A study by the University of Melbourne notes that NZ is one of only 7 or so countries in the world to have a 3-year electoral cycle (Paraguay and El Salvador, Mexico and Nauru are some of the others). This sets the parameters for short-termism in our national thinking. A new government needs several months to bed in, establish priorities, find funds that aren't already locked in and get new projects, policies and initiatives up and running. This gives them about a period of about 18-20 months of "governing" before, lo and behold, it's election time again.
This time frame isn't conducive to thoughtful, considered, policy development and careful implementation, nor does it give a government enough time to monitor the success (or otherwise) of its initiatives.
Factor in the "Obama/Trump effect" which sees an incoming government often ditch the previous government's projects or policies (sometimes before these have had time to prove their efficacy) because it wasn't their idea - and there is a real risk of wasted effort and resources.
The Electoral Commission estimates the cost of the last election to be $38 million. That's a lot of money to be forking out at 3-yearly intervals.
We've had a couple of referenda on this issue 1967 and 1990 - both under First Past the Post when there was no time needed post-election to form a coalition government. It's time we had another Referendum on this subject.
Covid 19 has shown us the benefit of slowing down, thinking more carefully, taking time to reevaluate our priorities: let's put this into an extended political cycle.