The Government’s level of investment in research and development is paying off with new figures out showing total expenditure in R&D hit record levels last year and has increased by 67 per cent since 2016. Total R&D expenditure reached over five billion dollars in 2022, covering the business, government, and higher education sectors. Government investment has increased by $2.11 billion since taking office.
“The Government’s focus on R&D as a key driver of our economic growth is paying dividends,” says Minister of Research Science and Innovation Hon Dr Ayesha Verrall.
“Ongoing investment in research and development grows the New Zealand economy.
The R&D Tax Incentive now has 1779 businesses enrolled, with $265 million of tax incentive having been paid. This has supported private sector investment in R&D of $1.77 billion so far. The stats show the business sector R&D spend grew by $1.5 billion compared with 2016 and accounted for more than half of total R&D expenditure in 2022. Firms’ spending on average rose 9 per cent since 2021 to $1.3 billion and the number of staff working on R&D rose 12 percent to 21,000. Some 44 per cent of firms expect to increase the amount of R&D they will undertake in the next financial year.
Credit: sunlive.co.nz
