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

For a small manufacturing business that exports and employs staff, there are several important differences to examine when comparing the parties in the 2026 New Zealand general election.

The key question is not simply which party promises to support business. It is which policies would change the commercial conditions you operate under:

1. Investment: Will purchasing new machinery, upgrading production facilities and adopting technology become more financially attractive?
2. Productivity: Will policies help you produce more per employee, address skills shortages and reduce operating costs?
3. Export competitiveness: Will exporters receive practical assistance with overseas markets, trade barriers and international sales?
4. Freight and infrastructure: Will transport, ports, shipping reliability and supply-chain costs improve?
5. Workforce: Will immigration, vocational training and employment policies make it easier to recruit and retain skilled manufacturing staff?

One important distinction: tax incentives can make equipment investment cheaper, but they cannot guarantee demand for the additional production. Similarly, export assistance is useful, but it does not necessarily solve high international freight costs.

1. How the main parties compare

The following comparison covers policies announced during the 2026 campaign, rather than assuming that campaign promises have already become law.

Party	Business investment	Productivity and manufacturing	Small exporters
National	Retain 20% Investment Boost	Encourage capital investment, technology and regulatory simplification	Intensive support for 200 high-potential exporters
Labour	Full immediate write-off for eligible assets up to $10,000 for qualifying small businesses	Future Fund, apprenticeships and innovation investment	Faster payment of invoices and greater access to government contracts
ACT	Supports investment-friendly tax settings and productive digital investment	Emphasis on deregulation, competition and private-sector investment	Generally favours trade and business-led growth
NZ First	Reduce SME company tax to 20%; targeted accelerated depreciation	Focus on manufacturing, domestic industry and energy security	Tax relief and targeted manufacturing/export incentives
Green Party	Retain 28% company tax for SMEs	Public investment in research, innovation and sustainable manufacturing	Proposed funding for early-stage businesses to access export markets
Opportunity	Expand R&D and technology investment tax credits	Strong emphasis on research, high-tech manufacturing and innovation	Support for innovative businesses developing international markets
Te Pāti Māori	Proposes increasing company tax to 33%	Investment in Māori enterprise and energy development	Māori Trade Commission and Māori business investment programmes

Sources: BDO's October 2026 business policy analysis, Business Central's election comparison, and individual party announcements. bdo.nz, sciencemediacentre.co.nz, opportunity.org.nz, greens.org.nz

2. Individual party policies and their implications

National – Investment incentives and export market access

National's approach centres on retaining existing business investment incentives, reducing compliance and expanding international trade.

Key proposals include:

• Retaining the 20% upfront Investment Boost deduction for qualifying new business assets.
• A 47-point small-business plan to reduce administrative burdens.
• A Tell Government Once service to reduce repeated information requests.
• Reviewing the compulsory GST registration threshold.
• Supporting the next 200 high-potential exporters through intensive assistance.
• Simplifying export processes through digital customs and paperless trade.
• Pursuing new trade agreements and expanding trade missions.

National also wants to double the value of New Zealand's exports by 2034.

Potential relevance to your business: The Investment Boost could help reduce the after-tax cost of new machinery. Its exporter programme could be useful if your business has growth potential but needs help accessing overseas customers.

An important distinction is that the 20% deduction is not a 20% government grant. It is an upfront tax deduction, with normal depreciation applying to the remaining 80%. national.org.nz, national.org.nz, beehive.govt.nz

Labour – Small-business cash flow and workforce development

Labour's approach puts more emphasis on targeted small-business assistance, public investment and training.

Its Small Business Action Plan includes:

• Increasing the immediate asset write-off threshold to $10,000 for qualifying businesses with annual revenue below $10 million.
• Raising the GST registration threshold to $80,000 from July 2028.
• Requiring qualifying large businesses to pay small suppliers' invoices of $25,000 or less within 15 days.
• A target for 15% of government contracts to go to New Zealand small businesses and start-ups.
• Reducing repetitive government information requests.
• Introducing a small-business test for new legislation and regulations.

