News: 26 May 08
Budget 2008 Fact Sheet

The Foundation? for Research Science and Technology will have $536 million (GST inclusive) to invest in the 2008/09 financial year, as a result of the Government’s Budget 2008. This is an overall increase of $79 million over the 2007/08 year, though various transfers between financial years means the new net funds from Budget 2008 and previous Budgets amount to approximately $35.5 million.

Much of the $536 million is already committed through multi-year contracts but the Foundation plans to invest approximately $150 million through the current public good science and technology investment round.

Brief details of the new public good science and technology funding are set out below. We will provide further information in due course.

The Foundation is very conscious of the need to ensure the extra funds are not only invested in areas of optimum benefit to New Zealand but as expeditiously as possible along with minimum compliance costs. The Foundation’s Board will need to consider how this extra money will be allocated. The next Board meeting is in June so by late June we should be able indicate how the funds will be invested and in what timeframes.

Public Good Science and Technology new investment funding

Environmental Research?
A total of $3.375 million a year is being made available for land and water use and quality research. Additionally, $2.25 million in 2008/09, rising to $5.06 million from 2009/10 has been provided to adjust for cost pressures in Outcome Based Investments. And $2.885 million in 2008/09, rising to $5.135 million from 2009/10 has been provided to implement the new Environmental Research portion of Backbone Research and Science Scheme.

New Economy Research Fund?
An additional $3.375 million is available in 2008/09 for investment through the New Economy Research Fund, for enhancing emerging and high value technologies and services. A further $3.375 million, rising to $9 million in 2010/11 and $11.25 million from 2011/12 is provided for the High Tech Platform Transformational Research, Science and Technology (TRST) area.

Research for Industry?
An additional $10.125 million a year from 2008/09 has been provided through the Research for Industry output for research into sustainable primary systems; improved biosecurity tools and understanding; hazard management research; and deep geothermal research. A further $1.616 million a year has been allocated to implement the Research for Industry portion of Backbone Research and Science Scheme, while $1.687 million in 2008/09 rising to $3.375 million in 2009/10 and $5.625 million from 2010/11 has been provided for the Energy Transformational Research, Science and Technology area (Energy TRST). And $2.25 million, rising to $3.375 million from 2010/11, is provided for renewable energy research.

Sustainable Energy Development?
A total of $4.5 million a year is provided for the Low Carbon Energy Technologies fund (this was new money decided in 2007/08 – it is not part of Budget 2008 new initiatives).

(Note: All figures are GST inclusive)