Victoria’s closest international trading partner and one of the easiest markets in the world to do business with.
Global Victoria is strengthening its business engagement with New Zealand, with a particular focus on supporting early stage and expanding exporters.
Aotearoa New Zealand is Victoria’s third largest export market, with goods exports valued at more than A$2.7 billion. It consistently ranks among the easiest global economies in which to do business, making it a natural starting point for new exporters or Victorian businesses looking to grow and diversify their exports.
Market snapshot
Victoria and New Zealand share close economic, people-to-people sporting and cultural connections. Comparable business cultures, geographical proximity, regulatory alignment and similar time zones contribute to the ease of doing business between the two economies.
New Zealand’s economic profile is similar to Victoria’s, particularly in the primary sector, providing significant opportunities for partnerships, collaboration and knowledge sharing.
The Australia New Zealand Closer Economic Relations Trade Agreement (CER) is one of the most open free trade agreements in the world, underpinning the strong trading relationship between Victoria and New Zealand. In 2023, Australia and New Zealand will celebrate the 40th anniversary of CER.
The country’s population is concentrated in the North Island, with more than a third of residents living in Auckland. Like Victoria, New Zealand is a multicultural society, supporting strong connections between New Zealand and global markets.
Māori are the indigenous people of New Zealand, making up more than 15 per cent of the population. The Māori economy contributes $17 billion to New Zealand’s gross domestic product each year, representing significant opportunities for joint ventures and other partnerships – especially for Aboriginal businesses.
Market Insights Spring 2024
The New Zealand economy is experiencing a softening in the labour market and easing inflation. In response, the Reserve Bank of New Zealand cut the Official Cash Rate (OCR) to 4.75% at its October meeting with further reviews scheduled for November and February. Notwithstanding weak demand, business confidence improved in the September quarter, reflecting reduced pricing pressures on domestic goods and imports.
To stay up to date on economic conditions in New Zealand, subscribe to The Treasury’s Fortnightly Economic Updates.
Snapshot: Infrastructure opportunities in NZ
Infrastructure is in the spotlight in New Zealand, with the government announcing the launch of the National Infrastructure Agency in December 2024 and the development of a 30-year National Infrastructure Plan (expected 2025).
The National Infrastructure Pipeline identified NZD$147.6 billion of active and planned projects from central government, local government and private infrastructure providers. Transport projects are the largest single sector in the pipeline (56%, including road, rail, ports and airports), followed by water (16%), energy (7%), housing (5%) and health (5%).
149 projects are proposed to undergo streamlined regulatory approvals under the Fast Track Approvals Bill, including projects in housing and land development (58), infrastructure (43) and renewable electricity (22).The pipeline of current and planned projects creates significant opportunities for Victorian companies to participate as contractors and suppliers. To view current and upcoming tender opportunities, visit the Government Electronic Tender Service (GETS).
Case study: Victorian company excelling in the Pacific
Reeves Envico won the Professional Services category in the 2024 Governor of Victoria Export Awards, and also at the Australian Export Awards.
For nearly four decades, Reeves Envico has been a driving force in infrastructure development across the Pacific region. With a commitment to delivering sustainable and resilient solutions, the company has undertaken numerous projects to improve the lives of communities in countries including Kiribati, Solomon Islands, Vanuatu, and more.
Specialising in climate resilient infrastructure, Reeves Envico has played a crucial role in mitigating the impacts of rising sea levels and extreme weather events. Their projects, funded by organisations like the Asian Development Bank, focus on providing safe water supply, wastewater treatment and robust infrastructure that can withstand the challenges posed by climate change. Beyond their technical expertise, Reeves Envico is dedicated to empowering local communities by providing employment opportunities and upskilling programs – contributing to the economic growth and self-sufficiency of the Pacific nations.
Their commitment to excellence, innovation, and social responsibility has solidified their position as a leading infrastructure provider in the region.
Upcoming activities
SportNXT: The leading sport summit in the Asia Pacific region is returning to Melbourne on 12-14 March 2025. SportNXT brings together global thought leaders from across the sports industry to delve into the topics that matter for the future of sport, while showcasing Victoria’s world-leading capabilities and infrastructure.
Australia Vanuatu Business Forum: The 7th edition of the AVBF takes place in Port Vila from 12-13 March 2025. The Forum is a great opportunity to get up to date information on investment, trade, business opportunities and current events for Australian businesses in Vanuatu.
Fieldays, 11-14 June 2025: the Southern Hemisphere’s largest agricultural event returns to New Zealand in 2025, offering a launch platform for cutting edge agricultural technology and innovation.
Fine Food New Zealand: New Zealand’s largest trade event for the food retail, food service and hospitality industry is taking place in Auckland from 29 June-1 July 2025. Fine Food is platform to make industry connections, enter the New Zealand market, launch new products and get up to speed on local trends.
Previous regional insights
Key industries of opportunity for Victorian exporters
Food and beverage
New Zealand is an important market for Victorian food and beverage exports, including in:
- premium packaged foods
- health foods
- alternative proteins
- wine
- craft spirits
- zero/low alcohol beverages.
Two companies dominate the grocery sector in New Zealand, Woolworths and FoodStuffs. Costco’s launch creates additional competition and opportunities in the sector, and further prospects exist in specialty grocery stores.
Technology and Creative Industries
New Zealand is home to an active tech innovation, investment and consumer landscape, creating both B2B and B2C opportunities for Victorian companies. Agri-tech, edtech, fintech and medtech are particularly promising sub-sectors. The screen and gaming industry in New Zealand is also an area of strength.
Sports and sports technology
Despite the fierce sporting rivalries between New Zealand and Australia, there are significant opportunities in sport and sportstech – from community and local sport through to major international events.
Infrastructure, advanced manufacturing and sustainability
New Zealand’s pipeline of infrastructure, defence and energy efficiency investments creates opportunities to showcase Victoria’s leading capabilities.
Useful resources
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