The Green Party of New Zealand has unveiled an ambitious economic plan aimed at creating an additional 64,000 jobs over the next four years, on top of the 220,000 jobs Treasury has forecast. The party’s policy document highlights that these jobs will primarily be in sectors such as construction, engineering, science and technology, education, health, and public service. The Greens argue that New Zealand’s economy is currently stuck in a low-productivity, low-wage cycle and overly reliant on agriculture, mass tourism, and property speculation.
A key component of the plan is the ‘rescoping’ of the government’s Investment Boost tax policy. Introduced in the 2025 ‘Growth Budget’, this policy offers a $1.7 billion annual tax incentive for investments in productivity-enhancing capital assets. The Greens propose redirecting this incentive to focus on research and development (R&D), aiming to increase R&D spending from the current 1.5% of GDP to 3%, aligning with international benchmarks.
The party also outlines plans to build a sovereign decarbonized economy, create Mission Fellowships for researchers, and restore funding for science and innovation initiatives. They emphasize the need for public investment in infrastructure, including public housing, hospitals, schools, water, energy, transport, and climate adaptation. The total projected cost of the Green Party’s innovation policy is approximately $5.94 billion over the forecast period.
Green Party co-leader Chlöe Swarbrick stated, ‘We will rescope the directionless Investment Boost ... to instead drive research and development towards 3% of GDP.’ The party’s economic development plan aims to increase productive economic activity by around 1% of GDP while creating jobs across various industries. The Greens also recently announced a ‘jobs guarantee’ pledge, costing $4.7 billion through mid-2031, to provide employment pathways for young people who have been out of work for six months.