Labour Targets Small Businesses with Reformed Investment Boost Policy

Labour has announced that it will reform its Investment Boost policy to focus specifically on small businesses if elected. The party aims to provide support to the 'heart of New Zealand's economy', according to leader Chris Hipkins.

The policy would require big businesses to pay their small suppliers within 15 days for invoices worth up to $25,000 and publish how quickly they pay their suppliers. Labour also plans to replace the government's Investment Boost with a new tax write-off of up to $10,000 for small businesses buying equipment or tools.

Chris Hipkins argued that this policy is more targeted than the current Investment Boost, which provides rebates for big businesses buying new equipment. He stated, 'Giving a company chief executive a tax rebate when they go and buy a new BMW, isn't going to grow the economy.'