Labour's 'five economic priorities' if re-elected

Labour leader Chris Hipkins has promised prime ministerial delegation to India within the first 100 days after the election, if his party is re-elected to power.

It's part of Hipkins' five priorities for economic growth, which he announced today in Auckland.

The priorities were aimed at positioning New Zealand as a global leader in sustainable agriculture and renewable energy, according to a party statement.

The five priorities were to: grow an export-led economy with a strong global reputation, turn New Zealand into a "Centre of Excellence" for sustainable agriculture and agricultural technology, "be a global leader in renewable energy", harness New Zealand’s digital creativity and expertise and boost the country's premium tourism offering.

"These priorities will be underpinned by high paying jobs, building infrastructure that lasts, better skills and practical education for better jobs [and] a balanced fiscal plan," the statement said.

Hipkins said his "vision for New Zealand" was a "smart, modern and green economy" that profited from the country's "brand" and natural offerings, "as well as leadership on climate".

“By seizing a global advantage in areas we have existing strengths, we’ll grow our economy and create well paying jobs that help Kiwi families get ahead.

“These priorities reflect my values as a Kiwi. I’m proud of what this country stands for in the world and how the rest of the world looks at us. These values will drive how Labour supports Kiwis to get ahead."

He said New Zealand could "build on where we are already strong". That was in the the primary industries, renewable energy sector and tourism, he said.

“Free trade agreements now cover almost three quarters of New Zealand’s exports. A key focus next term will be to expand those opportunities further.

“After securing trade deals with the UK and EU this year, my next priority will be to lead a prime ministerial delegation to India within the first 100 days of a new Government.

“Our ambition is to grow the agritech sector to $8 billion by 2030. To achieve that goal Labour will inject $100 million into the Venture Capital Fund to support this objective.

“This fund will invest in agritech businesses, including through their joint investment fund with Finistere Ventures developed through the Agritech ITP."

He said New Zealand had a huge opportunity to be a renewable energy "powerhouse", using its position as a near 100% renewable generator to "sell our expertise and know-how to the world" as countries sought to reach energy independence and build security against oil price shocks and global conflict.

“A strong digital economy allows us to leverage what Kiwis have to offer - no matter our geographic location, the time or place.

“I believe we can really drive export value across science, space, gaming, information technology and biotech."

Hipkins said New Zealand would always be a beautiful place people wanted to visit, but a high volume tourism strategy put some of that at risk.

“The Government is working with the industry through the Tourism Industry Transformation Plan to build a more sustainable and higher value industry that doesn’t overstep its social license.

“These investments – backed by solid Government finances – will underpin the opportunities of the future and for New Zealand to be the best country in the world to raise a family and get ahead through decent jobs."

Labour finance spokesperson Grant Robertson said Labour's plan would help the Government "continue to provide targeted cost of living support" to New Zealanders.

"Like free prescriptions and public transport, support for parents with young children, and importantly, allow us to keep providing free education and healthcare to all New Zealanders, no matter their background.

“Unlike National’s dodgy numbers, Labour’s plan doesn’t require billions of dollars of Kiwi homes to be sold off overseas year-on-year. We’re going to focus on selling our goods and services to the rest of the world, not selling ourselves like Christopher Luxon wants to do – that’s a road to ruin and loss of control.”

The statement said under Labour the economy was 6.7% larger than pre-pandemic levels, and since the "depths of the Covid recession" the New Zealand economy had grown by 10.2% compared to Australia's 8.8%, the US's 7.6% and 6.1% in the UK, according to International Monetary Fund figures.

According to Labour:

Labour’s economic priorities for the next term will:

These priorities will be underpinned by: