Steven Joyce announces Budget investment of $200m in science, innovation & research

Budget 2013 delivers on the Government’s commitment to building a more competitive and productive economy with $200 million of new funding over the next four years for science and innovation, Science and Innovation Minister Steven Joyce said in a media statement today.

Science and innovation were key drivers of economic growth and international competitiveness, he said. To achieve this, New Zealand needs to develop better linkages with international markets and be a stronger player in research and development.

The Government’s total cross-portfolio funding for science and innovation rises from $1.24 billion in 2012/13 to $1.36 billion in 2013/14*.

Total direct cross-portfolio science, innovation and research funding has risen by 28 per cent over the past four years.

New funding over the next four years includes:

+ $75.2 million for business R&D grants.

+ $31.3 million for repayable grants for start-up businesses.

+ $73.5 million for the National Science Challenges.

+ $20 million for the Marsden Fund.

“This increased investment in science and innovation will help grow our economy, protect our environment, and provide the world-class public services that New Zealand families need,” Mr Joyce says.

*The Government’s total cross-portfolio funding for science, innovation and research in 2013/14 includes:

Vote Science and Innovation…………$927.3 million

Vote Education (tertiary educaion) ….$313.2 million**

Vote Primary Industries…………… $97.7 million

Other Government Budgets (estimate)….$18.3 million

Total……………………..$1.36 billion

** This includes the additional $100 million over four years for thePerformance-Based Research Fund (PBRF) announced in Budget 2012.

EARLIER Budget post – here.

Science New Zealand chief executive Anthony Scott welcomes the 2013 R&D Budget spending here.

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