Features

Budget 2008: Research, Innovation and Skills

Budget 2008 signals a step change towards a high wage-high skill future for New Zealand. Investment increases in tertiary education, skills, research, exporting and technology, while a new Skills Strategy will provide workers with the right skills for the modern workplace.

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As part of our Economic Transformation package, Budget 2008 invests $1.1 billion operating and $747.3 million in capital funding to boost New Zealand’s productivity through innovation involving research, a quality tertiary sector and practical support for globally competitive firms.

This includes announcements made earlier this year such as the $700 million New Zealand Fast Forward Fund, R&D tax credits and export support.

Budget 2008 also provides $168 million for the New Zealand Skills Strategy. The new strategy looks across the entire skills spectrum – from increasing literacy and numeracy skills to how those skills are best used. Investing in these skills leads to higher work quality, better health and safety, and improved staff retention. Equally important, it enhances family and community life.

Visit www.skillsstrategy.govt.nz for more.

Budget 2008 also provides:

Support for tertiary education providers such as universities and polytechnics with of $591 million in operating funding over five years and $15.5 million capital funding over four years.
Funding of $24 million for the development of high tech research platforms to build new industries in high tech manufacturing, ICT, new materials and sophisticated engineering.
Support for kiwi exporters with an extra $8 million for the NZTE Beachheads programme into China, India and South East Asia. Better by Design also receives $8 million to help firms increase their international competitiveness.
And, $32.5 million additional research funding for sustainable energy.