Corporate welfare: Taxpayers fork out $25m for Apple
30 OCTOBER 2017
The world’s most profitable company is set to receive up to $25 million per year in corporate welfare grants, thanks to Callaghan Innovation’s ‘growth grant’ programme. Last week it was revealed that the Apple bought PowerbyProxi, a major recipient of the R&D grants.
Taxpayers’ Union Executive Director, Jordan Williams, said:
“First it was money for Larry Ellison’s Oracle, then French company Gameloft, and now Apple is getting in on the action. Our Government’s corporate welfare schemes make New Zealand a laughing stock. We pay for R&D and don’t even require the results to stay in New Zealand.”
“Designed in California, funded by Kiwi taxpayers. Anything that results from the R&D ends up in the pockets of Apple’s shareholders. It’s nuts.”
“Callaghan Innovation is trying to defend the grants by pointing out that they couldn’t have known the business would be bought by Apple. But that’s mischievous. Korean giant, Samsung, has owned a substantial equity stake since 2013.”