‘Lost our mojo’: Big business upset about economy, investing in Aus instead

Name: Markets with Madison: Big business weighs in
Uploaded: 2023-10-02T08:12:00+13:00
Description: Leaders of Deloitte, Air New Zealand, Downer Group and Freightways are downbeat about the state of New Zealand’s economy. They spoke to Madison Reidy at the Mood of the Boardroom event in Auckland. Video / NZHerald

By Madison Reidy

Senior Business Journalist, host of Markets with Madison·NZ Herald·

1 Oct, 2023 07:17 PM2 mins to read

Leaders of Deloitte, Air New Zealand, Downer Group and Freightways are downbeat about the state of New Zealand’s economy. They spoke to Madison Reidy at the Mood of the Boardroom event in Auckland. Video / NZHerald

New Zealand’s economy has completely lost its mojo and companies are instead investing for growth in Australia, business leaders say.

“I do believe we’ve lost our mojo in terms of the activity, the energy, we are really proud of in New Zealand,” Downer NZ chief executive Murray Robertson told Markets with Madison at the Herald’s Mood of the Boardroom event.

Deloitte NZ chief executive Mike Horne said he 100 per cent agreed.

“I’m a massively proud New Zealander ... But, I think where we are at the moment is not where we were a few years back.”

The negative sentiment was loud and clear, with other leaders saying it was forcing them to invest across the ditch.

“In Australia generally, it’s just a couple of clicks higher in every respect,” Frieghtways chief executive Mark Troughear said.

The transport company’s volumes were about 5 per cent lower here, compared with Australia.

“The money we’re investing we’re more likely to invest in Australia. We see, at the moment, it’s a better climate.”

Adding some optimism, Troughear and Air New Zealand’s chair Dame Therese Walsh said there were expectations the economy would turn around in 2024.

Hear what big business leaders really think about the state of the economy in today’s episode of Markets with Madison above.

Get investment insights from the experts on Markets with Madison every Monday and Friday on the NZ Herald.

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Madison Reidy is the host of New Zealand’s only financial markets show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.