Finance & The Economy

New Zealand First believes in economic policy that will improve the lives of ordinary Kiwis and put New Zealand on a pathway to prosperity. Our approach involves capitalizing on the natural assets, the local talent, enterprise and climate that New Zealand is endowed with. A new economic direction is needed now more than ever as worldwide economic uncertainty has become the norm in the post COVID-19 world.

Finance and Revenue

New Zealand First believes that protecting our financial interests must operate in tandem with the calculated use of our nation’s revenue. That is why we continue to promote policies that ensure New Zealand has a level playing field against international competitors, while investing in the areas needed to facilitate our own financial growth. Finance and revenue policies must be stable and not focused on short term gain.

Policy:

  • Continue to improve the penalty framework for tax evasion
  • Initiate a review into the double-taxation of ‘tax like’ instruments such as removing GST on rates
  • Explore the feasibility of introducing a lower business tax rate for exporters and import substitution manufacturers
  • Introduce a 100% depreciation rate for business equipment worth up to $20,000 for each item and further for approved capital outlay (exclusive of GST)
  • Amend Capital Limitation Rules in the Income Tax Act to treat seismic strengthening as “repairs and maintenance” 
  • Support local procurement policies that encourage government departments, state-owned companies, and local government bodies to give weighting to domestic service providers or products
  • Upgrade KiwiBank’s capabilities so that it may better compete with commercial and wholesale lending competitors
  • Aim to increase KiwiBank’s market share by targeting specific lending portfolios such as Agri-lending
  • Encourage the consolidation of sub-prime lenders including co-ops and community banking to better compete against offshore banks
  • Continue to promote a simple taxation system by opposing complicated tax initiatives such as a comprehensive capital gains tax

Economic Development 

Economic policy must work to improve the lives of ordinary Kiwis and put New Zealand on a pathway to prosperity. Our approach involves capitalizing on the natural assets, local talent, enterprise, and environment New Zealand is endowed with. New Zealand First believes that a new economic direction is needed now more than ever as worldwide economic uncertainty has become the norm in the post COVID-19 world.

Policy:

  • Support the primary industries sector and help it grow sustainably by supporting value driven innovation and enterprise
  • Prioritise maintaining and building New Zealand’s manufacturing sector
  • Further improve government procurement policy with an emphasis on working with New Zealand firms
  • Reform the Reserve Bank Act to reflect that New Zealand has an export dependent economy while creating a sensible exchange rate regime that serves New Zealand’s economic interests
  • Support initiatives to grow KiwiBank’s market share to 10% by supporting lending segments such as Agri-lending
  • Provide assistance in the marketing of new or innovative products and provide improved lower cost intellectual property protection for New Zealand based innovators
  • Continue to advocate for a comprehensive compulsory savings plan
  • Continue investing in regional New Zealand through the Provincial Growth Fund
  • Work with industry to develop strategies for productivity gains as a way to move towards improved productivity
  • Support and develop the ‘Buy New Zealand Made’ campaign and where practicable place ‘Buy New Zealand’ purchasing requirements on tax-payer and rate-payer owned businesses and state owned enterprises

Regional Economic Development

For decades Regional New Zealand has been overlooked and neglected by successive governments. However, during our time in government New Zealand First has delivered the greatest per capita regional investment platform – the Provincial Growth Fund. Investing in our regions has long been a focus of our party as we look to unleash the economic potential of provincial communities and industries. Primary Industry and the role that the regions play is an essential part of our Covid-19 recovery. The Provincial Growth Fund will continue to be a core part of our role in government as we further address regional neglect.

Policy:

  • Continue the $1 billion per annum Provincial Growth Fund
  • Relocate government agencies and functions to regional New Zealand
  • Support rural communities, businesses and exporters with continued investment in regional roads, rail, ports, airports and freight facilities
  • Continue to resource vital rural infrastructure such as schools, healthcare, reliable electricity supply, internet and mobile coverage
  • Commit to moving Ports of Auckland operations to Northport
  • Seek higher Crown levies on minerals extracted and return 25 per cent royalties to the source regions
  • Support the pilot of ‘regional banking hubs’ and seek to expand their use including amalgamation with other services such as post offices
  • Encourage internal tourism through a ‘See New Zealand First’ campaign
  • Implement policies such as a ‘National Interest Test’ to keep key strategic assets and New Zealand farmland in New Zealand hands
  • Improve rural connectivity through funding smaller local internet service providers to fill in remote area gaps
  • Continue to support regional marine facilities such as Tarakohe Wharf, Sugarloaf Wharf, and the Opotiki Harbour
  • Ensure that there is clear reference to infrastructure continuing to back Water Storage outcomes for those areas affected by adverse weather
  • Commit to developing a dry dock facility for international, domestic and Defence shipping needs in Northland