BUDGET SUMMARY – Economic Transformation
Enhancing economic transformation and growth
- $34.35 million package of initiatives for economic and regional development.
- $100 million seed capital investment fund in partnership with the private sector to assist the development of innovative high-tech businesses and increase of $11.6 million in direct research funding.
- Increase of $1.2 million a year, from $0.6 million to $1.8 million, for the business Incubator Support Programme.
- Additional $56 million over the next four years to create more than 17,000 extra industry training places.
- Tertiary Education Commission to be set up to drive improvements in the tertiary sector.
- Increased funding to the tertiary institutions to continue the fees freeze through into the 2002 academic year and $40.6 million over four years for a new Centres of Research Excellence Fund.
- $4.4 million over four years to allow the Industrial Supplies Office to actively seek out tendering opportunities for large public sector projects both here and in Australia.
- Extra funding for the new embassy in Brazil and for Trade NZ.