'Fast-forward' fund - all show, no pony

"Labour has today confirmed the fund is likely to provide only $20 million for research in its first year, a far cry from the $85 to $100 million promised by Helen Clark.

"In a cynical attempt to grab a headline, Labour inflated the benefits of the fund to make the numbers look big. Jim Anderton has today confirmed almost nothing is certain.**

"Labour presented the public with an heroic best case scenario, such as today's definitive claim that 'two thousand million dollars' would be spent over the lifetime of this fund, including the 'thousand million' which industry will stump up with. Labour is treating the public and industry as if they are stupid."

Mr English says National will make long-term funding commitments to science, research and development which provide certainty to the sector.

"As National revealed yesterday, if Labour tries to deliver on its promise of $85 to $100 million a year, the fund would expire before year 10. The only way they could stretch it out to last the promised 15 years is to halve the Government payments.

"This does not provide certainty to the sector at all. If this policy was subject the advertising standards complaints process, Labour would be guilty of false advertising."



"The proposal is for the Government to make $85 - $100m per annum available to invest over 10-15 years." - Cabinet Paper, para 2.

**"No, no, well it depends on how much is spent each year, and that's up to the governance group … So the first year you might be $20 million" – Jim Anderton today.