Why NZ cannot afford to stand still

We are also targeting sectors such as tourism to support a transition to a Covid19 reality. This is important for the communities and businesses involved, and is an example of how we cannot afford to stand still.

Our rebuild plan recognises the need to move on from a reliance on growth fuelled by population growth and housing speculation. While we are still to see the full impact of Covid19 on our housing market, there are obvious risks that it will tighten. It is not a sustainable base for growth of the economy.

Our rebuild and reset of the economy will focus on improving productivity through infrastructure, skills and training and R&D investment, while also taking the opportunities of moving to a low-carbon future through investment in energy, transport and new technology.

This is also the time to grow our small and medium enterprises, and support those who want to establish themselves in business. Budget 2020 provides funding for grants and advice to do this, especially for e-commerce and support to help SMEs move to become exporters as well.

We are working with businesses to build industry transformation plans in agritech, construction, digital skills, horticulture and more.

We said from the beginning that we would not be able to save every job or every business in the face of this one-in-100-year shock. That is a tough thing to acknowledge. But we are committed to continuing to cushion the blow for households and businesses.

Our Covid-19 Income Relief Payment began paying out this week to those who have lost their jobs since the beginning of March. The Wage Subsidy extension and Small Business Cashflow Loan Scheme continue to provide the immediate support needed.

Now is the time to unite for recovery. This is no cliche´ . It is that collective effort that has put us in our unique position in the world.

We are keeping our country safe at the border, but at the same time working to be able to safely bring in tourists and students again.

We know the pressure many households are under. We can all do our bit to buy NZ-made, and experience our country. As a Government, we will work alongside businesses and communities to see us come through stronger.

As I said in March, there are tough times ahead. But with a clear focus on our recovery and rebuild plan, we will get through this together.