Māori business"Many Māori business leaders may have been hoping for more Maori-specific initiatives announced in this year’s Budget. However, as in all sectors, Māori business leaders have been grappling with economic pressures recently and will likely welcome the tax cuts announced by the Government, as well as the focus on economic recovery. The current conditions mean many business leaders are now forced to focus on their immediate business priorities, which is not always a natural position for Māori business leaders. Ngā tāngata me te taiao (people and planet) always be a long-term priority for this sector, and leaders will be looking to the Government to provide more direction around sustainability and social responsibility moving forward. Training and development, especially in the regions where many Māori businesses are located, remains a priority and something we hope to see more of beyond this Budget.” - Angela Edwards, Māori Sector Leader |
Agribusiness“The primary sector is integral to New Zealand’s economy. After a challenging few years, agribusinesses will be looking to the Government to provide a clear roadmap around climate issues, regulation and governance, and the future talent pipeline. Budget 2024 has gone some way toward this, but many agribusiness leaders will have been hoping for more direction and relief. The announcements made around the Regional Infrastructure Fund will be met with interest by our sector. The past few years have shown us the devastating impact weather events can have on our primary industries, and this new fund should look to increase the resilience of the infrastructure that supports New Zealand’s agricultural and horticultural sectors and help protect against extreme weather events and climate impacts. The Government has set an ambitious target to double export revenue in the next 10 years, and the primary sector will play a key role in this - so support for primary industries must continue beyond Budget 2024.” - Charles Rau, Agribusiness Sector Leader |
Not-for-Profit“New Zealand’s current economic conditions have a direct impact on Not-for-Profits. When purse strings are tight, it can become much more challenging to secure funding. Less disposable income means personal donations slow, businesses may not have as much to contribute toward corporate sponsorship and Government funding becomes less certain. For many Not-for-Profit and charitable organisations, times of economic uncertainty are when their services are needed the most, so it’s important that this sector has the support it needs. While the process has drawn criticism, it’s heartening to see the intent shown by the Government’s announcement of $24 million in funding for the Gumboot Friday charity I Am Hope. Not-for-Profit organisations will be looking for more from the Government in terms of support and direction well beyond this Budget.” - Matt Coulter, Not-for-Profit Sector Leader |
Franchise“With large-scale job losses, including in the public sector, we often see an upswing in people exploring franchise opportunities as they look to gain some control and certainty over their employment future. Job cuts can also lead to an increased labour hiring pool for many of our franchises operating in sectors such as retail and hospitality. When people have lost certainty, franchising businesses may offer the security of a tried and tested business model which comes with the support and experience from being part of a franchise network. However, economic downturns can impact franchises in the same way as other business models, with decreased consumer spending impacting the revenue of franchisors and franchisees. The tax readjustments announced in Budget 2024 may help to boost consumer confidence somewhat, but franchise business leaders will be looking hoping for more economic stability to come.” - Tristan Will, Advisory Partner |
Angela Edwards
Charles Rau
Matt Coulter
Tristan Will