Labour also proposes:

• A New Zealand Future Fund to invest in infrastructure and innovative local businesses.
• Extending Apprenticeship Boost payments to two years at $500 monthly from July 2028.
• A $1,000 toolbox grant for eligible apprentices.
• Five additional trades covered by Apprenticeship Boost.
• Additional Māori-led vocational training.

Potential relevance to your business: Faster invoice payments could improve cash flow, particularly if you supply larger businesses. Apprenticeship assistance could reduce the cost of training new manufacturing employees.

One difference worth investigating is that Labour proposes replacing the existing broad Investment Boost with its more targeted small-business asset write-off. If you are planning to buy expensive machinery, compare the actual tax treatment under both approaches rather than assuming the $10,000 write-off would cover your purchase. bdo.nz, labour.org.nz, pwc.co.nz

ACT – Private-sector investment and reducing regulation

ACT's economic approach generally emphasises lower regulatory burdens, competition and private-sector decision-making.

Its business-related proposals include:

• Allowing deductions for productive software and digital investment.
• Encouraging greater competition and investment in electricity generation and networks.
• Changing employment and workplace rules.
• Freezing the adult minimum wage for three years and introducing a training wage for eligible workers under 20.
• Reviewing skilled-work immigration categories annually.

Potential relevance to your business: If compliance, energy prices and employment regulations are major operating costs, ACT's proposals are relevant to examine.

However, its immigration proposals also need scrutiny if you depend on overseas recruitment. A policy that changes work-visa eligibility can affect access to specialised manufacturing skills.

ACT's current proposals do not provide the same clearly defined small-exporter assistance programme as National's proposed 200-exporter initiative. bdo.nz, istart.co.nz

NZ First – Lower company tax and targeted manufacturing investment

NZ First has made manufacturing and small-business taxation central to its economic proposals.

Its headline commitment is:

• Reduce company tax from 28% to 20% for businesses with annual turnover below $30 million.

It also announced a targeted accelerated depreciation proposal for manufacturing and export-sector plant, machinery and equipment.

Other proposals include:

• A Future Fund of up to $100 billion for long-term infrastructure.
• A larger Crown-owned bank intended to support SMEs, agriculture and infrastructure.
• Additional electricity generation and energy investment.
• A proposed Marsden Point Special Economic Zone.

Potential relevance to your business: If your company's turnover is below $30 million, the proposed company tax reduction could leave more retained earnings available for equipment investment, hiring or expansion.

The targeted depreciation proposal is particularly relevant to manufacturers considering machinery upgrades.

However, distinguish between the tax-rate proposal and the targeted depreciation announcement: they are separate measures, and their final eligibility rules and implementation details matter. nzfirst.nz, nzfirst.nz, bdo.nz

Green Party – Sustainable manufacturing and research investment

The Green Party's economic approach places greater emphasis on public investment, research, environmental sustainability and local enterprise.

Its proposals include:

• Retaining the 28% company tax rate for SMEs.
• Applying a 33% company tax rate to the largest 0.7% of companies.
• Increasing funding for scientific research and innovation.
• Investing in early-stage businesses seeking to grow and enter export markets.
• Supporting renewable energy and lower-emissions infrastructure.
• Strengthening competition in concentrated markets.

Its wider innovation proposals include additional science funding and a proposed $125 million scheme to help early-stage businesses grow and access export markets.

Potential relevance to your business: If your manufacturing operation is developing innovative products, energy-efficient processes or lower-emissions production, research and innovation funding could be relevant.

For a conventional manufacturer, however, the practical value depends on whether your equipment or production-development plans qualify for the proposed support. thespinoff.co.nz, greens.org.nz, bdo.nz

Opportunity Party – Research, technology and high-value manufacturing

Opportunity's Breakthrough Economy policy concentrates on improving New Zealand's research and innovation capabilities.

