'Hi-tech' funding is more corporate welfare

Increased funding for the commercialisation of ‘new Kiwi hi-tech’ is just more corporate welfare, says ACT Leader David Seymour.

“Under this Government, corporate welfare continues to rise. So far, Joyce’s programme of corporate welfare has included payments for sheep given to a Saudi businessman, rockets launched off the Coromandel, and a boat-building company owned by the world’s seventh-richest man.

“If Mr Joyce really thinks that investing in these businesses provides a good economic return, he should invest in them with his own money and reap the benefits, without putting the overburdened taxpayer at risk.

“Corporate welfare now costs New Zealand households over $750 a year. Meanwhile, the Government says that the conditions are not right to cut taxes.

“If the Government cut all corporate welfare, it could cut the corporate tax rate from 28% to 22.5%, or could abolish the top income tax rate of 33%. Giving households and businesses their tax back will let them decide for themselves what best suits their needs.”

ENDS

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