The top prize, rewarding 'transformative science discoveries,' is worth as much as all other prizes put together.
Professors John Boys and Grant Covic shared half a million dollars for the Prime Minister's Science Prize in 2013. Their inductive power transfer technology is now used throughout the world, from factories that depend on automated systems or clean-room environments, to charging electric vehicles.
Other past winners have researched nuclear MRI, superconductivity, climate change science and food innovation.
The 2014 Future Scientist Prize will be awarded to the Supreme Award recipient from the Royal Society of New Zealand's 'Realise the Dream' competition.
The prizes are:
• The Prime Minister's Science Prize, $500,000
To an individual or team which has made a transformative discovery or achievement in science that has had a significant impact on New Zealand or internationally
• The Prime Minister's MacDiarmid Emerging Scientist Prize, $200,000
To an outstanding emerging scientist undertaking research for a PhD or within five years of the date of the award of a PhD
• The Prime Minister's Science Teacher Prize, $150,000
To a science teacher for outstanding achievement in teaching science
• The Prime Minister's Science Media Communication Prize, $100,000
To a practising scientist who is an effective communicator, to provide them with an opportunity to further develop their knowledge and capability in science media communication
• The Prime Minister's Future Scientist Prize, $50,000
To a secondary school student for outstanding achievement in carrying out a practical and innovative research or technology project.