Its proposals include:

• Raising national research and development spending to at least 2% of GDP.
• Expanding research and development tax credits.
• Introducing technology investment tax credits.
• Turning polytechnics into regional innovation hubs.
• Increasing funding for business accelerators.
• Improving access to small-business financial and budgeting assistance.
• Supporting technical collaboration between businesses and research institutions.

Potential relevance to your business: This approach could be useful if your manufacturing business wants to adopt advanced production technologies, automate processes, develop new products or collaborate with technical researchers.

It is worth distinguishing between general machinery investment and eligible R&D expenditure. Not every equipment purchase would qualify for a research or technology tax incentive. opportunity.org.nz, sciencemediacentre.co.nz, thespinoff.co.nz

Te Pāti Māori – Māori enterprise and economic development

Te Pāti Māori proposes:

• Increasing the company tax rate to 33%.
• Establishing a substantial Māori business investment fund.
• Establishing a Māori Trade Commission.
• Directing 25% of government procurement towards Māori businesses.
• Investing in Māori energy development.

Potential relevance to your business: Its trade and enterprise policies may be relevant to businesses with Māori ownership, partnerships or supply-chain relationships. The proposed company tax increase is also relevant when modelling business investment and retained earnings. bdo.nz

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3. Comparing the policies against your three main concerns

A. Buying new equipment when demand is uncertain

This is an important distinction between the parties.

Party	Relevant investment policy
National	Retain 20% Investment Boost
Labour	Full immediate deduction for eligible assets up to $10,000 for qualifying businesses
NZ First	Proposed 20% company tax rate for qualifying SMEs and targeted accelerated depreciation
ACT	Productive software and digital investment deductions
Greens	Research, innovation and sustainable investment
Opportunity	Technology investment and expanded R&D tax credits

The important financial consideration is that an investment deduction is only useful when your business has taxable income against which it can be used, subject to the relevant tax rules.

For an expensive piece of machinery, I would compare:

• Purchase price after tax benefits.
• Expected increase in production capacity.
• Labour savings from automation.
• Maintenance and electricity costs.
• Expected utilisation based on confirmed customer demand.
• Financing costs and cash-flow requirements.

A tax incentive should improve an otherwise commercially sensible investment, rather than be the reason for making a risky purchase.

B. Freight costs and export competitiveness

Freight is an especially important issue for New Zealand manufacturers because of our distance from major international markets.

The parties' proposals tend to concentrate on trade access, infrastructure and export development rather than directly subsidising international shipping.

Party	Relevant approach
National	Trade agreements, digital customs, reduced trade barriers and exporter support
Labour	Future Fund and small-business procurement opportunities
NZ First	Infrastructure investment and domestic industrial development
ACT	Competition, deregulation and private investment
Greens	Lower-emissions transport and infrastructure
Opportunity	Innovation and export-market development
Te Pāti Māori	Māori Trade Commission

National has the most clearly specified exporter-development programme in its 2026 small-business package, with intensive assistance for 200 high-potential exporters.

It also proposes expanding trade agreements and simplifying border processes.

However, none of these headline policies guarantees a reduction in your actual shipping bill. Freight rates, shipping capacity, fuel prices, port charges and international demand remain important commercial variables. national.org.nz, national.org.nz, bdo.nz

C. Finding and retaining skilled workers

This is another area where the parties differ.

Party	Workforce approach
National	Simplify first-employee requirements, seasonal hiring and apprenticeships
Labour	Expand Apprenticeship Boost and vocational training
ACT	Employment-law changes and annual skilled-work category reviews
NZ First	Link immigration to infrastructure capacity
Greens	Stronger worker protections and collective bargaining
Opportunity	Develop polytechnics as regional innovation hubs
Te Pāti Māori	Māori workforce and vocational development

For a manufacturer, there are two distinct issues:

1. Short-term recruitment: Can you access people with the necessary technical skills now?
2. Long-term capability: Can you train apprentices and develop skilled workers domestically?

Apprenticeship Boost and polytechnic investment address the second issue, while immigration policy can have a direct impact on the first.

