’t stop with Fast Track. 

Further planning reforms are also on the way, including a total replacement of the Resource Management Act. 

We are also eliminating the barriers to more significant investment in energy and generation to unleash abundant, affordable energy. 

The impact of unaffordable and unreliable energy on economic growth has been brought into the spotlight in recent years following the Russian invasion of Ukraine. 

Industries in Europe that had historically relied on access to low-cost natural gas came under tremendous strain, putting pressure on growth and household incomes. 

In New Zealand, we are lucky that 85% of electricity generation is already renewable, thanks to decades of investment in hydro, wind, solar, and geothermal.  

But we can’t risk falling short in the years to come. So, as a Government, we are tearing down the barriers to fresh energy investment. That means introducing more permissive rules for renewables.

But it also means ending restrictions on offshore oil and gas exploration – and providing certainty for market participants by confidently saying that gas has to be part of New Zealand’s energy mix going forward.  

At the same time, we are making it easier to invest in New Zealand from offshore.  

That started last year, with fresh directives to our Overseas Investment Office, which slashed processing times and made applications more predictable. 

Today, an application for offshore investment is approved within 18 days on average, compared to 28 days prior to those changes.

And two weeks ago, we announced upcoming changes to legislation designed to further improve the timeliness and reliability of our overseas investment regime. 

We also announced just last month that, from April 1 this year, individuals who invest at least $5 million in New Zealand will be eligible for an Active Investor Visa, with a pathway to residency after three years. 

I know that for many of you from offshore in this room, that will be positive news. But as a New Zealander, I have to say it’s an even bigger deal for the sharp, ambitious Kiwis here and all around the country, who are hungry for capital and hungry to grow. 

We know the impact foreign investment has on local businesses. It’s not just the capital investment; it’s the skills, connections, and linkages into new markets. 

That translates into higher wages, more jobs, more money in Kiwi wallets, and more resilient businesses that make an even greater contribution in the community. 

We need more of it, especially for a small country hungry to grow like New Zealand, which is why I have invited many of you here today. 

I believe New Zealand’s best days are ahead of us—and we can make them happen if we get serious about partnering with commercial expertise to solve some of our biggest economic challenges and seize on the huge economic opportunities ahead of us. 

Helping to end New Zealand’s infrastructure deficit through private sector partnership.

Fattening out our capital markets and opening up new sectors for growth.

Strengthening our connections to the world, enhancing technology, lifting productivity, and opening new markets for our products and services. 

Over the next two days, you will hear from a range of leaders—cabinet Ministers, business leaders, and Iwi Māori leaders—who I know are committed to responding to our challenges and opportunities. 

There will also be plenty of time across both days for closer interactions and to discuss the opportunities and challenges that you are confronting in your own businesses. 

While you’re here, please also enjoy our hospitality and culture. We’re not just here to do business—we’re here to build relationships and make the case for New Zealand as an outstanding country to invest in, to visit, and to establish roots in. 

So once again, and on behalf of the New Zealand Government and the New Zealand people, welcome to this year’s Summit. 

I’m excited to get stuck in – and I can’t wait to hear more from you over the next two days about your approach to business and the difference you could make for growth, investment, jobs, and opportunity for us here in New Zealand. 

Thank you. 

Source: NZ Music Month takes to the streets

Tēnā koutou katoa.

Good morning and thank you to FintechNZ for having me here today.

Thank you especially to executive director Jason Roberts, and for putting together such fabulous event.

It is wonderful to be speaking to such a large audience. I am told there are nearly 400 attendees today, which speaks to the exciting growth that the fintech sector has undergone in New Zealand over recent years. 

I understand that this event outgrew last year’s venue. That is excellent news for you – but it’s also excellent news for New Zealand as fintechs have so much to offer our country and our economy.

As a small, sparsely populated country at the bottom of the world, high-value, weightless exports like fintech products have significant economic potential. 

I am delighted to be speaking to you as the new Commerce and Consumer Affairs Minister.

Commerce and Consumer Affairs is a significant – although little understood – portfolio.

In simple terms – and as the name suggests – there are two key strands to the portfolio:

1. First, a responsibility to ensure that the laws and regulations that govern our commercial environment are fit for purpose and enable businesses to safely and easily transact. That includes responsibility for legislation like the Companies Act and Commerce Act – two laws which are currently undergoing long overdue reviews.
2. Second, is a responsibility to safeguard the interests of consumers and ensure that their rights are fairly upheld. That’s the consumer affairs side and includes responsibility for legislation like the Fair Trading Act, which I am planning to launch a review of later this year. 

Balancing these two halves requires careful consideration and we don’t always get it right. It’s possible to end up with policies that favour commercial entities over consumers or consumers over commercial entities. 

And both of these scenarios are equally bad. Without adequate consumer protections, businesses lose their social license and infringe on consumers’ rights and freedoms. And without sufficiently open and well-functioning markets, businesses fail and people lose their job and income, and are faced with fewer choices.

However, when policy works well, it can – and should – benefit both commercial entities and consumers. 

That’s the sweet spot that a good Commerce and Consumer Affairs Minister should be aiming for.

The fantastic thing about the fintech sector is that it speaks equally convincingly to both sides of the equation. 

From a commerce perspective, fintechs offer opportunities for improving productivity, generating revenue and creating jobs and exports.

Equally fantastic are the opportunities offered to consumers through innovative products and enhanced competition, leading to greater choice and freedom.

So, safe to say I am excited to be here and excited to be beginning what I intend to be an open and collaborative relationship with the fintech sector.

