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

 


Budget Business Growth Agenda initiatives to build economy

Budget Business Growth Agenda initiatives to build a stronger economy


The new Business Growth Agenda initiatives in Budget 2014 will help reduce capacity constraints in the New Zealand economy and lift our productivity and long-term growth rate, Economic Development Minister Steven Joyce says.

Budget 2014 contains funding for a range of initiatives across the six key inputs business needs to get ahead: building export markets, creating skilled and safe workplaces, developing our natural resources, building innovation, and capital investment and infrastructure.

“As everyone now knows, we have entered a period of significant growth for the New Zealand economy that is lifting job numbers and incomes,” Mr Joyce says.

“The challenge for the Business Growth Agenda is to keep reducing some of the longer-term capacity constraints in areas like skills and innovation, so the New Zealand economy can continue to grow at a faster rate for an extended period.”

Mr Joyce says that the focus has to be on helping provide New Zealand exporters a competitive platform from which they can succeed internationally.

“Our exporters have done very well in the last two years despite a high exchange rate. We need to keep assisting them with the tools that allow them to compete from our small base right here at the bottom of the world,” Mr Joyce says.

New Business Growth Agenda initiatives in the budget include:

$69 million over four years for New Zealand Trade and Enterprise to expand New Zealand’s presence in China, South America and the Middle East, and increase the number of businesses it intensively engages with from 500 to 700

$56.8 million over three years for contestable science and innovation funding, taking total annual government investment to $1.5 million by 2015/16

Loss-making start-up companies will be able to cash out all or part of their tax losses from R&D expenditure. All businesses will be allowed tax deductibility for R&D “black-hole” expenditure that is currently neither deductible nor able to be depreciated. These two initiatives are together estimated to return a net $58.1 million in tax to innovative companies over the next four years.

$199 million additional investment in tertiary education including:

$83.3 million allocated to lifting tuition subsidies in disciplines including science (8.5 per cent), agriculture (8.5 per cent), and selected health sciences (pharmacy 16.4 per cent and physiotherapy 12.4 per cent)

Up to $20 million in 2013/14 and 2014/15 for a further 6,000 places in the Apprenticeship Reboot programme, taking the number of places to 20,000

$28.6 million for ICT training initiatives (including $11.8 million of contingencies)

Interest-free loan of $375 million to the New Zealand Transport Agency as part of $815 million of accelerated Auckland transport projects

$31 million of the Future Investment Fund towards Hobsonville Land Company housing development

$40 million of the Future Investment Fund for Crown Irrigation to invest in irrigation schemes.

“Stronger economic growth over a period of time is the only way we can lift incomes for New Zealanders and their families relative to the rest of the world,” Mr Joyce says.

“We have made a good start, and these initiatives will add to the BGA’s objectives of lifting productivity and achieving consistently higher growth rates over the cycle for the benefit of Kiwi families.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Northland By-Election

Supposedly, Winston Peters’ victory in Northland has exposed the simmering dissatisfaction with the government that exists out in the provinces. Yet it remains to be seen whether this defeat will have much significance – and not simply because if and when Labour resumes business as usual in the Northland seat at the next election, Peters’ hold on it could simply evaporate.

On Saturday, National’s electorate vote declined by 7,000 votes, as the 9,000 majority it won last September turned into a 4,000 vote deficit – mainly because Labour supporters followed the nod and wink given by Labour leader Andrew Little, and voted tactically for Peters. In the process, Labour’s vote went down from nearly 9,000 votes six months ago, to only 1,315 on Saturday. More>>

 
 

PARLIAMENT TODAY:

Climate: Ministers Exclude Emissions From ‘Environment Reporting'

The National Party Government has today revealed that the national environmental report topics for this year will, incredibly, exclude New Zealand’s greenhouse gas emissions, the Green Party said today. More>>

ALSO:

No Retrial: Freedom At Last For Teina Pora

The Māori Party is relieved that the Privy Council has cleared the final legal hurdle for Teina Pora who was wrongfully convicted of murder and sent to prison for 22 years. More>>

ALSO:

Germanwings Crash: Privacy Act Supports Aviation Safeguards In New Zealand

Reports that German privacy laws may have contributed to the Germanwings air crash have prompted New Zealand’s Privacy Commissioner to reassure the public that the Privacy Act is no impediment to medical practitioners notifying appropriate authorities to a pilot’s health concerns. More>>

ALSO:

Treaty: Taranaki Iwi Ngāruahine Settles Treaty Claims For $67.5mln

The settlement includes a $13.5 million payment the government made in June 2013, as well as land in the Taranaki region. The settlement also includes four culturally significant sites, the Waipakari Reserve, Te Kohinga Reserve, Te Ngutu o te Manu and Te Poho o Taranaki. More>>

ALSO:

Gordon Campbell: On A Funeral In Asia, The Northland By-Election, And News Priorities

Supposedly, New Zealand’s destiny lies in Asia, and that was one of Foreign Minister Murray McCully’s rationales for his bungled reforms at MFAT. OK. So, if that’s the case why didn’t Prime Minister John Key attend the state funeral on Sunday of Singapore’s founding leader Lee Kuan Yew? More>>

ALSO:

Werewolf Satire: Not Flag-Waving; Flag-Drowning

The panel choosing the flag options has no visual artists at all. Now, I’ve kerned the odd ligature in my time and I know my recto from my French curve so I thought I’d offer a few suggestions before they get past their depth. More>>

ALSO:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news