Empowering businesses: A blueprint for the first 100 days and beyond

BACKING SMALL BUSINESSES: Andrew Bayly pictured in Gisborne on a visit late last year. File picture by Paul Rickard

Column by Andrew Bayly, Minister for Small Business and Manufacturing

In a new era of government, small and medium-sized enterprises (SMEs) find themselves at the forefront of our policy priorities. Over 97 percent of businesses in our economy are SMEs, and are vital to our economic success during a time of recovery from the pandemic. With challenges ranging from rising inflation to talent shortages, our path to address these needs to be clear, and Gisborne stands in a great position to benefit from these changes.

One of the things we have recognised is the overlap between small business and manufacturing, with the creation of a Minister of Manufacturing — a role I now hold. This is the first time any New Zealand government has recognised this important sector in this manner.

Fostering growth for businesses is paramount. Economic growth acts as the cornerstone of what we should be striving to achieve: injecting more money into the pockets of Kiwis and their businesses, generating employment opportunities, which subsequently gives the country more growth and means to further invest in our essential infrastructure. Roads, ports, rail, freight — the more we put into these, the better our supply routes become, the more businesses prosper.

We want to streamline employment laws and cut away red tape. Simplicity breeds efficiency, and excessive regulation hampers this, bogging businesses down with more administrative work than necessary. In the first 100 days, the Fair Pay legislation will be repealed and the old 90-day trial settings will be restored, with longer term goals including changes to the Employment Relations Act, more modest increases in the minimum wage, and simplifying employment dispute resolution processes.

I’m sure that Gisborne will see great benefits from the new $1.2 billion Regional Infrastructure Fund. Additionally, amendments will be made to the Overseas Investment Act to make overseas investment more straightforward, underscoring a holistic approach to national and regional development.

Further ahead, we will be improving the accredited employer work visa to focus the immigration system on attracting the workers and skills New Zealand needs. We want the right people, with the right skill-sets coming into the country that businesses are telling us they need. To supplement labour needs, we’ll have essential worker workforce mechanisms that can manage long-term labour shortages.

Most importantly, we’ll have a disciplined financial regime. Better value for money. Better value outcomes. Better infrastructure — digital and physical. Driving inflation down as soon as possible is crucial because it is leading to the highest mortgage rates for both residential borrowers and business owners who have to incur high rates of interest to fund their business.

State Highway 2 from Napier to Gisborne will be getting upgraded under our transport plan, and retailers are already seeing the benefits of the $60 million rebuilt Wharf 7 at Eastland Port, thanks to the cruise ships bringing in more business.

As Kiwis embark on this journey with a new Government, the first 100 days signal a commitment to empowering businesses, particularly SMEs. By addressing immediate challenges and laying the groundwork for long-term growth, the Government sets the stage for a flourishing and resilient economy.