Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Focused spending for business and the economy

The Wellbeing Budget contains spending that would be positive for business and the economy, says BusinessNZ.

Chief Executive Kirk Hope said the focus on innovation, research and skills would help more businesses develop at higher levels and grow the economy.

"The Budget recognizes that commercialization of new ideas is often constrained among mid-sized firms and makes a $300 million provision to support this.

"Another $157 million to assist firms in developing high-value low-emissions products recognises the deep need for research to come up with business solutions to climate change.

"New Zealand was the world-leader in initiating the Global Research Alliance on Agricultural Greenhouse Gases and it is pleasing to see this supported with an $8.5 million provision in the Budget, along with $25 million for the Agricultural Climate Change Research Platform."

Mr Hope said business wants to ensure that the current reform of vocational education will increase the the number of people in on-job and other vocational training. He said the allocation of $197 million was a positive sign in support of that goal, and the allocation of unused Fees Free funding towards this was appropriate.

Investment in equipping young people with civics knowledge, financial literacy, and key workplace competencies was also important for business, Mr Hope said.

"One area where business would have liked to see more investment is in infrastructure that supports growth. We would also appreciate a fuller explanation of the Government’s infrastructure strategy, and how it fits into its wider economic strategy.



"The relatively robust figures seen in today’s Budget are dependent on the economy continuing to deliver growth so that tax rates can finance the Government’s ambitious expenditure programme. The trick will be to ensure the economy keeps growing sufficiently to ensure promised funding can be delivered to critical areas in a timely way.

"If tax revenue falters over the period, there could be some risks in delivering the proposed Budget surpluses while hoping to reduce debt."

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Oil Exploration: Chevron, Equinor Depart NZ

Chevron and Norwegian oil giant Equinor have opted to abandon their joint exploration efforts off the east coast of the North Island... Chevron said the decision not to proceed with the next five-year stage of their work programmes was based on the firms’ broader portfolio considerations and not “policy or regulatory concerns.” More>>

ALSO:

Reference Group Proposal: Motorists, MTI Support Ban On Less Safe Car Imports

A proposal to ban some used car models from being imported into New Zealand is being welcomed by the Motor Industry Association, which says Japan's scraps are being sent here for waste disposal. More>>

ALSO:

Gordon Campbell: On Asking The Banks To Be Nicer To Farmers

Few would begrudge the idea that banks should be made to act more humanely – given the obscene profits that the Aussie banks are extracting annually from New Zealand, they can surely afford to cut some slack. More>>

ALSO:

Wider Net Ban, Other Threats: Plan To Expand Protection For Maui And Hector’s Dolphins

The Government is taking action to expand and strengthen the protection for Māui and Hector’s dolphins with an updated plan to deal with threats to these native marine mammals. More>>

ALSO: