There has been widespread concern about the mental health impact of the global COVID-19 outbreak. Fears have been raised that depression and anxiety among older people may have increased in the pandemic, and that adverse health behaviours, such as increased alcohol use and decreased physical activity, may have contributed to the mental health decline. This longitudinal study aimed to estimate the effect of the crisis on depression, anxiety, alcohol use and physical activity scores of people aged 55 and older in New Zealand. The sample included 3,171 people who responded to wave 7 (August-November 2018) and wave 8 (June-September 2020) of the Health, Work and Retirement Study. Analyses were carried out using paired t tests and multilevel mediation modelling. There was no evidence of significant changes in depression or anxiety. Alcohol use and physical activity were shown to decrease significantly, albeit to a small degree, and there was evidence of an indirect effect of the pandemic on depression via physical activity. These findings suggest a general resilience among older people 3 to 6 months into the pandemic. However, increased attention should be paid to promoting physical exercise among older people during this crisis, as a means of decreasing depression risk. The ongoing collection of robust longitudinal data on mental health is necessary to monitor psychological change and ensure older people are adequately supported in this continuing pandemic.