Tax, health, education, law and order and infrastructure spending were the main themes of Prime Minister John Key's programme outlined in the speech from the throne as he pledged to provide much-needed fiscal stimulus to the flagging economy.
The ambitious programme will not be easily achieved as Mr Key negotiates agreements with Act New Zealand, United Future and the Maori Party.
The speech was read in Parliament's legislative council chamber by Governor-General Anand Satyanand.
"The driving goal of the new Government will be to grow the New Zealand economy in order to deliver greater prosperity, security and opportunities to all New Zealanders.
Only a strong economy will guarantee financial security for families, well paid jobs in New Zealand for our young people and larger superannuation payments for all older people."
The Government had been concerned that in recent years, New Zealand's productivity growth had been poor, after-tax wages had slipped further and further behind those in Australia and record numbers of people had departed New Zealand to live permanently overseas.
New Zealand's economy had slipped further behind those of other OECD countries, Mr Key said.
"It is the view of my Government that if New Zealand's past 10 years were to be described as the decade of missed opportunities, then the next 10 years must be the decade of maximised opportunities."
The Government intended to embrace New Zealand's clear opportunities for improved economic performance and use them to deliver wages andliving conditions for all New Zealanders, he said.
New Labour leader Phil Goff disagreed with the theme of Mr Key's speech when his time came to reply in the House later in the day.
The Labour-led Government had left New Zealand with an economy to handle the current economic crisis, he said to calls of derision from National MPs.
He rejected claims by Mr Key regarding missed opportunities pointing to the establishment of the Cullen superannuation fund which had $14 billion invested and a fund which the new Government intended to use to invest in New Zealand to help the country weather the financial storm.
Mr Goff pointed to other Labour "legacies" including KiwiSaver, Kiwibank, Kiwi Rail and the rescue of Air New Zealand.
The prospect of tax cuts was also attacked by Mr Goff who countered National's examples of people being better off by providing examples of people who would be worse off.
Mr Key said the tax cut programme was a central part of the Government's economic plan because it believed in encouraging New Zealanders to get ahead under their own steam.
Personal tax reductions were an essential step in ensuring that could happen.
The Government would not seek to involve itself in decisions that were best made by New Zealanders within their own homes and own communities, he said in a swipe at the perceived interference by Labour in the lives of New Zealanders.
The Government was acutely aware that despite the measures outlined, the enormity of the economic challenges that New Zealand faced were such that unemployment was forecast to rise in the months ahead.
"It believes that the economic crisis will not be averted by cutting government spending and social support but rather by backing the everyday New Zealanders," Mr Key said.