Background

I know that my predecessor, Andrew Bayly, was very engaged with the sector and that he was in active discussion with many of you about how the Government can support you to grow and innovate. 

I share Andrew’s enthusiasm and I am looking forward to continuing at pace the work he started with you. 

I want to be clear that from a policy perspective it is full steam ahead and there is no intention to slow down or change direction. 

Work underway

In the Commerce and Consumer Affairs space, many of our regulations and legislation have languished and there was a fairly urgent need to reform some of the foundational pieces of architecture. 

I mentioned earlier that we are reviewing the Companies Act and reforming our corporate governance laws – this hasn’t happened in nearly 30 years.

Likewise, our competition settings have become increasingly out of step with our trading partners. I doubt any of you in the room are unaware that New Zealand suffers from a crucial lack of competition in key sectors – including, importantly, banking. 

We have also placed ourselves at a competitive disadvantage by not keeping pace with transformative technologies, including crypto, blockchain and ‘open banking’ – to name a few.

I am aware of concerns from the fintech sector that our regulatory and legal environment have not sufficiently adapted to allow for these technologies and that there has been a lack of leadership and strategic direction. 

Some of you have been participating on government led roundtables and with officials at MBIE and FMA. I hope that through that engagement you are sensing a change in tone and are experiencing a new willingness to respond to issues.

FMA’s regulatory sandbox

For example, I am optimistic about the FMA’s “regulatory sandbox” and keen to hear your feedback as the process continues.

I understand that the FMA received 24 applications and will, by the end of March, be notifying successful applicants.

Please keep in touch with me and my officials about your experience.

It is my hope that the sandbox will enable fintechs to save time, reduce costs and bring innovative products to market sooner. 

But the sandbox is also an opportunity for the FMA to identify unnecessary red tape that poses an industry-wide barrier.

I am aware that there are regulatory barriers that prevent fintechs from competing on a level playing field, and I am determined to work with Government and industry to remove these barriers.

Consumer data right

I am delighted that we are finally establishing a ‘consumer data right’ and advancing plans to roll out ‘open banking’.

Commerce Ministers have been talking about ‘open banking’ for nearly 10 years. 

In August 2017, the then Minister Jacqui Dean wrote to Payments NZ encouraging them to advance payments technology. 

Safe to say the time for writing letters of encouragement has been and gone. 

As many of you know, the Customer and Product Data Bill, which is currently before Parliament, establishes a framework to enable access to, and sharing of, customer data.

This is a transformative piece of legislation that has the potential to reshape our economy. 

The legislation lays the foundation for ‘open banking’ and eventually ‘open electricity’, ‘open insurance’, ‘open telecommunications’ and more. The possibilities are immense.

The Bill passed second reading in Parliament last week and is scheduled for further consideration this week. 

We are moving as fast as we can, and have committed to passing it through all stages by the end of Q1 this year.

Soon after the Bill passes, we will be applying it on a sector-by-sector basis through regulations.

Banking will be the first cab off the rank, and my team are working with industry to develop the banking regulations. 

Our goal is to have open banking fully operational by the end of the year.

Again, please keep in touch with me throughout this process. 

I am conscious that open banking has the potential to over promise and under deliver and I know that uptake in other jurisdictions has been underwhelming. 

The single greatest benefit of being slow is that we can learn from others’ mistakes and there are some important differences in our approach compared to Australia, for example.

But this doesn’t mean we have all the answers. For open banking to deliver on the promise of increased competition and greater consumer choice, we need your buy in.

My officials and I are acutely aware of the need to balance safety and security with openness and accessibility. We also know that we need to agree a pricing model that allows enough income generation to support innovation but is affordable.

Please make sure you are actively participating in these discussions. Let’s do it once and do it right. 

Banking competition

Continuing with the theme of competition, in August last year, the Commerce Commission released its final report into personal banking services.

The report found that banks do not face strong competition, and made 14 recommendations, which we have committed to implementing.

As well as open banking, this includes increasing the emphasis on competition in the Reserve Bank’s prudential regulation and payment systems, capitalising Kiwibank, and addressing issues in the anti-money laundering regime.

Many of these recommendations fall within the Finance Miniter’s portfolio, however please know that I will be advocating internally on your behalf.

Driving better competition across the economy, but in particular in banking, is a key concern for the Finance Miniter, and I will be working closely with her to achieve this.

Financial services reform

Finally, before I close off, I want to touch on an important piece of work underway to reform how financial services are regulated in New Zealand. 

Changes to the Credit Contracts and Consumer Finance Act in 2019 saw a big increase in the time it took to process consumer loans. Applicants who would have previously qualified for a mortgage were suddenly being turned down. 

The Conduct of Institutions (or CoFI) regime was another change in the system, requiring large product providers like banks and insurers to implement fair conduct programmes. 

Last year, Cabinet agreed to changes to reduce the complexity and conservatism baked into the CCCFA, streamline requirements in the incoming CoFI legislation, and improve the transparency and effectiveness of the dispute resolution system. 

Legislation to make these changes will be introduced shortly, subject to Cabinet agreement. 

These changes will simplify the financial services regulatory environment.

I realise this may not sound like super exciting work, but enabling consumers and businesses to safely and efficiently access credit when they need it, is vital for our economy. 

When the money stops, everything stops.

Closing remarks 

In closing, I would like to thank everyone here for the role you play in helping to shape a more productive and innovative economy. 

I am keen to hear about other actions that the Government can take to make the fintech sector thrive and am looking forward to engaging with you throughout the year.

Thank you again for having me here today. 

Enjoy your day and stay in touch.