Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

BUDGET 2016: Joyce flags extra $410.5 mln for science

BUDGET 2016: Joyce flags extra $410.5 mln for science research

By Paul McBeth

May 26 (BusinessDesk) - Science and Innovation Minister Steven Joyce announced an extra $410.5 million to fund science projects over the next four years in today’s budget.

The new funding is expected to push up cross-government spending on science and innovation to $1.6 billion a year by 2019/20, and is part of Joyce’s drive to grow business investment in research and development to more than 1 percent of the economy.

The biggest beneficiary of the new funds is the Endeavour Fund with $113.8 million over the period. The fund replaced the Ministry of Business, Innovation and Employment’s contestable fund and has been tilted to long-term, high impact, mission-led programmes. A further $66 million has been earmarked for the Marsden Fund and $63 million for the Strategic Science Investment Fund, which provides a mechanism to start, monitor and contrast different initiatives.

“Innovative New Zealand is a major step towards delivering on the vision of the national statement of science investment, and also supports the Business Growth Agenda, which seeks to grow business investment in R&D to over 1 percent of GDP (gross domestic product),” Joyce said in a statement. “Creating a thriving, independent research sector will have a strong impact on New Zealand’s productivity, prosperity and wellbeing.”

The funding comes amid grumblings from New Zealand’s science community that the government has been too fixated on backing R&D at the commercial end, an accusation Joyce has consistently rejected.

The government will also increase funding to support tertiary education and apprenticeships in science, engineering and agriculture by $256.6 million over the next four years, and provide $94.4 million to support regional economic initiatives.

Those packages include $86.1 million over four years to lift tuition subsidies in science, agriculture, veterinary science, and undergraduate medicine subjects, and $40 million to back regional R&D initiatives.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>