Two new, independent boards which will be responsible for science and innovation funding, have been set up and their members announced.
They will be chaired by Dr William Rolleston and Professor Sir David Skegg, respectively.
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Research, Science & Technology Minister Wayne Mapp says the boards will be key players in the reforms aimed at improving the science and innovation sector.
Dr Mapp says the Science Board will, within four years, allocate $500 million per year to research organisations, while the Innovation Board will have $150 million annually to give to businesses to develop good ideas.