By Karl Nicholson, Head of Corporate Finance, ANZ New Zealand
After years of talking about New Zealand’s infrastructure gap, it is encouraging to see a number of major projects now finally moving ahead.
International investors are again looking to our shores, and the conversation has shifted to how we can build with more certainty, ambition and discipline.
I recently spent a week in Norway and Sweden with an Infrastructure NZ delegation, meeting agencies, planners, researchers and investors, and visiting impressive infrastructure projects.
Both countries face many of the same challenges as New Zealand, including ageing assets, dispersed populations, regional connectivity, decarbonisation and resilience. They are also globally recognised for their approaches to long-term infrastructure planning and delivery.
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From Stockholm’s Royal Seaport redevelopment, where a former industrial waterfront is being transformed into one of Europe’s most sustainable urban precincts, to the Fornebubanen metro project in Oslo, we had the opportunity to stand in front of major projects and hear directly from the people responsible for them. That gave us a rare insight into what sits behind their success.
The Nordics are not a ready-made model for New Zealand. Their institutions, funding systems and politics are different. Norway also has a level of national wealth and a sovereign wealth fund few countries can match. But the trip reinforced a simple point: better infrastructure does not happen by chance.
It comes from clear plans, disciplined choices, capable local partners and the confidence to think beyond one election cycle.
One of the biggest differences in Sweden and Norway is how far ahead they plan. Sweden has a rolling 12-year national infrastructure plan. Stockholm is planning for 2060.
That certainty changes behaviour. Builders can invest in people and equipment. Councils can plan growth. Investors can see a committed pipeline, not just a series of one-off projects.
New Zealand is starting to send stronger signals. The return of public-private partnerships, including the Christchurch Men’s Prison redevelopment and the Northland Corridor Expressway, is encouraging. ANZ is involved with both and has seen how they are attracting leading international investors, builders and managers.
But firms will not build teams here, or price risk well, if the market appears only now and then. They need to see a credible pipeline, with projects moving steadily from planning to procurement, financial close and delivery.
Major infrastructure takes years to plan, fund and build and good projects need enough political certainty to survive more than one term of government.
That long-term certainty also needs to be matched by better decisions at the start. A strong lesson from Sweden was that many cost overruns are created before construction begins. Projects can look attractive early because assumptions are too hopeful, designs are not ready, or risks have not been fully priced.
New Zealand often focuses on building faster, and that matters. But better choices at the start may save just as much money. Stronger business cases, clearer sequencing and harder project selection all count.
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INZ's 2026 Nordic Delegation Report – The Nordic Model: Infrastructure, Innovation, and Inclusion.
Finance has an important role here. At its best, infrastructure finance is not just money. It brings discipline to risk, connects local needs with global capital and helps test whether decisions will hold up.
The same discipline applies to resilience. Norway treats resilience as part of planning. Transport, energy, water, freight and digital systems are judged by how they perform under pressure.
New Zealand faces similar risks: storms, floods, earthquakes, energy constraints and supply-chain disruption. Too often, resilience becomes easier to fund only after something has gone wrong.
A smarter approach is to price the cost of disruption upfront. What does a road closure cost when it cuts off freight and emergency services? What does it cost when the energy system lacks the generation, grid capacity or investment pipeline needed for future demand?
The Glorit Solar Farm in North Auckland is one example of how long-term investment can strengthen resilience. The Contact Energy and Lightsource bp joint venture secured $285 million in financing with ANZ’s support. Once operating, it is expected to generate enough renewable electricity to meet the annual demand of about 40,000 homes.
It shows how credible sponsors, long-term capital and strong delivery can help strengthen the energy system.
Perhaps the most useful Nordic lesson is that infrastructure is about flows: people, freight, water, energy and data. When one part fails, the effects spread quickly.
That is exactly the mindset New Zealand needs. Renewable generation needs grid capacity. Ports need road and rail links. Housing growth needs water infrastructure. Regional productivity depends on reliable connections between people, businesses and markets.
The Northland Corridor Expressway shows why this matters. It is not just a road. It is about safer travel, stronger freight links, regional resilience, tourism and economic opportunity.
New Zealand now has a real chance to build with more confidence, through a clearer long-term plan, more global capital and a sharper focus on productivity and resilience.
The Nordics show what is possible when planning, funding, local capability and political discipline pull in the same direction.
New Zealand does not need to copy them. But we should be willing to learn from them and apply those lessons in our own way.
ANZ is the Premier Sponsor of Building Nations 2026
This article first appeared on 19/08/2026 in The Press
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Delegates on Infrastructure NZ's 2026 Nordic visit. Photo INZ.