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The New Zealand business community is unique. It has always punched well above its weight on the world stage.

 

For clarity – I mean all of you from the A List all the way to the C-List.

 

I am a firm believer that government’s role is to work closely with business: help small ones to innovate, and ensure the settings are right so big ones can thrive.

 

Governments should invest in research and development to improve access to technology; open opportunities for business on the world stage through trade; and ensure that our investment grows an economy that supports everyone who lives in our great little country to thrive.

 

I have really enjoyed the past six months, getting out – mostly in Auckland – and sitting down with people across the business sector.

 

Coming from a niche tax and insurance background, you have all been incredibly generous with your time and I am looking forward to continuing to build our relationships over the next two years of opposition.

 

When businesses do well, New Zealand does well. Workers do well. New Zealanders do well. You employ people and innovate and create to make people’s lives better.

 

Labour’s underlying philosophy on work is making sure there are enough jobs for people – you can’t do that without business.

 

It’s about ensuring people feel secure in their jobs, are able to contribute to their workplace and help build good and successful businesses.

 

Workers are an asset to any business and shouldn’t be seen as a cost.

 

If you listened to National, you wouldn’t think that was Labour’s approach.

 

I am utterly committed to sitting down with you and talking through what works for you and what doesn’t. Dispelling the myths. Understanding what has gone well in the past and what hasn’t.

 

Something that does concern me is the number of Kiwis choosing to leave New Zealand, and the way the Government’s decisions are giving them an extra push.

 

6,000 jobs gone in the public sector and counting. Manufacturing jobs disappearing before our eyes. 8,000 fewer people in construction. A freeze on hiring staff at our hospitals. Unemployment up to 4.6 percent, and projected to get to 5.5 percent.

 

Even through COVID-19, we didn’t see unemployment like this. The forecasts were awful. But keeping people in work, and businesses afloat, was a priority for Labour and I’m really proud of that.

 

New Zealanders are finding it tough anyway, you all know the statistics. But losing the household income along with the job, can be terrifying.

 

It’s no wonder so many are looking to greener pastures.

 

In July this year, a record was set for the number of net New Zealanders leaving. 55,800 Kiwis chose to move away, well exceeding the previous record from way back in 2012.

 

My concern isn’t only that people are choosing to leave for a better life, it is also the skill loss which will have an effect on our ability to innovate, deliver and grow as a country.

 

It is no surprise that the mood of the boardroom is optimistic, even though the economy is doing it tough.

 

June 2024 marked the seventh consecutive quarter of stagnant or declining per capita economic activity. We are now very much at the bottom of the economic cycle. Things will get better.

 

But not because of any action by this government, but from you.

 

But they will not get better overnight. We know unemployment has some way to go, and there are many, many steps until interest rates are back to a balanced level.

 

But our business community is resilient.

 

Many of you have made it through the GFC, the Christchurch earthquakes, Cyclone Gabrielle and the Auckland floods, and collectively we made it through the COVID-19 pandemic.

 

I know you all just want to get on with it, but also want a vision for what we aspire to be and where we want to get to.

 

New Zealand faces substantial fiscal challenges over the short and longer-term. Addressing these challenges will require brave decisions that tackle the system we all work in.

 

These are brave decisions that need to be enduring, and that is what Labour does best.

 

Whether it’s, ensuring Kiwis could retire with dignity by the introduction of KiwiSaver and the SuperFund.

 

Families could afford the basics and be incentivised to stay in work through Working for Families, or the safety nets introduced by Sir Michael Joseph Savage of state housing and welfare.

 

And then the list of trade deals UK and EU Free Trade agreements to name a couple, Labour is the party that has always looked ahead to progress our country.

 

Planning for the future will mean conversations about the appropriate level of government spending and debt.

 

By 2060, 10% of our GDP will be spent on health care, and 7% on Superannuation.

 

Returning to surplus is a moot point, if you are not also providing Kiwis with the healthcare they need.

 

We, as a country, need a government with a positive vision and informed solutions.

 

Every political party likes to talk about growth and productivity, but you need to back it up.

 

Often, when thinking about productivity, we focus on cutting-edge tech. And we should. We are seeing the R&D tax credit making a meaningful contribution to research and development.

 

But we also need back our smaller Kiwi businesses, if we are serious about tackling productivity.

 

Many of our SMEs are not technologically enabled. They struggle to have time and the capital to make the changes they need.

 

The Government, along with sector, should be doing more to help.

 

The Treasury’s Chief Economist came out last week saying “productivity growth alone is not enough to alleviate fiscal pressures”.

 

We also must realistically assess our economic situation. We are capital poor. We need more sustainable solutions than tinkering around the edges with new levies and revenue-gathering measures.

 

It’s a conversation our party is having and one I hope many of you can feed into as part of our hui going forward.

 

Unlike the three-year parliamentary cycle, I know that you have to plan for the future in a much more long-term way. Government’s should do better. I’ve spoken quite a few times about being better at bipartisanship on long-term investment, but we need both parties to come to the table on that!

 

You will all know better than anyone when looking to the future that there is almost nothing more pressing than preparing for the consequences of climate change.

 

Two years ago, on this stage, Nicola said that “we share your commitment to emission reduction”. But the governments actions speak differently by rolling back many of the measures Labour introduced to bring down our emissions and prepare for the future.

 

Many of our free trade agreements have climate obligations, including the EU FTA which “contains ambitious outcomes on climate action and the Paris Agreement, including making these commitments enforceable in the FTA”.

 

We can’t rely on export driven growth, if this government is risking our export potential.

 

Climate action is what is required from a moral standpoint and matters for the health of our economy. I do not want our exporters being locked out of markets because of climate-sceptic policies.

 

I started this speech talking about values. But I will end with a pledge.

 

I won’t just stand up here and make political promises I don’t intend to work my ass off to keep.

 

We may not always agree, but I will always take a meeting or a call and I will always listen.

 

No reira, tena koutou, tena koutou, tena koutou katoa.