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$80 Million More on Corporate Welfare

MEDIA RELEASE:

KEY'S PRE-BUDGET SPEECH: $80 MILLION MORE ON CORPORATE WELFARE

14 APRIL 2015
FOR IMMEDIATE RELEASE

The Taxpayers’ Union is shocked that the Government is wasting the last $80 million of the ‘Future Investment Fund’ on corporate welfare through Callaghan Innovation’s 'R&D grants’.

“This is corporate welfare under the guise of ‘innovation’,” says Taxpayers’ UnionExecutive Director, Jordan Williams. “The fund was meant for health, education and infrastructure, not hand outs to private business.”

“Callaghan Innovation gives money to private businesses that pocket the returns. As Sam Morgan has previously pointed out, the main “R&D” component of the grants is the creation of a whole industry who write proposals so companies can cash in."

“As examined in our report on corporate welfare, Monopoly Money, Government funded R&D grants have a long history of poor returns. We think it is shocking that the Government’s priority is corporate welfare over front line services."

Monopoly Money is available for download here.

ENDS


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