New Zealand 2026 election: Business investment, productivity and small exporters

For a small manufacturing business that exports and employs people, I would look beyond headline promises about economic growth. The important question is whether a party's policies will make it easier to:

1. Invest in machinery and equipment without putting too much pressure on cash flow.
2. Increase productivity through automation, technology, energy affordability and better infrastructure.
3. Find and retain skilled workers, including apprentices and specialist manufacturing staff.
4. Export competitively, particularly when international freight, shipping reliability and overseas demand are uncertain.
5. Plan with confidence, knowing tax, employment and regulatory settings will not change unexpectedly.

The comparison below uses policies published by 31 October 2026, ahead of the 7 November general election. It covers the main parties and smaller parties with relevant economic proposals.

An important distinction: a tax deduction can make equipment cheaper after tax, but it does not guarantee customers will buy the additional production. Likewise, a government export target does not necessarily reduce your freight bill.

1. Comparison of the main parties

Party	Business investment	Productivity and workforce	Export and trade support
National	Retain 20% Investment Boost for eligible new productive assets.	Reduce compliance, support first-time employers and apprentices, improve electricity supply and competition.	Support the next 200 high-potential exporters, pursue trade agreements and digital customs, and target doubling exports by 2034.
Labour	Replace Investment Boost with a full immediate write-off for eligible new equipment costing up to $10,000 for businesses with revenue below $10m.	Expand Apprenticeship Boost, add a $1,000 toolbox grant and support five additional trades.	Future Fund investment in local infrastructure and innovation; 15% government procurement target for small businesses and start-ups.
ACT	Allow deductions for productive software and digital investment.	Reduce employment regulation, freeze the minimum wage for three years and introduce a lower training wage for eligible under-20s.	Emphasis on reducing regulation and increasing electricity competition; less detail on direct SME export assistance.
Green Party	Rescope Investment Boost towards industrial policy, decarbonisation and decent work.	Additional science and research funding, technical fellowships and renewable-energy investment.	Propose $125m for early-stage businesses to grow and access export markets.
NZ First	Reduce company tax from 28% to 20% for businesses with annual turnover below $30m.	Propose regional investment, energy development and a larger Crown-owned bank supporting SMEs.	Regional infrastructure and resource investment are prominent; less detail on direct manufacturing-exporter assistance.
Opportunity	Expand R&D tax credits, including a proposed 25% credit for qualifying high-tech investment.	Increase research funding and provide small-business financial mentorship.	Support innovative businesses and research commercialisation, with less specific freight assistance.
Te Pāti Māori	Propose a $4.5bn Māori business, land and community investment fund; raise company tax to 33%.	Māori workforce and business development.	Propose a Māori Trade Commission and greater Māori business participation in government procurement.

Sources: party policy analysis by BDO and The Spinoff, alongside published party commitments. 2026 General Election Policies: What they could mean for businesses | New ZealandThe business and innovation policies of Election 2026, explainedNational’s plan to support Small BusinessesLabour's Small Business Action PlanElection 2026: What's on Offer for Regional New Zealand?

2. What the policies mean for your equipment investment

This is probably the most immediate financial difference for your business.

National: retain Investment Boost

20% immediate deduction

National introduced Investment Boost in 2025.

• You can immediately deduct 20% of the cost of eligible new productive assets.
• The remaining 80% is generally depreciated under the normal rules.
• It covers qualifying machinery, equipment, technology and commercial buildings.
• National proposes retaining the scheme.

For example, on a $100,000 qualifying new machine, you can claim an immediate $20,000 deduction, with the remaining $80,000 treated under the applicable depreciation rules.

This is relevant if you are considering a substantial equipment purchase.

Labour: targeted support for smaller businesses

$10,000 full write-off

Labour proposes:

• A full immediate tax write-off for eligible new equipment costing up to $10,000.
• Eligibility for businesses with annual revenue below $10 million.
• Implementation from 1 July 2027.
• Funding by redirecting the existing Investment Boost allocation.

This is particularly relevant for smaller machinery purchases, tools and incremental upgrades.

However, a $100,000 machine would not qualify for the proposed full $10,000 asset write-off simply because the business is small.

ACT: digital and software investment

ACT proposes allowing deductions for productive software and digital investments.

This could be relevant if your manufacturing productivity plans involve:

• Production-management software.
• Automation and control systems.
• Digital inventory management.
• Manufacturing execution systems.

The proposal is more focused on digital investment than a general replacement for the existing machinery incentive.

NZ First: company tax reduction

NZ First proposes reducing company tax from 28% to 20% for businesses with turnover below $30 million.

For a profitable manufacturing company, this could affect the amount of after-tax profit available to reinvest.

