New Zealand business R&D ranks in the bottom quarter of the OECD and far below leading small countries, Labour’s Science, Innovation, Research and Development spokesperson David Cunliffe said today.
“New Zealand business expenditure on R&D (BERD) is 0.54 per cent of GDP, a third of the OECD average of 1.62 per cent.
“This places New Zealand in the bottom quarter of the OECD.
“Total New Zealand R&D is just 1.17 per cent of GDP, less than half the OECD average of 2.40 per cent.
“Small advanced economies like Denmark, Finland and Israel typically invest more than 3 per cent in R&D.
“Industry commentators have slammed the closure of Fisher & Paykel’s Auckland plant as yet more evidence of the National Government’s lack of vision and investment in innovation.
“Cancelling Labour’s popular R&D tax credits and forcing Kiwi companies to jump through Callaghan Innovation's bureaucratic hoops was a giant leap backwards.
“Now more hard working loyal Kiwis are paying for the Government’s inaction with their livelihoods and their family's security.
“No amount of Steven Joyce’s spin today can change that,” David Cunliffe says.