Hon Max Bradford
Minister for Enterprise and Commerce

29 June 1999

MEDIA RELEASE

"The Alliance Party's plan for an economic development fund is an attempt to play loose with the public purse.

"Jim Anderton clearly thinks he knows how to spend your money better than you do," Enterprise and Commerce Minister Max Bradford said today.

The Minister was responding to an announcement by Mr Anderton today at an Employers Federation conference in Christchurch.

Mr Bradford said the Government had for some time high-lighted the need for New Zealand to move away from its dependence on commodity exports to a knowledge-based economy.

"Government and business have to work together to achieve this.

"We are doing a lot to support businesses through ACC changes which will save companies at least $300 million, our $640 million a year spending on research and development, low tax rates, a flexible labour market and low interest rates.

"But the country won't get where it needs to be by investing taxpayers' money in risky ventures," Mr Bradford said.

"That has been tried and it failed.

"We do not want to return to the days of the Development Finance Corporation and Matai Industries.

"The Government's comprehensive plan to help the New Zealand business, research and education sectors prepare for the 21st century will be unveiled in mid-August at the conclusion of the Five Steps Ahead business forums," Mr Bradford said.

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