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The budget's innovation package

NZ NewswireNZ Newswire 26/05/2016

WHAT'S THE INNOVATIVE NZ PACKAGE?

The $761m Innovative New Zealand package provides funding for initiatives across three different areas: science and innovation, tertiary education and regional economic development. The government says it will encourage entrepreneurship, skills and economic growth.

SCIENCE AND INNOVATION - $411m

* Much of the new funding will go to various science and research funds, including the Marsden Fund and the new Endeavour Fund

* $97m for more health research through the Health Research Council

TERTIARY EDUCATION - $257m

* $86m for targeted tuition subsidy increases in certain degree areas - agriculture, veterinary science and undergraduate medicine

* $14.4m for 5000 more apprentices

* Universities and other tertiary education providers will only be able to increase their fees by two per cent a year from 2017/18

REGIONAL ECONOMIC DEVELOPMENT - $94.4m

* $44m for the regional growth programme - will assist regions develop opportunities for new business and growth

* $40m more for regional research institutes

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