Science funding boost aims to raise New Zealand competitiveness

New Zealand's science and research community Thursday welcomed one of the most significant funding increases in recent years, as the government claimed it would encourage entrepreneurship, skills and economic growth.

In its annual Budget, the government announced that Innovative New Zealand, a series of 25 initiatives, would see 761.4 million NZ dollars (509.68 million U.S. dollars) invested over the next four years in science, skills, tertiary education and regional development initiatives.

"These will help diversify the economy, and support more jobs and higher wages for New Zealanders in the decade ahead," Economic Development Minister Steven Joyce said in a statement.

The package included 410.5 million NZ dollars (275.07 million U.S. dollars) for science and innovation, taking the government's annual science investment to 1.6 billion NZ dollars (1.07 billion U.S. dollars) by 2020.

"We have been making very good progress as a country since the Global Financial Crisis. We have been the world's seventh fastest growing developed economy over the past five years," Joyce said.

"We have seen over 200,000 jobs created in the last three years, record numbers of highly-skilled graduates, and major growth in new and emerging high-tech sectors like the software services sector," he said.

"Now we need to continue that momentum. This package of initiatives will build on the progress we are making and strengthen the diversification that is occurring across the New Zealand economy."

The Royal Society of New Zealand science academy welcomed the investment as a contribution to the long-term goal of increasing investment in scientific research and innovation to 0.8 percent of gross domestic product.

"New Zealand needs to retain more of our excellent researchers and providing more opportunities for funding and international collaboration will contribute significantly to allowing us to do that," chief executive Dr Andrew Cleland said in a statement.

Dr Warren Parker, chair of the Science New Zealand organization, said the substantial increase in public funding would strengthen the connection between science in New Zealand and its practical application.

"Science-based innovation is at the heart of opportunity for economic and social prosperity, and critical to protecting and enhancing our environmental wealth. It enables higher value, higher paid jobs and creates the wealth we need as a nation, to re-invest into our society for the future," Parker said in a statement. Endit