Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

No Money In Kitty For Business Tax Breaks

Promises of tax breaks for business will come to nothing - because Michael Cullen needs all the Government's available cash to make his super fund credible, National Finance spokesperson Bill English said today.

"The Government should have told the forum it has already decided that pre-funding superannuation is its top priority, as set out in Cabinet papers.

"Helen Clark came out of yesterday's forum talking about further tax concessions for R & D despite Michael Cullen's announcement confirming no concessions.

"There's also talk of tax breaks for foreign investment and donations to universities.

"But Dr Cullen's super fund already rules out a lot of the decisions the Government could make. There won't be enough money to maintain the Budget surpluses, feed the super fund and make good the promises at the business forum.

"Already the surpluses are under threat because of the shrinking economy. Dr Cullen says he will also put $500 million into the super fund next year, about one quarter of the $2 billion required in future years. This small contribution is critical to the credibility of his scheme, but it means the Government won't be able to meet the high expectations it has now generated in the business community.

"The reality is that for decades, there simply wouldn't be enough surplus revenue to afford meaningful tax breaks alongside all the other ideas the Government has for spending money.

"This raises the issue of whether the super fund straitjacket is the right choice when we need to get the economy up and running. This is an early opportunity to see the trade-offs required to put $2 billion a year into the super fund," Mr English said

Ends

A printable formatted copy of this press release will be available on http://www.national.org.nz along with an archive of previous releases.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Ellen Rykers on The Dig: Community Conservation – The Solution To The Biodiversity Crisis?

There are backyard trapping networks doing their bit for Predator Free 2050, farmers planting native trees along their waterways, and iwi protecting whenua rāhui. There are 62 biodiversity sanctuaries across 56,000 hectares, with around two-thirds of them community-led. There are citizen scientists counting birds in their backyards and landowners conserving habitat in 3,500 Queen Elizabeth II National Trust covenants.

It’s increasingly clear that a government agency alone cannot combat the biodiversity crisis successfully. These grass-roots initiatives are a growing resource in the conservation toolbox. More>>

Closing This Weekend! Have Your Say On The Issues For NZ's New Biodiversity Strategy

Scoop and PEP invite you to help decide how we should protect and restore our biodiversity over the next 50 years using Scoop’s online engagement platform, HiveMind. HAVE YOUR SAY HERE>>

Biodiversity HiveMind Preliminary Progress Report
Open data report summarising preliminary findings of the Biodiversity HiveMind. Read Progress Report Here>>

 

PM In Japan: Jacinda Ardern’s Remarks Following Abe Summit

Today we discussed a wide range of topics. Broadly the themes were: a deeper, high-value trade and investment relationship, greater cooperation in the Pacific; and strengthening our security partnership. More>>

ALSO:

Replacing All But Chair: Twyford Appoints Five NZTA Board Members

Transport Minister Phil Twyford today announced the appointment of five new members to the NZ Transport Agency Board... There remain two vacancies on the NZTA Board which will be filled in due course. More>>

ALSO:

Climate Change: Adaptation And Risk Assessment Framework Released

“We are already experiencing the effects of a changing climate such as coastal inundation and increasingly frequent and severe droughts, floods, fires and storms. This framework is an acknowledgement that we must start adapting”, James Shaw said today. More>>

ALSO:

Ihumātao: Mana Whenua Reach Decision On Land

Māori King Tūheitia says mana whenua have finally reached consensus over what to do with Ihumātao - they want it back. More>>

ALSO:

PM To Japan, New York: Ardern To Meet Trump During UN Trip

“I’m looking forward to discussing a wide range of international and regional issues with President Trump, including our cooperation in the Pacific and the trade relationship between our countries." More>>

PM's Post-Cab: "A Way Forward"

At Monday's post-cabinet press conference, Prime Minister Jacinda Ardern announced a number of actions in response to the Labour Party's mishandling of sexual assault complaints. More>>

ALSO:

Gordon Campbell: On Allegations Of Left Wing Media Bias

“Left wing bias” accusations date back at least to the mid 1990s... The charge of left wing bias was ridiculous then, and is ridiculous now. More>>

Next Wave Of Reforms: Gun Registration And Licensing Changes Announced

“The Bill includes a register to track firearms and new offences and penalties that can be applied extraterritorially for illegal manufacture, trafficking, and for falsifying, removing, or altering markings – which are a new requirement under the Firearms Protocol.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels