Labour proposes redirecting up to $50 million annually from NZ Super Fund to Elevate VC fund
Labour will allocate as much as $50 million each year from the NZ Super Fund to the government-backed Elevate venture capital fund.
Labour’s new economic blueprint calls for redirecting up to $50 million annually from the NZ Super Fund to the Elevate venture capital fund, which is backed by the government. Barbara Edmonds, Labour’s finance spokeswoman, explained that the move is intended to prevent innovative firms from relocating overseas and to support higher-pay jobs at home. The plan also retains other announced measures, such as repealing the investment boost and expanding support for small businesses and apprenticeships.
In the 2025 budget, the government previously allocated a one-off $100 million to Elevate, with $61 million coming from the Super Fund and $39 million from direct government spending. Edmonds emphasized that the proposal is fully costed within the party’s independently verified fiscal plan.
Why it matters
Redirecting Super Fund money to Elevate could increase domestic tech investment and job creation.
How the sides frame it
HIGH AGREEMENTBoth camps report Labour's plan to redirect up to $50 million annually to the Elevate VC fund, but centrist coverage highlights expanding businesses and good wages, while right-leaning coverage stresses keeping firms from moving overseas and boosting higher-pay jobs.
CENTER
Frames the proposal as a way to help innovative businesses expand, hire and pay good wages at home.
RIGHT
Frames the proposal as a measure to stop firms relocating overseas and to support higher-pay jobs.
The right emphasises
- intended to prevent innovative firms from relocating overseas
- support higher-pay jobs at home
- proposal is fully costed within the party’s independently verified fiscal plan
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