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This section of the annual report provides a commentary on MBIE’s 2019/20 financial results, including the impact of COVID-19, and a view of our forecast financial plans for 2020/21.

The world is changing and evolving at an increasing pace, and it is important that people, sectors and regions can adapt to ensure prosperity in our current environment, and as we prepare for an uncertain world.

By setting rules and defining rights, MBIE allows business to operate effectively while protecting consumers from harm. MBIE supports consumers, tenants, landlords, workers and businesses by providing information and services. We help to set and enforce market rules and regulations across a range of areas, including the building and construction market and telecommunications sector.

MBIE is a large ministry with an ambitious and rewarding purpose – to Grow New Zealand for All. Everything we do at MBIE is about growing our economy and improving the lives and living standards of New Zealanders.

MBIE is a large ministry entrusted with a big responsibility – to grow New Zealand’s economy and to share the benefits with everyone who lives here. MBIE is working towards delivering an integrated approach to both regulation and service delivery, leveraging our size and scope.

Everything we do at MBIE is about Growing New Zealand for All. We recognise that a strong economy is one in which we use the skills, knowledge and time of our people in conjunction with our natural resources, and financial and physical capital to improve the wellbeing of current and future generations. We worked closely with Treasury to shape and deliver the Government’s Economic Plan which sets out the action needed to transition New Zealand’s economy to one that is productive, sustainable and inclusive. Our five outcomes outlined in our Statement of Intent show how MBIE aims to support sustainable economic performance and build an economy that improves wellbeing across New Zealand.

In the future, New Zealand’s economy will have a different mix of sectors, jobs and skills. We will help communities to adapt and to benefit from the changes as we move to a knowledge-intensive, low-emissions economy.

Some clear themes have emerged over the past year as we have put in place policies, projects and people to help us Grow New Zealand for All. We are operating in a fast-changing world and our economy must be able to respond as quickly. We need to be future-focused, innovative and collaborative to meet this challenge.