Innovation spend celebrated

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Increased spending on research and development by businesses is cause for celebration, says BusinessNZ.

New data from Statistics NZ shows a recent increase of around half a billion dollars over the last two years had brought firms’ total expenditure on research and development over to $2.1 billion last year.

The increase is significant because company-level R&D investment in New Zealand was previously lagging, BusinessNZ Chief Executive Kirk Hope said.

“Over recent years business investment has been slightly less than the government’s investment in R&D, but the 2018 figures show business investment now reaching 55 percent of the total.

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