Moana Mackey

It's time the National Government honoured its promise of a "better" replacement for the New Zealand Fast Forward Fund, says Labour's Research and Development, Science and Technology spokesperson Moana Mackey.

"Labour's Fast Forward Fund signalled an important shift in the way we fund research crucial to our sustainable economic growth. It was welcomed across the board as good for business, good for science, and good for New Zealand."

Ms Mackey, also Labour's Rural Affairs spokesperson, said that issues raised during today's Education and Science Select Committee's financial review of New Zealand's largest CRI AgResearch showed the need for clarity around the Government's intentions.

"In CCMAU's Briefing to Incoming Ministers, it described AgResearch's financial sustainability as largely dependent on the Fast Forward Fund."

"AgResearch themselves told us how important Labour's Fast Forward Fund was for their ability to continue carrying out world-leading research."

Any replacement funding needed to meet three criteria, Ms Mackey said.

"Firstly, the amount of funding must at the very least match the $2 billion put up by Labour and the private sector. Any expansion of criteria to include research beyond the pastoral and food sectors must come with extra funding rather than the fund simply being more thinly spread."

"Secondly, any replacement funding should be dedicated and long term. The sector needs certainty, and having to rely on a year by year appropriation of money ignores the reality of scientific research."

"Thirdly, the funding must provide incentives for increased private sector investment in research. The Fast Forward Fund was matched dollar for dollar by the private sector."

"National has no credibility when it comes to supporting science and R&D. On the day the Government cancelled Labour's R&D tax credits, Labour is calling on the Minister of Research Science and Technology to salvage what's left of his credibility and honour his promise to "better" Labour's Fast Forward Fund."