Now an established highlight of the local business calendar, the Waikato Business Summit again brought together a diverse audience to hear presentations on current business issues and how today’s decisions will influence the next few years.
Organised by Bernard Lamusse and his team at accountancy firm PKF, the Summit is in its third year, with an afternoon of insights into business trends.
Ticket sales from the Summit are PKF’s generous sponsorship contribution the Hamilton Gardens Arts Festival, enjoying the unique spiegeltent venue of the Pacific Gardens Palace.
For the second year, Finance Minister the Right Honourable Grant Robertson MP updated delegates on the Government’s key initiatives.
In a wide-ranging address, the Minister touched on concerns of global influences like the China slowdown and the uncertainty of Brexit. Pointing out that New Zealand has a 3% growth rate, 1% above the IMF’s global predictions for similar advanced economies, he cautioned delegates not to “talk ourselves into negativity”, but to be “aware of headwinds”.
Mr Robertson touched on the Government’s 2050 zero carbon goal, tax credits for R&D in clean technologies, the commitment to investment in regional business growth through the Provincial Growth Fund and the recently-announced changes to vocational training.
He also acknowledged the “elephant in the room” of recent announcements around tax reforms and Capital Gains Tax, reminding delegates that the Government is still considering the tax report’s 99 recommendations and that any of those recommendations that are taken up won’t take effect until the 2021 tax year.
Of particular interest was the Finance Minister’s explanation of the Wellbeing Budget, an approach being watched with interest around the world. Previous budgets focused on goals of GDP growth but “people get left behind”, the Minister noted. The new format will look at a range of indicators, with not just financial capital, but also human, natural and social capital.
New priorities in budget scoping will cover targets for a lower carbon economy, the challenges of the future of work, child wellbeing, closing the gaps in terms of opportunities for Maori and Pacific Island communities, and mental health.
The Finance Minister explained that “every minister is responsible for each of these priorities” within their budget planning, breaking down the silos of government and ensuring a focus on long-term impact.
The Summit then continued with an overview of the activities planned by Waikato’s new regional economic development agency, Te Waka, with a presentation from CEO Michael Bassett-Foss.
The Waikato is the last region to establish a formal EDA and, after hearing from over 200 of the region’s business leaders in August of last year, Te Waka has pulled together a programme of over 50 activities which it will either support, facilitate or lead, covering a range of sectors and crossing the whole Waikato.
Mr Bassett-Foss highlighted that Te Waka’s role is to provide a single front door for investors, including government, as well as continuing to support Waikato’s business community through the Business Growth team and the Business Mentors Network.
Delegates then took a whistle-stop tour through the economic landscape with ANZ’s Economist Sharon Zollner, looking at current and potential future trends across diverse aspects of the New Zealand economy.
The event wrapped up with a lively panel discussion including Kelvyn Eglinton
from the Momentum Foundation, Seed Waikato’s Gemma Major, Good George MD Darrel Hadley, Xero’s Head of Accounting Sue Pak and local tech entrepreneur Eliot Jessep.
A common thread of the panel discussion was around how businesses can genuinely embrace the millennial culture, with a group of young people who want to build a purpose-led economy, who have a desire to have responsibility for their own outcomes, are socially responsible and are looking to have a voice for their fresh-thinking.
Host Bernard Lamusse closed the event assuring delegates that the summit will return next year, looking forward to another mix of global understanding and regional insights.
