Finance Minister Steven Joyce announced a $373 million increase in spending for science and innovation in a bid to help diversify the economy support more jobs and higher wages.
"It's all about adding more value to our export volumes. Investment in innovation is hugely important for lifting our productivity and providing for our future prosperity," said Joyce in a speech while presenting the 2017 budget.
The increase - part of the Innovative New Zealand programme - includes the previously announced $74.6m increase for Callaghan Innovation research and development grants. The government has also earmarked a further $81.9 million for the Endeavour Research Fund, which supports mission-led programmes of science.
It increased funds for higher tertiary fee subsidies by $69.3m and has earmarked a further $52.5m for university research funds.
The extra funds also include $40.5m of new money to help reduce the risk to life from natural disasters and hazards and to explore the Antarctic environment.
