Creating a prosperous economy

The economy should work for everyone, not just a select few. That starts with a bold, worker-centred industrial strategy—one that prioritises full employment, regional development, and real investment in innovation.

Deliver full employment

For too long we have accepted structural unemployment in our economy. The Government should take a more deliberate and active approach to economic and industrial policy development. We propose the development of a tripartite economic strategy, with the overarching goal of delivering full employment. A National Investment Bank should be established to help deliver this strategy.

Support growth and investment in every region of Aotearoa

Some of Aotearoa’s regions risk being left further behind, facing a future of minimal growth and few good jobs. Regional economic development and investment plans should be developed, setting out how regions can deliver employment growth and address critical infrastructure needs. These plans would help to operationalise the national economic development strategy set out by the above policy.

Lift investment in science and research and development

Compared to our OECD peers, New Zealand underinvests in both science and R&D. This has contributed to our poor productivity growth in recent decades. Our export-oriented markets require constant innovation if they are to retain their competitive edge. We propose progressively lifting government and private sector R&D investment to a combined 2% of GDP to support science, innovation, and productivity. This would bring us in line with our OECD peers.

Review and refinance local government

Local government doesn’t have the financial resources or clarity of contribution from central government to deliver the services they are expected to. We propose the development of a central–local government accord that clearly delineates the responsibilities of both local government and central government, and how funding will be found to deliver those responsibilities.