Business. Scoop » Innovation, Fairness And Small Business: Opportunity’s Breakthrough Economy Policy
Press Release – The Opportunity PartyOpportunity says the Breakthrough Economy policy sits alongside its Abundant Energy, Tax Reset and other policies as part of a wider plan to build New Zealands next. . .
Press Release – The Opportunity PartyOpportunity says the Breakthrough Economy policy sits alongside its Abundant Energy, Tax Reset and other policies as part of a wider plan to build New Zealands next economy. Opportunity will raise R&D funding, empower the Commerce Commission to tackle uncompetitive sectors and enable small business innovation. Opportunity has released its Breakthrough Economy policy — a reform package designed to fund New Zealand’s innovators, stand up to uncompetitive market sectors, and back small businesses to take a generational leap forward. “Growth is slowing and wages are stagnating because our economic settings haven’t changed in decades,” says leader Qiulae Wong. “This is a long-term plan to enable a new kind of economy – where breakthroughs, new ideas and new business are the new normal. ”The Breakthrough Economy policy rests on three pillars:•Build NZ’s innovation engine. Lifting research & development spending to at least 2% of GDP, introducing new technology investment tax credits, doubling funding for proven accelerator programmes, forgiving student loan interest for returning Kiwis, turning polytechs into regional innovation hubs and developing a cross-party population strategy. •Stand up for consumers. Giving the Commerce Commission the legal power and funding to fight for Kiwi consumers, including the power to break up duopolies through the High Court. •Power up small business. Increasing funding for small business budgeting services, speeding up access to the R&D tax credit, ensuring ACC and the retail payment system are fair, and creating a new legal structure – the Impact Company. “We have to move on from locking out talent, locking up profit and losing our most talented people off-shore,” says Wong. “That requires certainty for investors and business owners, and a long-term commitment to solving our productivity challenge. ”The party projects that its competition reforms will save Kiwi families $12 to $31 a week by lowering prices in the supermarkets, banks and other low-competition sectors. “Besides placing an unfair cost-of-living burden on Kiwi families, an unfair economy can’t innovate” says Wong. “That’s why competition reform via a strengthened Commerce Commission is a key pillar of the Breakthrough Economy” says Wong. The party projects that the $1. 33 billion per year package could deliver up to 2% of additional annual GDP growth after 10 years – in line with comparable, high-growth small economies like Singapore and Estonia. Opportunity says the Breakthrough Economy policy sits alongside its Abundant Energy, Tax Reset and other policies as part of a wider plan to build New Zealand’s ‘next economy’. About Opportunity:Opportunity was founded in 2017 to address systemic barriers to fairness in New Zealand through bold, evidence-based policy. The party advocates for strengthening democracy, fairer tax systems, affordable housing, climate action and investing in future generations. For more information, visitwww. opportunity. org. nz. Content Sourced fromscoop. co. nzOriginal url