Labour has released its economic plan, outlining a number of previous commitments and announcing that it will redirect up to $50 million a year into the state-backed Elevate venture capital fund.
Labour's finance and economy spokesperson Barbara Edmonds said on Wednesday this would allow for more innovative businesses to "expand, hire and pay good wages here at home".
The money would come from the government's overall contribution to the New Zealand Super Fund, which oversees Elevate.
In 2025, the government contribution to the NZ Super Fund was $879 million, up to $50m of that year's contribution would be about 6%.
Elevate is a government-funded fund of funds programme, working with around $400 million, looking to allocate that into venture capital firms.
Labour said its economic plan would create growth and opportunity in every part of the country, with Edmonds saying too many people were "working harder just to stand still".
"Three years on from National's promise to get things moving, 171,000 Kiwis are out of work, business liquidations are at a 15-year high, and 2000 people are leaving the country every week. National had its chance, and families are worse off for it."
Edmonds said Labour had a plan to "turn that around".
"And we'll do it responsibly. Every dollar the government spends is someone's hard earned money. We'll treat it that way, managing the books carefully and investing where it makes a difference," Edmonds said.
Full list of commitments in Labour’s economic plan:
- Back innovative Kiwi companies by redirecting up to $50 million a year into Elevate.
- Make big businesses pay small suppliers within 15 days.
- Let small businesses claim new tools and equipment straight away, up to $10,000.
- Raise the GST threshold to $80,000, giving small businesses more room to grow.
- Give smaller Kiwi businesses a fairer chance to win government contracts.
- Help small businesses and start-ups use AI to save time and get ahead.
- Get Kiwis back into work fixing schools and hospitals and building homes.
- Back 30,000 apprentices with an expanded apprenticeship boost, introducing a $1000 tools grant, and guarantee every eligible graduate nurse a job.
- Introduce a simple, targeted capital gains tax on investment and commercial property, with every dollar going to healthcare.
- Establish the New Zealand Future Fund to invest in Kiwi businesses and infrastructure.
- Return the books to surplus in 2028/29, bring back the Reserve Bank's dual mandate, and set up an independent Parliamentary Budget Office.
Edmonds said Labour’s plan was about backing the people who keep the economy going, and the party would "back the Kiwi businesses that will create tomorrow's jobs".
"Too many promising companies are forced to move or sell overseas before we see the full benefit."
Last year's Budget allocated an extra $100m into the Elevate fund, with $61m coming from the government's contribution to the New Zealand Super Fund, and $39 million direct from the government.
