Prime Minister Christopher Luxon has given the annual State of the Nation address while speaking to the Auckland Chamber of Commerce.

He began by saying his speech will focus on the economy and "almost nothing else". He was true to his word, using the speech to take aim at New Zealand's “culture of saying no”, saying it held back economic growth.

Luxon went on to announce the government is setting up a new foreign investment agency, called Invest New Zealand, aimed at boosting productivity and innovation.

He also announced major reform to Crown Research Institutes, including transferring them into four new Public Research Organisations to be focused on bio-economy, earth sciences, health and forensic sciences, and AI and other advanced technologies.

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