Through initiatives such as Callaghan Innovation and new forms of company incubators, business investment in R&D has greatly expanded. According to Statistics NZ's Survey of Research and Development, overall expenditure on R&D has grown by 23% since 2008 to $2.6 billion. Critically, private sector expenditure has grown by 31% over the same period to $1.2 billion.
This is an excellent trend in the right direction, but more needs to be done. We still lag behind other small economies in terms of the percentage of our GDP spent on R&D. Despite the recent growth we've experienced, our total spend is 1.27% of GDP, versus the OECD average of 2.38%. We're heading in the right direction but it is critical for New Zealand's future that we continue on this path.
Spending on R&D by sector, 2008 - 2012:
|$ million||2008||2010||2012||% change|
|Private sector||$ 913||$ 971||$ 1,193||31%|
|Government||$ 584||$ 615||$ 596||2%|
|Universities||$ 643||$ 802||$ 836||30%|
|Total||$ 2,140||$ 2,388||$ 2,625||23%|