Taxpayers Union Shocked At Key’s ‘Corporate Welfare’

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MIL OSI – Source: Taxpayers Union – KEY’S PRE-BUDGET SPEECH: $80 MILLION MORE ON CORPORATE WELFARE

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’ Union Executive 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.

The New Zealand Taxpayers’ Union is an independent activist group, dedicated to being the voice for Kiwi taxpayers in the corridors of power. It’s here to fight government waste and make sure New Zealanders get value for money from their tax dollar.

The Taxpayers’ Union operates a 24 hour media line for comment on taxpayer issues. Representatives are available on (04) 282 0302.

High resolution images and logos are available on request or online at http://www.taxpayers.org.nz/resources

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Selwyn Manning, BCS (Hons.) MCS (Hons.) is an investigative political journalist with 23 years media experience. He specializes in reportage and analysis of socioeconomics, politics, foreign affairs, and security/intelligence issues. Selwyn has extensive experience as a commentator and has provided live political analysis to a wide range of television and radio organizations broadcasting in New Zealand, Australia and globally including the BBC (Five Live, London) and BBC (World Service). He is currently a correspondent to Australia's FiveAA radio, and is a regular live-on-air panelist on Radio New Zealand's The Panel with broadcaster Jim Mora.

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