However, the benefit depends on taxable profits. It is not the same as receiving an immediate equipment subsidy.

Greens and Opportunity: research and innovation

The Greens propose redirecting investment incentives towards industrial development, lower-emissions production and decent work.

Opportunity proposes increasing R&D tax credits, potentially to 25% for qualifying high-tech investment.

These approaches could be relevant if you develop new products, proprietary manufacturing processes or advanced production technology rather than simply replacing existing machinery.

Sources: Tax Tips: 2026 General ElectionNational’s plan to support Small BusinessesLabour's Small Business Action PlanThe business and innovation policies of Election 2026, explained2026 General Election Policies: What they could mean for businesses | New Zealand

3. Freight costs and support for exporters

For an exporting manufacturer, this is an important area because New Zealand's distance from major markets makes logistics reliability and shipping costs particularly significant.

NATIONAL

Export growth, trade agreements and infrastructure

National's proposals include:

• Supporting 200 high-potential small and medium-sized exporters through NZTE.
• Pursuing additional trade agreements.
• Expanding paperless trade and digital customs.
• Improving freight infrastructure and resilience.
• Targeting a doubling of exports by 2034.

National's transport policy also emphasises road maintenance, rail, ports and coastal shipping as parts of an integrated freight network. National’s plan to support Small BusinessesWhere the parties stand on transport | The Chartered Institute of Logistics and TransportElection 2026: What's on Offer for Regional New Zealand?

LABOUR

Infrastructure and domestic business opportunities

Labour's approach includes:

• A proposed New Zealand Future Fund for infrastructure and innovation.
• A target of 15% of government contracts going to small businesses and start-ups.
• More support for apprentices and skilled trades.
• A proposed three-year freeze on fuel excise and road-user-charge increases.

The transport proposal could affect domestic distribution costs, although its funding implications for planned transport projects need scrutiny. 2026 General Election Policies: What they could mean for businesses | New ZealandWhere the parties stand on transport | The Chartered Institute of Logistics and Transport

GREENS

Innovation, clean technology and export development

The Greens propose:

• $125m for early-stage businesses to grow and access export markets.
• An additional $225m annually for science and university research.
• More public investment in renewable energy and lower-emissions transport.
• A more targeted Investment Boost.

This could matter to manufacturers developing low-emissions products or innovative production processes. The details of eligibility and the actual benefits for established small manufacturers need further clarification. The business and innovation policies of Election 2026, explained2026 General Election Policies: What they could mean for businesses | New Zealand

NZ FIRST

Regional infrastructure and energy security

NZ First proposes:

• A Future Fund of up to $100bn for long-term infrastructure.
• A larger Crown-owned bank supporting SMEs, agriculture and infrastructure.
• More regional infrastructure investment.
• A $1bn investment in mapping domestic energy, geothermal and carbon-storage resources.

These proposals could support the broader operating environment for regional manufacturers. However, there is less specific detail about direct export assistance or reducing international shipping costs. 2026 General Election Policies: What they could mean for businesses | New ZealandElection 2026: What's on Offer for Regional New Zealand?

ACT AND OPPORTUNITY

Both have proposals that could improve business conditions through regulatory changes, digital investment, research and innovation. Neither has outlined an equally specific package of direct freight-cost assistance for small manufacturers in the material reviewed. The business and innovation policies of Election 2026, explained2026 General Election Policies: What they could mean for businesses | New Zealand

An important gap across the policies: I would not assume any party's export strategy will directly lower your international container rates, port charges, insurance premiums or shipping surcharges. Those are distinct issues that deserve specific commitments.

4. Finding skilled workers and managing employment costs

For a manufacturing employer, workforce policy can have a significant effect on the economics of an equipment investment.

Automation may reduce some labour requirements, but it often increases the need for technicians, electricians, programmers and maintenance specialists.

Party	Relevant workforce proposals
National	First Employee Support Package, simpler seasonal hiring, support for apprentices and faster employment dispute resolution.
Labour	Extended Apprenticeship Boost, $1,000 toolbox grant, five additional eligible trades and mentoring.
ACT	Three-year minimum-wage freeze, lower training wage for eligible under-20s and employment-law changes.
Greens	Stronger employment protections, inflation-linked minimum wage and collective bargaining changes.
NZ First	Changes to immigration settings and a proposed wider compulsory KiwiSaver scheme.
Opportunity	Changes to ACC and employment-related settings, alongside business mentoring.
Te Pāti Māori	Living-wage minimum and stronger collective bargaining protections.

2026 General Election Policies: What they could mean for businesses | New Zealand2026 General Election Policies: What they could mean for businesses | New ZealandNational’s plan to support Small BusinessesLabour's Small Business Action Plan

There are two particularly important differences to consider.

