Supporting a growing economy through innovation

Budget 2017 will invest $372.8 million of new operating funding in the second round of the Government’s Innovative New Zealand programme, Economic Development Minister Simon Bridges and Science and Innovation Minister Paul Goldsmith say.

“Every initiative in the Budget flows from having a strong economic plan that delivers sustainable growth and jobs,” Mr Bridges says. “The Government’s Innovative New Zealand programme invests in the skills and innovation that will keep our economy growing in the years ahead.”

The funding includes:

• $203 million for Science and Innovation over four years, including:
  • $40.5 million in strategic science investments to explore our natural hazards and the Antarctic environment.
  • $81.9 million for New Zealand’s largest contestable science fund, the Endeavour Fund, to support research with the potential to have long-term transformative impact.
  • $74.6 million to meet rising demand for Callaghan Innovation’s Research and Development Growth Grants.
  • $6 million over three years for the expansion of the Strategic Innovation Partnerships Programme to deliver on its goal of attracting 10 multinational companies to undertake R&D activity in New Zealand by 2020.
• $31.1 million in Economic Development funding, including:
  • $6.4 million over two years for the New Zealand Business Number initiative to support adoption and implementation across the private sector and government agencies.
  • $5.7 million over two years to help meet the Better Public Services Result 9 target, which aims to improve the experience for business when dealing with government.
  • $4 million rollover funding over two years for the New Zealand Government Partnerships Office.
  • $15 million over four years to support the Ministry of Business, Innovation and Employment’s role as the lead space agency.
• $132.1 million for Tertiary Education, Skills and Employment over four years, including:
  • $69.3 million for increased tuition subsidy rates at qualification level three and above, supporting providers to continue to deliver quality skills for industry.
  • $52.5 million for the Performance-Based Research Fund to promote high quality research in tertiary education.
  • $6.8 million to support sustainable growth in the international education sector to strengthen the net benefit to New Zealand and its value to our regions.
  • $3.5 million of reprioritised funding to meet increased demand for workplace-based literacy and numeracy programmes in 2018, giving more people the skills and confidence to engage in the workplace and community.

“These initiatives are another major step towards building a stronger and more connected economy that enriches New Zealand, lifts our productivity, and raises living standards,” Mr Goldsmith says.

“An innovative New Zealand will use the skills and knowledge delivered by our tertiary system, and the high-quality, high-impact science to help innovative Kiwi businesses to be successful on the world stage.”