Regional Insights Autumn 2024
New Zealand continues to face challenging economic conditions on the back of a shallow recession in the second half of 2023, with larger impacts on real GDP per capita masked by high net migration.
The latest NZIER Quarterly Survey of Business Opinion showed business confidence waning in the face of weak demand, suggesting that higher interest rates are having their intended effects in dampening demand to reduce inflation pressures in the New Zealand economy.
The Reserve Bank of New Zealand held the Official Cash Rate (OCR) steady at 5.50% at its April meeting, noting that inflation remains elevated. Planned reforms in the infrastructure sector may create opportunities for Victorian companies. The New Zealand Government is taking initial steps to establish a National Infrastructure Agency and a 30-year National Infrastructure Plan to address the infrastructure deficit, mitigate the skills gap and attract funding and financing.
Prime Minister Christopher Luxon welcomed Australian investment in New Zealand on his visit to Melbourne in March 2024 during the ASEAN-Australia Special Summit. The Trans-Tasman air travel environment continues to evolve, with Qantas increasing services from Melbourne to Wellington and Christchurch, respectively; and Virgin and Air New Zealand seeking to re-establish their codeshare agreement.
Driving deeper business connections with NZ and the Pacific
Pacific Business Roundtable
In April 2024, Global Victoria co-hosted a roundtable discussion on doing business in the Pacific with the three Australia-Pacific Business Councils (Fiji/AFBC, Papua New Guinea/APNGBC and Pacific Islands/APIBC). The roundtable included contributions from the ANZ Banking Group, Austrade, Pacific Trade and Investment, Business Council leaders and Global Victoria.
SportNXT
In March 2024, Global Victoria hosted a delegation of international sports leaders at SportNXT in Melbourne, including a high-profile contingent from Aotearoa New Zealand. Alongside the conference program, delegates learned about capabilities and opportunities in Victoria’s world-leading sports ecosystem.
Aboriginal Food and Beverage Trade Mission
The second Aboriginal Trade Mission to Aotearoa New Zealand took place in February 2024 with a focus on the food and beverage sector. The trade mission was led by DJSIR’s Aboriginal Economic Development Branch with support from Global Victoria.
Participating businesses explored opportunities and built connections in the New Zealand market, to support future export growth.
Upcoming activities
On 9 May 2024, the New Zealand Infrastructure Commission will host the Looking Ahead Infrastructure Symposium in Queenstown, with the theme of Building Smarter.
The 39th Australia Papua New Guinea Business Forum and Trade Expo is scheduled for 13-15 May 2024 in the Gold Coast. The conference theme is Climate of Change: Opportunities for business in Papua New Guinea.
From 12-15 June 2024, the New Zealand agriculture sector will converge in Mystery Creek for Fieldays, the Southern Hemisphere’s largest agriculture event. Fieldays generally attracts more than 100,000 visitors and approximately 1000 exhibitors, with a strong focus on innovation.