Digital tech could boost NZ economy by NZ$26 billion

Friday 22 Mar 2024


Spark and the New Zealand Institute of Economic Research (NZIER) recently launched a new study – Accelerating Aotearoa businesses one technology generation forward – to explore how Aotearoa’s well-documented productivity challenges can be addressed by the acceleration of advanced digital technologies.
The study combines insights from global research of small- advanced economies, economic modelling by NZIER, and Spark’s knowledge of current and future opportunities enabled by digital technology. The findings reveal clear and compelling benefits of modernising New Zealand’s economy – with a 20% uplift, the use of advanced digital technologies is predicted to increase industry output by up to NZ$26 billion over the next decade, and GDP by as much as 2.08% per year. 
“New Zealanders generate significantly less output than many other small advanced economies, despite working longer and harder comparatively as a nation,” says Spark CEO, Jolie Hodson. “Our productivity is a persistent challenge that has seen little change over many decades, but what is changing is the urgent need to address it. 
“Aotearoa is getting bigger, older, and more diverse. Inflation is forcing a greater focus on efficiency and cost control, and we are facing more frequent and extreme weather events. The good news is that the pace of technological advancement globally is accelerating at an even faster rate, and advanced digital technologies are now reaching a level of maturity where they have the potential to solve business challenges where it wasn’t possible in the past.
“This is a key focus for the initiatives we are launching today – how can technology help New Zealand organisations become more productive and sustainable, and in doing so, support Aotearoa to move forward one technology generation.” 
To help boost the adoption of advanced digital technologies and to support innovation among New Zealand’s largest organisations, Spark is committing NZ$15 million to an Innovation Fund for its business and government customers over the next three years. NZ$12 million is allocated to customers already, and an additional NZ$3 million will be available for customers to apply for.

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Source and image credit: Spark

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