BUDGET 2017: Govt ups spending on science and innovation

Thursday 25 May 2017 02:07 PM

EMBARGOED: BUDGET 2017: Govt ups spending on science and innovation

By Rebecca Howard

May 25 (BusinessDesk) - (BusinessDesk) – Finance Minister Steven Joyce announced a $373 million increase in spending for science and innovation in a bid to help diversify the economy support more jobs and higher wages.

“It’s all about adding more value to our export volumes. Investment in innovation is hugely important for lifting our productivity and providing for our future prosperity,” said Joyce in a speech while presenting the 2017 budget.

The increase – part of the Innovative New Zealand programme – includes the previously announced $74.6 million increase for Callaghan Innovation research and development grants. The government has also earmarked a further $81.9 million for the Endeavour Research Fund, which supports mission-led programmes of science.

It increased funds for higher tertiary fee subsidies by $69.3 million and has earmarked a further $52.5 million for university research funds.

The extra funds also include $40.5 million of new money to help reduce the risk to life from natural disasters and hazards and to explore the Antarctic environment.

“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,” said the minister of science and innovation Paul Goldsmith and Simon Bridges, minister for economic development in a joint statement.

(BusinessDesk)

© Scoop Media