Budget 2023: Cheese Rolls For Some, Cupboards Bare For Others

BusinessNZ says the Government's Budget announcement provides a wellbeing boost for some, but is light on business investment.

Chief Executive Kirk Hope says most benefits for business are "fringe in nature".

"Reduced public transport costs, scrapped prescription fees and increased ECE entitlements may have a benefit for some business owners and employees, but if we want real growth-promoting policy, businesses will need more direct investment than that.

"Further investment in cyclone recovery and education are essential and welcome to get New Zealand back on track. Businesses were also hoping to see investment in infrastructure and immigration to assist in increasing productivity.

"Instead of unnecessary Government expenditure outside of these areas, businesses would prefer changes to the regulatory environment and to legislation which is hampering business and holding the economy back."

Mr. Hope says some positives from the announcement include investment in the gaming industry.

"This attention to an emerging industry is welcome and signals New Zealand is a competitive space for development.

"The creation of three multi-institute research hubs will also boost our R&D capability, but could have been fast-tracked with accelerated depreciation.

"The best way to make an impact in the science, research and innovation space would have been to allow interested parties to invest today."

Mr. Hope says following this no-frills budget announcement, people will be turning their attention to policy announcements from all political parties ahead of the election.

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