New Zealand’s investment in research and development (R&D) has reached a major milestone, with total expenditure climbing to $6.4 billion in 2024.

This marks a 21% increase from 2022, reflecting a growing commitment to science, innovation, and technology as key drivers of the economy.

Minister for Science, Innovation and Technology, Dr Shane Reti, praised the surge in funding, emphasising its role in strengthening New Zealand's economic future.

He noted that R&D boosts productivity, supports high-value job creation, and enhances opportunities in global export markets.

"The continued investment in R&D is essential to ensure our economy grows, diversifies, and thrives on the world stage," Dr Reti said.

Stats NZ data reveals a 24% rise in average R&D expenditure per entity, reaching $2.8 million, with a 9% increase in R&D full-time equivalents (FTEs), totalling 42,000.

The business sector saw a 9% growth in R&D expenditure, reaching $4.0 billion, with businesses reporting that expanding into new markets and maintaining their competitive edge were key motivators.

“The focus on R&D is crucial to diversifying New Zealand’s economy and creating more high-paying jobs," Dr Reti added.

"It supports the Government’s wider trade and investment agenda, ensuring New Zealand remains competitive internationally."

With R&D accounting for 1.54% of GDP, Dr Reti highlighted that the Government’s ongoing investment in technology and innovation is creating a robust platform for long-term economic growth and global trade.

Know something local worth sharing?

Send it to [email protected] — we’ll help spread the word.