AgriTechNZ welcomes the forward steps in Budget 2025 that support New Zealand’s innovation economy and the future of our agritech and primary industries.
We note three key initiatives:
- The creation of the Primary Sector Growth Fund, which replaces the Sustainable Food and Fibre Futures Fund (SFFF) and continues a long lineage of rebranded investment vehicles (SFFF itself replaced the Primary Growth Partnerships). The new fund redirects $70 million in annual operating funding to co-funded, growth-focused initiatives. However, this comes alongside a $40 million overall budget reduction and the closure of one of the few schemes widely seen as enabling innovation and impact. While focusing on high-value growth is welcome, we risk losing continuity and momentum with every name change and reset.
2. The $100 million boost to the Elevate NZ Venture Fund, a fund-of-funds vehicle designed to help high-growth startups access later-stage capital. This is a helpful signal for the agritech sector, but the scale remains well below what’s needed to seriously attract global investment. By international standards, this is not even table stakes. To scale transformative solutions, we must match ambition with investment.
3. The most exciting initiative is the new Investment Boost depreciation incentive, which allows businesses to claim an immediate 20% deduction on eligible capital assets. This smart and practical move benefits both agritech solution providers and their customers. It directly supports tech adoption, improves farm and processor productivity, and strengthens the domestic innovation ecosystem; a genuinely strong boost.
These measures show that growth is a priority. But not all growth is equal.
It’s not just about how much — it’s about how we grow: Growth that is resilient. Inclusive. Digitally enabled. Environmentally responsible.
Agritech and agri-innovation sit at the intersection of New Zealand’s most significant opportunities:
- Climate-smart food production
- Global tech-enabled value chains
- Productivity gains through smart adoption
- Export growth through sustainable differentiation
We now call for the next step: A bold, joined-up strategy to position New Zealand as a global force in agritech and food innovation.
It’s time to stop reshuffling words and start aligning vision, investment, and policy. The green and digital transitions are global, structural, and rapidly accelerating. Missing them risks locking New Zealand out of the future value economy.
Let’s support innovation that creates long-term value for the land, the economy, and future generations.