Labour to pull up to $50m from Super Fund for Elevate fund

Labour says it will draw up to $50 million per year from the Super Fund to boost the Government-backed Elevate venture capital fund.

It comes as the party releases its economic plan, which includes a range of already-announced policies such as repealing investment boost to focus support more towards small businesses and apprenticeship boost.

Labour finance spokeswoman Barbara Edmonds is speaking to the policy in Queenstown and will be addressing media at 2.30pm.

The new development from Labour’s policy was the commitment to redirect up to $50m per year from the government contribution to the NZ Super Fund into Elevate, a venture capital fund supported by the government.

“Too many promising companies are forced to move or sell overseas before we see the full benefit,” Edmonds said in a statement.

“We’ll redirect up to $50 million a year of the government’s contribution to the NZ Super Fund into Elevate, so more innovative businesses can expand, hire and pay good wages here at home.

“Government is about choices, and every commitment we’ve made is fully costed and paid for in our independently verified fiscal plan.”

In Budget 25, the Government put a one-off $100m into Elevate with $61m coming from the Super Fund and $39m from the government.