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The Government is making a major investment in growing innovation in Budget 2016, through the Innovative New Zealand package to encourage entrepreneurship, skills and economic growth.

“Innovative New Zealand is a series of 25 initiatives that will see $761.4 million 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 says.

Summary

Budget 2016 will provide $94.4 million of new funding over the next four years for regional economic development initiatives that will boost economic growth and benefit communities across regional New Zealand.

This dedicated regional investment funding is part of Budget 2016’s Innovative New Zealand package, which aims to unlock opportunities for innovation and diversification across New Zealand.

Summary

A total of $256.5 million in operating funding over the next four years will be invested across the tertiary education sector through Budget 2016’s Innovative New Zealand package as the Government continues to incentivise the provision of skills for the 21st century.

This package will encourage training in disciplines such as science, engineering, agriculture and the trades as we continue to grow a high-value, diversified New Zealand economy.

Summary

The Government will significantly increase its investment in science and innovation through Budget 2016’s Innovative New Zealand package, providing a further $410.5 million in operating funding over the next four years.

Investing in the work of our scientists and innovators is hugely important for developing an innovative New Zealand with a truly resilient and diversified economy.

An additional $9.6 million over four years will provide for more Māori and Pasifika Trades Training (MPTT) as demand for the programme continues to grow, Tertiary Education, Skills and Employment Minister Steven Joyce and Maori Development Minister Te Ururoa Flavell say.

“This funding will provide places for 2,500 young Māori and Pasifika learners in MPTT programmes this year, and 3,400 next year, up from just 1,200 in 2014,” Mr Joyce says. 

Budget 2016 will provide $14.4 million over four years for more apprenticeship training, Tertiary Education, Skills and Employment Minister Steven Joyce announced today.

“A strengthening labour market, a rebuilt industry training system and improvements in school achievement are resulting in greater demand for apprenticeships, as young people rightly see them as a great way to get into, and stay in, a rewarding career,” Mr Joyce says.