Brendan Horan yesterday introduced a policy to give Bay of Plenty Polytechnic students free tuition. Photo / George Novak
Brendan Horan yesterday introduced a policy to give Bay of Plenty Polytechnic students free tuition. Photo / George Novak
Free study at the Bay of Plenty Polytechnic is easily achievable by taxing financial transactions from banks and currency speculators, Brendan Horan says.
But the plan has been dismissed by Tauranga MP Simon Bridges as irresponsible.
The New Zealand Independent Coalition leader introduced a new policy for free tuition atthe Bay of Plenty Polytechnic and Waiariki Institute of Technology during a meet the candidates event at the polytech yesterday.
Mr Horan aimed to replicate Southland Institute of Technology's zero fees scheme which meant students would only have to fork out for materials costs.
To pay for this, Mr Horan would introduce a 0.1 per cent Financial Transaction Tax which he said Germany, France and nine other European nations would soon be implementing.
"Our New Zealand banks have made horrendous profit during the Global Financial Crisis. Banks here trade $26 billion a day on average.
"Foreign change speculators are making money on the fluctuations of the New Zealand dollar and we've never put a tax on it. By putting a tax on it we will be able to get an extra $9.5 billion."
Mr Horan said $56 billion went through Government accounts at Westpac every year and each transaction attracted a fee from the bank.
"We should be making money out of that as a nation."
The $9.5 billion raised would be "more than enough" to support zero fees at the polytech, as well as restoring a universal student allowance.
To ensure this policy would be put into motion, Mr Horan said he would be "pushing" to be a part of a coalition deal, or failing that he would push for the scheme from the backbenches.
National Bay of Plenty candidate Todd Muller was ranked 59 on the list and with current polling, would get in easily, so a vote for Mr Horan would give another MP with the Bay and Tauranga's best interests at heart, he said.
Mr Bridges said he could not see any form of government agreeing to fund free tertiary education. "It is just financially irresponsible ..."
Bay of Plenty Polytechnic's director of corporate services Anthony Robertson said the institute was supportive of any initiatives that removed barriers for accessing tertiary education and also removed the growing burden of student loans.
