In Budget 2017, an additional $372.8 million was set aside to be invested over the following 4 years in science, skills, tertiary education, and economic development initiatives to build a stronger economic future for New Zealand.
This continued momentum from the $761.4 million investment made through the Innovative New Zealand programme in Budget 2016, and reaffirms the Government’s commitment in growing our science system, producing the 21st century skills New Zealand needs, and encouraging innovation and industry investment for a stronger, more resilient economy.
The Innovative New Zealand 2017 package includes:
- $203.1 million for science and innovation over 4 years, taking the Government’s annual science and innovation investment to $1.66 billion by 2021.
- $132.1 million for tertiary education, skills and employment over 4 years, to ensure New Zealand has a workforce that is able to meet the needs of our growing economy and adapt to change.
- $31.1 million in economic development funding over 4 years to improve the experience for business when dealing with government and support our role as the lead space agency.
Our initiatives receiving increased funding
Antarctic science will receive $21 million in new funding over 3 years through the Strategic Science Investment Fund (SSIF). The initiative will provide a stable funding platform for strategic, underpinning Antarctic research.
The Government will invest $19.5 million over 4 years in enhancing New Zealand’s earthquake, tsunami and volcano monitoring capability.
An additional $6 million over 3 years will be invested in the expansion of the Innovative Partnerships Programme to deliver on its goal of attracting 10 multinational companies to undertake R&D activity in New Zealand by 2020.
An additional $74.6 million over the next 4 years will be invested to meet the rising demand for Callaghan Innovation’s business R&D Growth Grants. This takes the total available funding to $657.2m over 4 years.
The Endeavour Fund will receive an increase of $81.9 million over 4 years to grow the amount of excellent research with the potential for long-term, transformative impact in areas of future value, growth or critical need for New Zealand. This boosts the total amount of available to $878.6 million over four years.
Other initiatives that contribute to the Government’s science and innovation spend in Budget 2017
An additional $52.5m will be invested in high-performing research-based institutions through the Performance-Based Research Fund (PBRF). This lifts funding available through the PBRF to $315m a year to further encourage and reward research excellence and research-based teaching.