Prime Minister Chris Hipkins has outlined his vision for New Zealand’s economic future and unveiled five key economic priorities.

Speaking at the Bloomberg-hosted event, Hipkins began his speech by acknowledging the challenging times faced by businesses, but expressed his confidence in New Zealand’s potential.

“New Zealand grew faster out of the COVID recession than Australia, the US, UK, and Europe.”

The Prime Minister touted the government’s fiscal responsibility, with New Zealand receiving approval from international ratings agencies.

On Climate Action Hipkins said “failure to act on climate change is not only a moral failure but economic sabotage in the new global economy.

That’s why we must make the transition to a net-zero emissions economy as soon as possible – shoring up our existing clean, green, and safe brand.”

Hipkins did not shy away from acknowledging the challenges ahead, particularly the impact of China’s economic downturn on New Zealand.

He redirected the focus of his speech to the future, outlining a plan to seize strategic advantages on the global stage.

“We’ve got to really ramp up our efforts [in infrastructure]. That’s why I’m committed to affordable water reform, light rail, and a second harbour crossing in Auckland. These are projects that will ultimately make us richer.”

He emphasised the the need to transition to a net-zero emissions economy citing the recent $2 billion fund established by BlackRock.

The Prime Minister’s five economic priorities are:

1. To be the best little trading country in the world

2. To become globally recognised as being world leaders in sustainable agriculture and agricultural technology.

3. To be a powerhouse of renewable energy, building on the confidence international investors have put in us to innovate our way to 100% renewable – and to lead the world, selling our expertise and technology to others.

4. To drive our emerging sectors like the creative and digital sectors to grow export value across science, space, gaming and information technology.

5. To build out the premium health and wellbeing tourism and education experience we offer to international travellers and students.

ACT Leader David Seymour said “no one buys Labour’s vision for the New Zealand economy after they’ve spent six years running it into the ground.

“The reality is that New Zealand is in real trouble. An economic recovery, and eventual economic strength for New Zealand, will require real change.

“Another term of Labour’s economic policy just means more handouts, more strategies and more plans dreamed up by politicians and bureaucrats in sitting in Wellington.

“New Zealand businesses need world class public policy that gives them confidence to go out and take on the world.

“None of this has worked in the past six years, why would hard-pressed Kiwi taxpayers start believing them now? All Labour has left New Zealanders with is out of control inflation and crippling national debt.

“Despite loading the agriculture sector up with crippling compliance costs for the last six years, Hipkins now claims that supporting agriculture is essential to New Zealand’s economic future. It’s like the captain of the All Blacks saying they support the Wallabies to win the Rugby World Cup.