Apprenticeship support: Labour's proposed extension of Apprenticeship Boost could help offset the cost of training new manufacturing workers. National's approach focuses more on making hiring and apprenticeship administration easier.

Employment costs: Labour proposes compulsory employer KiwiSaver contributions rising to 6% by 2032. National proposes a compulsory KiwiSaver or equivalent arrangement with combined default employee and employer contributions rising to 12% by 2032. These proposals have different implications for employer payroll costs and should be examined carefully.

ACT's proposed training wage may reduce the initial cost of hiring younger workers, but it is not a substitute for developing experienced technicians.

2026 General Election Policies: What they could mean for businesses | New Zealand2026 General Election Policies: What they could mean for businesses | New Zealand

5. Where the differences matter most to your business

Here is a practical way to interpret the policy differences without assuming that any party's proposals will necessarily deliver their promised economic results.

Your business concern	Policies worth examining closely
Buying a $100,000–$500,000 machine	National's Investment Boost; Labour's alternative asset write-off; NZ First's company tax proposal
Buying smaller equipment and tools	Labour's proposed $10,000 write-off
Automating production	ACT's digital investment deductions; National's Investment Boost; Opportunity's R&D credits
Developing new products	Greens' innovation funding; Opportunity's R&D incentives
Finding skilled operators	Labour's Apprenticeship Boost; National's apprenticeship support
Hiring your first employee	National's First Employee Support Package
Reducing international export barriers	National's NZTE support, trade agreements and digital customs
Reducing domestic freight costs	National's transport maintenance and freight resilience plans; Labour's transport funding proposals
Improving regional infrastructure	NZ First's regional investment proposals; Labour's Future Fund

6. Questions I would put to each party before making your decision

These are particularly useful questions because election announcements can sound attractive without explaining how they will work in practice.

1. Equipment investment: Will the proposed tax incentives apply to a $100,000–$500,000 manufacturing machine, and when will the deduction actually be available?

2. Demand uncertainty: What will the government do to help manufacturers access new international markets when overseas demand weakens?

3. Freight: Is there a practical plan to improve port efficiency, shipping reliability and export logistics costs?

4. Skilled workers: How will the government increase the supply of qualified industrial technicians, CNC operators, maintenance engineers and automation specialists?

5. Energy: What will be done to provide manufacturers with reliable, competitively priced electricity?

6. Small exporters: Will NZTE assistance be accessible to established small exporters, rather than mainly high-growth businesses selected for intensive support?

7. Policy stability: Will investment and employment policies remain stable enough for a manufacturer making a five-to-ten-year capital investment?

7. Independent sources worth examining

These are useful resources for checking the actual proposals rather than relying on campaign advertising.

• BDO – 2026 General Election: What policies mean for businesses — detailed business tax, employment and infrastructure comparison.
• The Spinoff – Business and innovation policies explained — useful analysis of investment, innovation and business incentives.
• CILT – Where the parties stand on transport — particularly relevant to freight, ports, rail and road infrastructure.
• Deloitte and Chapman Tripp – 2026 Election Survey — business priorities and party responses. Note that its business survey included substantial representation from large employers, so it should not be treated as exclusively representative of small manufacturers.
• Policy.nz – 2026 party policy comparison — useful for exploring individual party commitments.

8. A final way to assess the choice

I would separate your decision into three different time horizons:

• Next 12 months: Can you afford to invest, retain cash and manage current freight and wage costs?
• Next 2–3 years: Can you recruit skilled people, introduce automation and increase production?
• Next 5–10 years: Can you remain internationally competitive, develop new products and expand export markets?

One important consideration is that the 2026 election is an MMP election. The final policy settings may depend on coalition negotiations, not simply the promises of an individual party. BDO also highlights this uncertainty in its election analysis. 2026 General Election Policies: What they could mean for businesses | New ZealandPartyMap: New Zealand election guide 2026

My overall observation: The parties have quite different approaches to encouraging investment. National emphasises retaining a broad equipment incentive and export assistance; Labour emphasises targeted small-business investment and apprenticeship support; ACT focuses on regulatory and digital investment changes; the Greens emphasise research, innovation and targeted industrial investment; and NZ First places considerable emphasis on company tax and regional investment.

There is no need to treat any one of these as a complete solution to the three risks you identified. The important thing is to examine how each package affects your actual investment costs, labour requirements and ability to reach overseas customers.

One useful next step

I can make this comparison considerably more practical by examining your manufacturing business against the parties' policies.

What is the approximate purchase price of the equipment you are considering?

That would allow me to compare the proposed investment incentives and potential tax implications for your business, rather than just comparing political announcements.