8. Dr ASHRAF CHOUDHARY (Labour) Link to this
to the Minister of Research, Science and Technology
What reports has he received of scientific breakthrough led by New Zealand researchers?
Hon PETE HODGSON (Minister of Research, Science and Technology) Link to this
I have received an abundance of reports. In the last week AgResearch scientists have announced the discovery of a new natural pesticide; a company called Orico Ltd in Dunedin has announced a pharmaceutical prospect for some types of muscular dystrophy; and news of a wound-healing gel derived from squid has just been made public by the chemistry department at Otago University. I think it is appropriate for this House to commend those remarkable advances, and I am sure we all do.
Dr Ashraf Choudhary Link to this
How are the recent Labour-led initiatives supporting the research and development environment in New Zealand?
Members will be aware that a 15 percent tax credit for private sector research and development spending means that a company investing $100,000 in research can now get $15,000 back straight away. New Zealand’s total research and development spending has increased by about 10 percent in the 2 years from 2004 to 2006 and now stands at $1.8 billion. I am in no doubt that this tax credit will substantially increase that figure.