Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Government Picking Losers With Taxpayer Funded R&D Grants

Government Picking Losers With Taxpayer Funded R&D Grants


16 JANUARY 2014
FOR IMMEDIATE RELEASE

The Taxpayers’ Union is slamming ‘research and development’ grants announced yesterday by Science and Innovation Minister Steven Joyce costing taxpayers $140million over three years.

One the of recipients of the grants is high profile technology firm Rakon, which share price has been in free-fall since 2007 and today announced it is closing its UK plant.

“The government shouldn’t be trying to pick winners with taxpayer cash,” says Executive Director, Jordan Williams. “In the case of Rakon, why is the government throwing money at a firm thats share price has been tumbling for years?”

In 2007 Rakon’s share price reached $5.70. Today it is trading at less than 4 per cent of that, at around 19cents. In addition, the Shareholders Association and others have criticised the governance of the company.

“If the government is going to give out taxpayer money, at least give it to companies that are succeeding, not failing.”

“This is a grant to a company that is shrinking rather than growing New Zealand exports. It stinks of corporate welfare,” concludes Mr Williams.

More information is available at www.taxpayers.org.nz.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Ch-Ch-Changes At IRD

job cuts aren’t happening at the IRD, exactly. Instead, there’s apparently a ‘transformation’ in store, and jobs won’t be axed ; no, they will be ‘transformed’ before our eyes into… non-jobs, if you happen to be among the unlucky legion of 1,900 who are being lined up for transformation, which seems to work rather like a secular version of the Rapture.

Except that at IRD, not even your shoes will be left behind. More>>

 

Christchurch Mental Health: Hospital Too 'Awful' For Reviewers To Visit

Jonathan Coleman has to stop the stalling over a new building for mental health services in Christchurch to replace the quake damaged Princess Margaret Hospital, says Labour’s Health spokesperson David Clark... More>>

ALSO:

Greens Call For Govt Action: Children Sick Because Of NZ Housing

The Royal Australasian College of Physicians president-elect said today that children with preventable respiratory illnesses are being re-admitted to hospital because they're being sent back to cold, damp homes. More>>

ALSO:

Less Tax Cut, More Spending: Labour Launches Fiscal Plan

“Labour will invest $8 billion more in health, $4 billion more in education and $5 billion more for Kiwi families through Working for Families, Best Start and the Winter Energy Payment than the Budget 2017 projections for the forecast period.” More>>

ALSO:

Gordon Campbell: On The Greens’ Room For Political Pragmatism

The Greens here are currently being criticized by the commentariat for not making the same kind of pragmatic choices that sunk the Democrats in Australia. More>>

Gordon Campbell: On Being Humane About Welfare, Child Support, And Tax

It made for an unusual Venn diagram, but Greens co-leader Metiria Turei and Finance Minister Steven Joyce were briefly sharing some common elements this week in the set that says – hey, don’t use the powers of the state in ways guaranteed to make the system you’re trying to defend worse, not better. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election