Labour has released its economic plan, outlining a number of previous commitments and announcing that it will redirect up to $50 million a year into the state-backed Elevate venture capital fund.<\/p>\n
Labour’s finance and economy spokesperson Barbara Edmonds said this would allow for more innovative businesses to “expand, hire and pay good wages here at home”.<\/p>\n
The money would come from the Government’s overall contribution to the New Zealand Super Fund, which oversees Elevate.<\/p>\n
In 2025 the government contribution to the NZ Super Fund was $879 million, up to $50m of that year’s contribution would be around 6 percent.<\/p>\n
Elevate is a government-funded fund of funds programme, working with around $400 million, looking to allocate that into venture capital firms.<\/p>\n
Labour said its economic plan would create growth and opportunity in every part of the country, with Edmonds saying too many people were “working harder just to stand still”.<\/p>\n
“Three years on from National’s promise to get things moving, 171,000 Kiwis are out of work, business liquidations are at a 15-year high, and 2000 people are leaving the country every week. National had its chance, and families are worse off for it.”<\/p>\n
Edmonds said Labour had a plan to “turn that around”.<\/p>\n
“And we’ll do it responsibly. Every dollar the government spends is someone’s hard earned money. We’ll treat it that way, managing the books carefully and investing where it makes a difference,” Edmonds said.<\/p>\n
The full list of commitments in its economic plan follow:<\/p>\n
Edmonds said it was about backing the people who keep the economy going, and Labour would “back the Kiwi businesses that will create tomorrow’s jobs”.<\/p>\n
“Too many promising companies are forced to move or sell overseas before we see the full benefit.”<\/p>\n
Last year’s Budget allocated an extra $100m into the Elevate fund, with $61m coming from the Government’s contribution to the New Zealand Super Fund, and $39 million direct from the Government.<\/p>\n","protected":false},"excerpt":{"rendered":"Labour has released its economic plan, outlining a number of previous commitments and announcing that it will redirect…\n","protected":false},"author":2,"featured_media":630026,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-630025","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/630025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=630025"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/630025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/630026"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=630025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=630025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=630025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}