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Development programme replaces free market failure

Hon Jim Anderton
Deputy Prime Minister

News release

10 March 2000

Economic development programme to replace free market failure

The free market policies of the last century failed, Deputy Prime Minister and Alliance leader Jim Anderton told an economic development conference in Auckland today.

“The free market didn’t produce growth fast enough or increase the incomes of New Zealanders as fast as incomes in other countries increased.”

Jim Anderton says the result left New Zealand with a seemingly permanent level of two hundred thousand jobless and enormous overseas debt.

The new Labour-Alliance coalition government had set about transforming the economic base of New Zealand.

“We're going to invest in job-rich, high-tech, high-skill, high-value new industries.

“We have transformed the old Ministry of Commerce into a new Ministry of Economic Development. Its task will be to oversee and co-ordinate the Government’s partnership approach. It will be involved in all significant aspects of economic development policy design.

“We will set up Industry New Zealand with a budget rising to $100 million a year. It will be the delivery arm, providing industry assistance through a range of flexible programmes tailored to individual and local needs.

“Together with local agencies and the private sector, the Ministry and Industry New Zealand will identify resources and opportunities for economic development.

“The range of partnership contributions the government can make is limited only by the imagination of those involved and the needs of the economy. There will be venture capital available. Development grants and loans for both new enterprises and to help fund business expansion will be available.

“We want to provide better access to expert advice and professional expertise. Many potentially successful ventures fail only for a lack of marketing, managerial or technical expertise. Assistance could take the form of bringing together young apprentices or trainees with businesses offering the opportunity to harness their skills.

“The new approach will be flexible and dynamic. If it works well, we will do more of it. If it doesn’t work, we'll stop doing it.”


ENDS

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