Historically New Zealand has been a primary economy, driven by forestry and dairy, and it is still to a large extent a primary based economy, Skilling says. He says New Zealand has not made as much progress as one could expect in developing new aspects and strengths of the economy.

"New technology is a key priority if we are going to create a global New Zealand economy. There are only a few companies in the country that operate in that space, and looking ahead there is a huge growth opportunity for New Zealand in IT."

If no measures are taken to strengthen New Zealand's economic performance people are less likely to relocate here, and the exit of both people and businesses will continue, he says.

"New Zealand offers good lifestyle but we are struggling to offer good wages, good return, good opportunities for the next generation of New Zealanders. New Zealand needs to achieve higher rates of productivity growth in order to have an economy that generates world class opportunities," he says.