Two Years On: From Repair to Renewal
October marks two years since our National-led Coalition Government began its work to get New Zealand back on track. When we took office, the economic picture was sobering. Costs were rising, families were under pressure and confidence had faltered.
The Treasury has since confirmed what many New Zealanders already sensed the previous Labour Government’s pandemic spending went far beyond official advice, continuing long after the emergency had passed. Treasury’s own analysis shows the total cost of the COVID-19 response reached around $66 billion, one of the largest spending programmes in New Zealand’s history. This 'over-cooked' approach fuelled inflation, drove up interest rates and added to the cost-of-living pressures that households and businesses continue to face today.
Our job from day one was to tidy up that mess, restore discipline to government spending and rebuild confidence in the economy.
In the first few months, I remember speaking with business owners and community leaders who were anxious about how long they could keep absorbing higher costs. People wanted reassurance that the Government understood their situation and would act responsibly.
That is exactly what we have done – reined in wasteful spending, refocused budgets on value for money and delivered meaningful tax relief for the first time in 14 years. These steps are starting to make a difference. Inflation is easing, interest rates are stabilising and small businesses are regaining the confidence to invest.
Repairing an economy is never glamorous work, it takes consistency and discipline. These efforts are paying off. The Investment Boost policy is helping businesses grow and hire more Kiwis, while Family Boost payments are easing childcare costs for parents. At the same time, we are making it faster to build homes and infrastructure, reducing unnecessary red tape.
Community safety is another area where the results are starting to show. Since the National Government took office, ram raids have dropped by more than 60 percent and youth offending has fallen to its lowest level in over 10 years. These improvements reflect the hard work of Police and the communities they serve, supported by policies that focus on prevention and accountability.
Two years in, New Zealand is moving from repair to renewal. We are seeing tangible progress. Tourism arrivals and visitor spending have returned to near pre-COVID levels, the hospitality and accommodation sectors are rebounding and more international events are choosing New Zealand as a destination once again. These are clear signs that confidence is returning and the economy is gaining momentum.
After a challenging few years, our country is turning a corner and, with determination and optimism, the National-led Government is leading New Zealand forward, back on track, and toward a more confident and prosperous future for everyone.
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