7. MOANA MACKEY (Labour) Link to this
to the Minister of Research, Science and Technology
What action has he taken to foster sustainable development in New Zealand?
Hon PETE HODGSON (Minister of Research, Science and Technology) Link to this
We have boosted our investment in research and development in last week’s Budget by $205 million over 4 years. This is a large and carefully targeted increase in funding, which I anticipate the National Party will vote against later this week. Another change in science is also coming into play. Last month the 15 percent tax credit on all qualifying research and development expenditure by the private sector began, and it is predicted to increase private sector investment in research and development very significantly indeed. The National Party voted against that, too.
Why has the Minister, in noting the increase in Budget 2008 of $205 million over 4 years, not also advised the House about the more than $700 million of capital expenditure in research, science, and technology?
That is a good question, and I apologise for my oversight. It is, of course, mostly the New Zealand Fast Forward funding of $700 million to be matched by the private sector, much of which will increase our research effort in the pastoral and food sectors. National’s leader, John Key, called that investment—which is the biggest in New Zealand’s history—a gimmick. Later this week National, we think, will vote against this, too.