The Wellbeing Budget

Building a productive nation

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Initiatives: Bridging the venture capital gap and supporting innovation

Building Early Stage Capital Market Development

$240 million capital
This initiative aims to provide investment into early stage capital markets. This will be done through providing funding for venture capital funds. Multiple venture capital funds will be created at scale that will offer highly specialised capability and expertise.

Business Connect: Digitally Connecting Businesses with Central and Local Government

$7.1 million operating
This initiative establishes a catalogue of services, business rules and information that can be reused by agencies across government with the platform to become self-funding from 2021.

Commercialisation of Innovation

$25.5 million operating
This package of initiatives aims to maximise the impact of public investment in research and science by providing effective pathways for knowledge transfer into the economy.

Future-Proofing New Zealand's Manufacturing Sector by Driving Industry 4.0 Uptake and Skills Development

$6.2 million operating
$0.6 million capital

This initiative provides funding for an Industry 4.0 demonstration network consisting of a mobile industry showcase, a network of Industry 4.0 site visits and up to two 'smart factories', all available for visit by those interested in learning about Industry 4.0 technologies and concepts.

Gracefield Innovation Quarter Programme Business Case

$25 million operating
$50 million capital

This initiative enables Callaghan Innovation to redevelop the Gracefield Innovation Quarter. This will be done by addressing long-standing deficiencies and underinvestment. The funding also provides for development of a long-term strategic vision for the site.

Improved Satellite-Based Positioning to Increase Innovation, Safety and Efficiency

$2 million operating
This initiative will explore opportunities for New Zealanders to access global positioning technology using a satellite based augmentation system. This is necessary to support the adoption and creation of new technologies and products.

Innovative Partnerships Programme

$10 million operating
This initiative seeks to attract globally-leading firms and innovators. This will be done through developing New Zealand's competitive advantage in transformative technologies and new sectors that support the Government's vision for a more sustainable, diversified, productive and inclusive economy.

New Zealand Screen Production Grants: Domestic

$25 million operating
This initiative will meet increased demand from eligible New Zealand productions, in line with the demand-driven, uncapped, non-discretionary New Zealand Screen Production Grants – New Zealand scheme. These grants promote industry development and cultural benefits for New Zealand.

New Zealand Screen Production Grants: International

$130 million operating
This initiative aims to incentivise international screen work to be undertaken in New Zealand. This will be done through providing funding to support the continuation of an existing grant scheme.

New Zealand Superannuation – Contributions to Support Venture Capital

$-240 million capital
$240 million of funding previously earmarked for contribution to the NZ Superannuation Fund has been reā€‘purposed for Crown investment into early stage capital markets. There will still be a contribution of $9.6 billion to the Superannuation Fund in this Budget.

NZTE: International Support for New Zealand Businesses

$20.7 million operating
This initiative aims to allow New Zealand Trade and Enterprise (NZTE) to continue supporting New Zealand businesses in international markets, in the same locations and at the same intensity.

Ongoing Operation of New Zealand Food Innovation Network

$9.6 million operating
This initiative aims to contribute to the Government's goal to raise research and development (R&D) expenditure to 2 per cent of GDP and thereby support an innovative economy and help the transition to a low-emissions economy. This will be done through allowing the New Zealand Food Innovation Network (NZFIN) to continue operating while a new funding model is developed.

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