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

 


Greens announce $1 billion additional investment in R&D

16 July 2014

Greens announce $1 billion additional investment in R&D, including business tax breaks

The Green Party has announced today that its economic priority for the election is building a smarter greener economy that benefits every New Zealander.

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business.

The key policy points in the Green Party’s plan for an innovative economy are:

1. $1 billion of new government funding over three years for research and development, kick-starting a transformational shift in how our economy creates wealth.
2. Government to take a collaborative partnership approach to innovation with the private sector, which will include:
a. R&D funding made up of tax credits and grants;
b. a requirement for firms that go into overseas ownership to repay their grants;
c. a new voluntary option for large grants, where companies that receive significant taxpayer funds agree to the Government taking an equity stake in their business.
3. Enhanced incentives to study and teach engineering, mathematics, computer and the physical sciences. The Green Party will fund an additional 1,000 places at tertiary institutions for students of engineering, mathematics, computer science, and the physical sciences, costing $50 million per year.

“Innovation lies at the heart of a smart, green economy. Economies that innovate do better over the long term, creating good jobs that pay well,” said Green Party Co-leader Dr Russel Norman.

“Our economy is on the wrong track. We invest roughly only half what most other developed countries do on research and development.

“National plans to make this bad situation worse by cutting research investment in real terms by 10.2 percent over the next three years and by 21.0 percent out to 2023/24.

“We need a massive investment in research and development, not more cuts.

“The Government’s own 2011 review of the innovation sector recommended ‘progressive increases in Government investment in R&D…to at least match the OECD average’, but Steven Joyce’s funding plan will take our economy in the opposite direction.

“Steven Joyce has strapped innovation in a straitjacket. By putting himself at the centre of a complex web of R&D funding, the Minister is denying businesses the freedom to innovate on their own terms.

“The Green Party will reform Steven Joyce’s web of opaque grants and create a better system of R&D funding that mixes tax breaks for all companies and direct grants to steer the economy in a smarter, greener direction.

“The Green Party will set up an expert working group to advise on the best mechanism to deliver the additional funding we will inject into the R&D system, removing the current level of ministerial interference.

“We are committed to working with experts to design the exact distribution system. Unlike Steven Joyce, we don’t think politicians should have their fingers in everyone’s pie. That just delivers bad results.

“We want to provide business with the freedom to innovate. A tax credit creates a level playing field and means businesses can get government support for R&D without all the paperwork and bureaucracy inherent in the current system.

“We want business to get on with innovating. A tax credit is the simplest and quickest way to spur R&D activity.

“There is still room for direct government grants in our R&D system. We will establish new grant criteria to ensure greater investment is made in promising new paths in the ICT, renewable energy, and manufacturing sectors.

“A hybrid model of tax breaks and direct grants, underpinned by much higher levels of government funding, will mean more businesses invest in R&D transforming the way our economy produces wealth.

“We are the only major party going into this election pledging significant additional R&D investment to spur innovation in our economy.

“Innovation is one of the best ways to add value to our exports, raise wages, and better protect the natural world we love.

“Voters have a choice this election: National’s simplified pollution economy that creates few jobs and delivers uneven results. Or a smarter greener economy where innovation flourishes and we develop high-end export products the world needs.”

Link to the Green Party election priority paper on innovation:
www.greens.org.nz/innovation

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: The PM’s Hair-Pulling Power Trip

There have been striking differences between (a) the account of the waitress involved in the hair-pulling incidents, and (b) the account being given by Prime Minister John Key. The version by the waitress is available here and is recommended to anyone yet to read it. By her account, there were multiple instances of hair-pulling and these persisted and persisted long after she had made her annoyance clear to Key – who had also been advised by his wife, and by other café staff that the behavior was evidently not being welcomed. More>>

ALSO:

War: What’s To Commemorate?

Gordon Campbell in Werewolf: Is there anything that can be validly commemorated on this 100th anniversary of Gallipoli? Beyond, that is, a fleeting sense of empathy with the thousands of soldiers killed or wounded on April 25 1915 and in the months thereafter, until the whole thing was finally called off in December 1915. More>>

MORE IN WEREWOLF:

ALSO:

Peter Ellis Case: Minister Declines Request For Commission Of Inquiry

Justice Minister Amy Adams has declined a request from supporters of Peter Ellis for a Commission of Inquiry on the basis that an inquiry cannot be used to determine the liability of any person. More>>

Quakes: New Process For Red Zone Crown Offers

Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

ALSO:

Gordon Campbell: On The Battle Obama Is Waging Over The TPP

For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

ALSO:

Greens: Govt Breaks Free Doctors Visit Promise To Kids

Documents obtained by the Green Party show that the Government decided to fund only 90 percent of doctors’ visits for children suffering from an injury in an attempt trim the cost of the so-called “free” visits. More>>

ALSO:

Other Wars: Extension Of NZDF Commitment In Afghanistan

The New Zealand Defence Force’s commitment of mentors and support staff to the Afghan National Army Officer Academy in Afghanistan has been extended out to December 2016, Defence Minister Gerry Brownlee says. More>>

PM's Press Conference: Auckland Property Prices Increasing "Too Rapidly"

John Key accepted that Auckland property prices 'are going up too rapidly” in a press conference held today in Wellington, however he said that this is not anything new. More>>

ALSO:

Press Conference: ANZAC PMs Concerned About ISIL Bringing The War Home

Prime Minister Key and Prime Minister Abbott spoke of the bond formed between Australia and New Zealand in the “baptism of fire” of Gallipoli. Abbott stated that New Zealand and Australia’s values and interests are linked, and this is reflected in the joint operation in Iraq which will begin shortly. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news