Auckland (The NZ Today)
Labour has released its wider economic plan, promising to put up to $50 million a year into the state-backed Elevate venture capital fund to help more New Zealand companies grow without having to sell or move offshore.
The money would be redirected from the Government’s annual contribution to the New Zealand Super Fund, which oversees Elevate.
Elevate is already used to channel public money into venture capital funds that invest in high-growth New Zealand businesses. Labour says the extra funding would help more companies move from early-stage ideas into larger businesses capable of hiring more staff and paying higher wages.
Finance and economy spokesperson Barbara Edmonds said too many promising Kiwi companies were being forced to look overseas for capital before New Zealand saw the full economic benefit.
The venture capital commitment sits alongside a much broader package aimed at small business, apprenticeships, infrastructure and public investment.
Labour says it would require large businesses to pay small suppliers within 15 days, lift the GST threshold to $80,000, and allow small businesses to immediately claim the cost of new tools and equipment worth up to $10,000.
It also wants smaller New Zealand firms to get a better shot at government contracts and is promising support to help start-ups and small businesses use artificial intelligence more effectively.
The party has again committed to expanding apprenticeship support for 30,000 trainees, including a $1000 tools grant, while also promising every eligible graduate nurse a job.
Labour’s previously announced New Zealand Future Fund would sit alongside the NZ Super Fund and invest in infrastructure and selected New Zealand businesses.
Its economic package also includes a targeted capital gains tax on investment and commercial property, with the revenue earmarked for healthcare, as well as plans to restore the Reserve Bank’s dual mandate and establish an independent Parliamentary Budget Office.
Labour says it would return the Government books to surplus in 2028/29 and reduce net debt over time. Its fiscal plan says its announced capital commitments fit within existing future allowances.
Edmonds framed the package as an attempt to shift the focus from short-term cuts towards business growth, skills and investment.
Source: Labour Party economic plan and RNZ
