The Labour Party has announced that it will withhold specific details about its proposed Future Fund policy until after the election, citing the need to be in government to obtain necessary advice.
If Labour secures victory on November 7, it plans to launch a Future Fund aimed at investing in New Zealand’s businesses and infrastructure. The fund would be initiated with dividends from selected state-owned assets and a $200 million Crown capital injection.
Although the policy was introduced in October last year, Labour has not yet disclosed how many jobs it expects to create or which assets will be included in the fund. The party previously cited commercial sensitivity as the reason for withholding this information.
Labour has now indicated that it has been advised to wait until it forms a government to receive the appropriate guidance. The advice already received highlights that some state-owned enterprises have obligations under the Treaty of Waitangi.
When questioned about the potential job creation of the Future Fund, Labour’s finance spokesperson Barbara Edmonds stated that it depends on the government’s asset contributions, which have yet to be determined.
“We haven’t decided what assets to put in it yet because different assets have different caveats that come with it. Some assets have, for example, Treaty claims and overlay, like first right of refusal rights if it gets sold,” Edmonds explained.
Edmonds emphasized Labour’s cautious approach, stating, “I’m very measured and very considered when it comes to that sort of policy development.” She mentioned PÄmu as an example, noting that some of its land is tied to Treaty settlements.
Simeon Brown, National’s campaign chair, criticized Labour’s approach, describing it as a “new frontier” in avoiding policy development. He remarked, “In the history of New Zealand politics, there has never been an opposition so unwilling to have any ideas that the Treaty of Waitangi has been blamed for not having done basic costings.”
Brown also alleged a potential $3 billion fiscal shortfall over four years due to the policy, as dividends from state-owned enterprises currently fund essential public services like schools and hospitals, which would then require alternative funding sources.
