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Budget provides $321m for RS&T activities

Hon John Key
Prime Minister

11 May 2010
Media Statement

Budget provides $321m for RS&T activities

Prime Minister John Key has announced that research, science and technology will be one of the major recipients of new funding in Budget 2010.

“The Budget will focus squarely on building faster and sustainable economic growth – it’s the only way we can create the jobs, higher incomes and the better living standards New Zealanders deserve,” Mr Key says.

“Research, science and technology will help us achieve that goal.

“In February, I said that science and innovation would be a priority for this Government and today’s announcement backs that up.”

Of the total allocation of $321 million for new initiatives over the next four years, $225 million is new funding and $96 million is reprioritised funding

The centrepiece of the funding increase is a $234 million boost for support for business research and development over four years.

This includes:

• $189.5 million over four years for technology development grants to support R&D in businesses that already do significant amounts of R&D
• $20 million over four years to trial technology transfer vouchers, which will encourage links between companies and publicly-funded research organisations
• $11 million over four years to support technology transfer from research organisations to businesses and commercialisation of new products and processes
• $13.7 million over four years in contingency funding for initiatives to improve the transfer of technology from research organisations to the private sector

The other major new initiatives are:

• $25 million over four years for the Rutherford Discovery Fellowships which will support early to mid-career researchers
• $9 million over three years, starting in 2011/12 to attract top science entrepreneurial talent to New Zealand
• $44.3 million over four years in contingency funding for proposed large-scale science infrastructure, subject to Cabinet approval.

“This Government is taking investment in science seriously,” Mr Key says.

“This major investment will not only help keep New Zealand competitive, but is at the heart of our strategy to boost economic growth.”

Backgrounder and Q&A available at: www.morst.govt.nz

[SupportingBusinessRD.pdf
SupportingTopScientificTalent.pdf
QAforTopTalent.pdf
QAforSupportingScienceInfrastructure.pdf
IgnitingPotential.pdf]


ENDS

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