New Zealand’s general election was held on 14 October 2023, resulting in a change of government. The official pre-election economic update showed an economic slowdown is underway in New Zealand, with persistent domestic inflation suggesting that interest rates will remain high. Inflation is projected to fall in 2024, but a slowdown in economic growth and increasing unemployment is anticipated.

The new government, led by Prime Minister Christopher Luxon, has committed to measures to reduce spending and pay down debt, while funding election commitments including income tax cuts.

The election outcome may have impacts for companies in the health & life sciences and food & beverage sectors. In health and life scieces, key changes include an agreement to streamline Medsafe approvals for new pharmaceuticals approved by recognised overseas regulators; and the repeal of the Therapeutic Products Act 2023, which would have introduced new requirements for medical devides and natural health products.

The new government has also committed to exploring options to strengthen the powers of the Grocery Commissioner to improve competitiveness in the grocery industry, noting the lack of a third major operator with a nationwide presence. Food and beverage exporters may be impacted by any resulting changes to operating conditions in the grocery sector.

Upcoming activities

The second Aboriginal Trade Mission to Aotearoa New Zealand with a focus on the food and beverage sector will take place in February 2024, led by DJSIR’s Aboriginal Economic Development Branch with support from Global Victoria.

Find out more about the trade mission and apply.

SportNXT returns to Melbourne in March 2024, bringing together world-class global thought leaders, from across the sports industry to delve into topics relevant to the future of sport. Global Victoria will be hosting a delegation of sports leaders from Aotearoa New Zealand at the conference.

To learn more about the conference,  contact our Senior Trade Manager in Sport, Dominic O'Brien