10 May 2017

Govt tops up business R&D by $74.6m

4:31 pm on 10 May 2017

Business research and development is expected to get a $74.6 million funding boost from the government in the coming Budget.

22082016 Photo: Rebekah Parsons-King. Caucas run. Paul Goldsmith

Science and Innovation Minister Paul Goldsmith Photo: RNZ / Rebekah Parsons-King

In a pre-Budget announcement today, Science and Innovation Minister Paul Goldsmith said businesses would be able to access the money through grants from Callaghan Innovation.

It brings the total pool of funding available to businesses to about $657m over the next four years.

Mr Goldsmith said the increase would help high-tech companies innovate more successfully.

"We are wanting to continue to develop stronger high-tech companies that can compete effectively in the international context," he said.

"We've seen significant growth in R&D in New Zealand from the business sector in the past few years and the Callaghan grant will help that process."

Mr Goldsmith said greater investment in business R&D would increase the country's productivity.