You should also consider the employer cost of KiwiSaver changes. National and Labour both propose changes that would increase employer contributions over time, although their proposed settings differ. This could affect your total payroll costs. bdo.nz

4. What about actual productivity growth?

Productivity is more than producing more units per hour. For a small manufacturer, it can mean:

• Automating repetitive processes.
• Reducing production waste and defects.
• Improving machine utilisation.
• Reducing energy consumption per unit produced.
• Training employees to operate more sophisticated equipment.
• Investing in product development and higher-value products.

The parties have different approaches:

• National: Incentivise private investment through Investment Boost, trade access and regulatory reform.
• Labour: Combine targeted business incentives with public investment and workforce training.
• ACT: Emphasise private-sector investment, competition and reducing regulatory constraints.
• NZ First: Encourage investment through lower SME company tax and targeted manufacturing incentives.
• Greens: Invest in science, research and sustainable industrial development.
• Opportunity: Increase R&D investment and encourage technology adoption.
• Te Pāti Māori: Develop Māori-owned enterprises and domestic economic capability.

An important consideration is that New Zealand's productivity challenge cannot be resolved through tax changes alone. Access to capital, reliable electricity, technical skills, infrastructure and international customers all matter.

5. A practical business-owner comparison

Here is a way to evaluate the proposals without relying on political slogans.

Your business priority	Policies worth examining
Purchasing expensive machinery	National's Investment Boost; NZ First's accelerated depreciation
Reducing company tax	NZ First's proposed 20% SME rate
Purchasing smaller equipment	Labour's proposed $10,000 asset write-off
Automating production	National, ACT and Opportunity investment policies
Finding export customers	National's exporter programme and trade agreements
Improving cash flow	Labour's faster supplier-payment proposal
Recruiting apprentices	Labour's expanded Apprenticeship Boost
Accessing overseas workers	National and ACT immigration settings, alongside other parties' proposals
Developing new products	Opportunity's R&D incentives, Labour's Future Fund and Green innovation proposals
Reducing regulatory costs	National and ACT proposals

6. Five questions I would investigate before deciding

For your particular manufacturing circumstances, I would pay close attention to these questions:

1. Is Investment Boost retained or replaced?

If you are contemplating machinery costing $50,000, $100,000 or more, the difference between investment deduction schemes could be significant.

2. Is there practical assistance for smaller exporters?

A programme aimed at 200 high-potential exporters sounds useful, but eligibility, funding, industry coverage and the level of support matter.

3. What happens to skilled-worker immigration?

Manufacturing often requires specialised experience that cannot be developed quickly through apprenticeships alone.

4. Will employer costs increase?

Look beyond wages to KiwiSaver contributions, ACC, leave entitlements and compliance requirements.

5. Will infrastructure and energy investment reduce production costs?

Reliable electricity, transport connections and efficient ports can have a greater long-term effect on competitiveness than a relatively small tax reduction.

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7. Where to check the actual policies before voting

I would use these resources to verify the details, particularly any late campaign announcements.

• National Party – 2026 policies
• Labour Party – 2026 policies
• ACT New Zealand
• NZ First
• Green Party manifesto
• The Opportunity Party
• Te Pāti Māori
• Deloitte and BusinessNZ 2026 Election Survey

The Deloitte and BusinessNZ survey is particularly useful because it examines business priorities across economic conditions, investment, infrastructure, skills and employment.

Overall perspective

The central differences are about how parties intend to improve the business environment.

• Some emphasise lower taxes and incentives for private investment.
• Others emphasise targeted small-business assistance, apprenticeships and public investment.
• Others prioritise research, technology adoption and sustainable manufacturing.

For your business, I would pay particular attention to the interaction between equipment investment incentives, export-market access, skilled-worker availability and the total cost of employing staff.

Also remember that the election is on 7 November 2026, and the policies ultimately implemented will depend on coalition negotiations. Announced policies are not guaranteed outcomes. bdo.nz, reuters.com

The most useful next step would be to put the party proposals against your actual equipment investment and export requirements.