- By Business East Tamaki general manager Ruth White
We recently had the privilege of hosting Prime Minister Christopher Luxon as covered by Times’ journalist Phil Taylor:
However, it’s also worth summarising the introduction from Zoe Wallis, investment strategist at Forsyth Barr, who delivered an excellent presentation on the current economic landscape that set an upbeat tone for the event.
Zoe emphasised New Zealand’s strong foundational advantages.
“While it’s easy to talk ourselves down, we have lots going for us here in New Zealand – a low corruption/high trust society, proximity to high growth Asian economies (including China but also India and South East Asia among others), a solid renewable energy base in a world where there’s now rapidly growth energy demand to accommodate AI.
“We are a popular place to live and saw New Zealands’s population in 2023 grow at the fastest pace since WWII.
“This obviously comes with benefits and challenges – we need to ensure we’re adequately preparing for population growth by investing in the necessary infrastructure.
“As climate change continues to see the global environment change at pace, our little space at the bottom of the world means we are forecast to be more insulated from extreme changes than countries closer to the equator.”
Addressing the productivity problem which has one of the lowest rates in the OECD, Zoe noted there’s “no single solution”.
She suggested a range of factors that could help lift productivity over time including “improving human capital through education, investing in infrastructure, reducing regulatory burdens, lifting R&D and foreign direct investment (done well)”.
“None of these are a quick fix however and we need to be able to shift the dial on these factors through political cycles. Our current position is the result of cumulative changes over decades – turning the ship around and fixing the problem will also take time.”
Zoe’s introduction perfectly complimented the thrust of the Prime Minister’s talk on the Government’s focus on fiscal discipline, education and human capital, infrastructure and investment, international trade and relationships, attracting global investment and the government’s specific targets through to 2030, focusing on outcomes that matter to New Zealanders.
Like Zoe, the Prime Minister conveyed strong optimism for New Zealand’s future and a more prosperous outlook for all its citizens.
This positive message likely resonated with the business audience, offering reassurance about the country’s upward path despite local and global challenges.
