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Minister promises R&D boost in upcoming NZ budget

New Zealand’s prime minister has said that industrial R&D will receive an additional NZ$80 million (US$61m) in the country’s budget announcement next month.

In a pre-budget speech delivered on 14 April, prime minister John Key said the money would be added to the government’s business R&D fund, Callaghan Innovation, over the next four years.

This is equivalent to a 14 per cent annual increase, the government said. Spending had previously been set at NZ$566m for industrial R&D between 2013 and 2017.

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