It has been reported that the government has decided to invest $321 million into science, research and development, and it did receive a lot of approval, but was opposed by the Labour Party and the Manufacturers and Exporters Association.
Yesterday, it was announced by Prime Minister John Key that the capital will be in next week's Budget and has asked companies to use it as an upcoming venture.
Prime Minister John Key said, "This is a Budget where there's not a lot of money to go around but we are saying science, and lifting the knowledge of the New Zealand economy, is crucial if we want to earn higher wages and have better jobs”.
It is said that the capital will be provided in grants to sustain industries with their research and development (R&D).
Also, for those that don't have strong internal potential and subsidy to draw scientists to New Zealand, vouchers would be provided.
It was approved by the Green Party as well and it said that a step in the correct route was taken, even though its main concern was sustainable growth.
According to the Manufacturers and Exporters Association (NZMEA), the scheme was a wishy-washy shadow of the preceding R&D tax credits.