ACT Party criticizes NZ Steel subsidies and corporate welfare

ACT Leader David Seymour has criticized the previous Labour government's use of corporate subsidies, specifically citing NZ Steel. Seymour noted that NZ Steel admitted they could have transitioned to electric furnaces without government assistance, characterizing the subsidy as unnecessary corporate welfare that fails to provide genuine emissions reductions under the Emissions Trading Scheme.

Seymour argued that government intervention to 'pick winners' in the economy places an undue burden on taxpayers, particularly as New Zealand faces high debt-servicing costs. He emphasized the need for a smaller government focused on competitive conditions and reduced red tape rather than industry grants.