National To Better Support Manufacturing Sector
A National Government would better support the manufacturing sector by reducing taxes, slashing costs and upskilling the workforce, National’s spokesperson for Small Business and Manufacturing Andrew Bayly says.
“The manufacturing sector accounts for nearly 10 per cent of all jobs in the economy and more than half of New Zealand’s exports.
“If New Zealand is going to recover from the current economic crisis quickly, we need all parts of our economy firing on all cylinders. To do so we must encourage investment, reduce costs for manufacturing business, reduce taxes and make it easier for businesses to hire new staff.
“Manufacturing is critical to the New Zealand economy and should not be taken for granted like it has been under Labour. Labour have relentlessly added costs and red tape, making it harder for our manufactures to compete on global markets. Under Labour the manufacturing sector contracted for the first time in seven years, even before Covid-19 hit.”
National’s manufacturing policy will:
· Lower Taxes on Investment
· Create More Manufacturing Jobs
· Ensure Better Industry Training
· Ensure Fairer Competition
· Grow our Technology Sector
· Ensure a Secure and Affordable Supply of Energy
· Better Mental Health Support for Businesses
Under National, manufacturers will benefit from bold pro-growth policies such as:
· Double depreciation rates on investments in Plant, Equipment and Machinery;
· Allowing instant asset write-offs for investments up to $150,000;
· Expanding 90 day trials for all businesses;
· Providing a $10,000 incentive for manufacturing businesses who hire additional staff through JobStart;
· Strengthen trades training by ensuring it is led by industry not the Government; and
· Ensuring Government agencies follow procurement rules more rigorously.
“National will also expand the role of the Minister of Small Business to include manufacturing. This will ensure there is a strong voice for manufacturing within Government.
“A Labour Government will keep on adding costs, raising taxes and strangling businesses with red tape. Only National has a comprehensive plan to support our manufacturing sector.”