Apprenticeship and trades training support will help firms get the skills they need and position New Zealand well for the future, says BusinessNZ Chief Executive Kirk Hope.
“The suite of trades training initiatives supports a range of different models to help people get the skills they need. The Budget package provides a real opportunity for companies and education providers to work together to find ways to turbo charge the skills development New Zealand needs.
“A skilled and adaptive workforce will be an important part of the economic recovery, and position New Zealand well for the future. Being able to get the people and skills they need to thrive is critical for New Zealand businesses. It is good to see the Government acknowledge the critical role that industry leadership needs to play in our skills system.”
As well, the Government will provide a more than $200 million boost to NZ Trade and Enterprise to expand the scope and intensity of support provided to firms.
In addition, a $10 million fund is being set up to provide incentives and grants to encourage e-commerce, train more digital advisors and provide information and support for SMEs wanting to incorporate e-commerce into their business models.
Budget 2020 also sets aside $80 million to encourage entrepreneurs and businesses to develop new products by enabling them to claim tax deductions for unsuccessful or abandoned assets.
BusinessNZ chief executive Kirk Hope says small to medium-sized businesses are the lifeblood of New Zealand’s economy.
“We are glad to see the Government provide further support to small businesses and encourage entrepreneurship.
“New Zealand might be small, but we have proven it can produce strong global companies and with the right support the next Xero, Pushpay or Rocket Lab can emerge.”
In addition, the Government has put aside $150 million for a fund to provide loans to R&D-intensive businesses, to complement the existing R&D Tax Incentive.
To help drive the economic recovery and build future resilience, the Government is investing $41.4 million across three years into initiatives in the construction, digital and agritech sectors.
“This Budget is the first step towards restoring businesses confidence, driving the economic recovery and building future resilience, we look forward to seeing them implemented sustainably.”