The resort would have opportunities to boost its recovery when that happened: targeting "value over volume" in its tourism marketing, attracting more film and television productions, and encouraging high net worth individuals to live in the resort.
Speaking at the Queenstown Chamber of Commerce event by video conference link from his home in Auckland, Mr Tuffley said the global economy was experiencing its biggest downturn since the Great Depression, and a second wave of Covid-19 was threatening its recovery.
Until the Government began reopening the borders, the resort would have to survive on domestic tourism, which historically made up only 35% of visitor spending.
Opening the borders would involve a "difficult trade-off" between the economic impact of responding to a widespread outbreak and the need to allow foreign visitors back into the country, he said.
The country would face even harder choices if a vaccine could not be successfully developed: either continue to live in isolation, or open the borders when medical resources and virus management systems had the capacity to cope with outbreaks.
Philanthropist Sir Eion Edgar asked Mr Tuffley which political party or grouping he thought was best placed to govern the country through the Covid-19 crisis.
Mr Tuffley replied he wanted all political parties to explain their "master plan" for the future.
Although the Labour and National parties were committed to a Covid elimination strategy, neither had said what they would do if that strategy became unsustainable.
