In response to reports
of mounting losses from Callaghan Innovation’s business
loan book, Taxpayers’ Union spokesperson Tory Relf
said:
“The Government must simply stop trying to
pick winners. These are either loans too risky for private
investors or opportunities good enough to attract private
money without taxpayer backing.”
“Callaghan should
stand as a warning before the Regional Infrastructure Fund
repeats the same mistakes. Government corporate lending
should be abolished.”
“Government will always have
a role in funding basic scientific research, but early-stage
commercialisation should be left to venture capitalists, who
have greater expertise and a financial incentive to make
better investment
decisions.”
NOTES:
The New
Zealand Taxpayers’ Union is an independent and
membership-driven activist group, dedicated to being the
voice for Kiwi taxpayers in the corridors of power. Its
mission, lower taxes, less waste, more transparency,
is supported by 200,000 subscribed members and
supporters.
Advertisement – scroll to continue reading
