The Government's $1.5 billion annual spend on science will be guided by a new "national statement of science investment".
Instead of separate sector-specific research funds, there'll now be a single contestable fund, which Science and Innovation Minister Steven Joyce says will be able to respond to emerging opportunities.
The NSSI will set the long-term strategic direction for the Government's investment in science and help determine where money should be spent.
"Over the next five to 10 years, the science system will be increasingly prominent as it both shapes and is shaped by an economy that is increasingly innovation-led, with New Zealanders who are more engaged with science in their daily lives than ever before," Mr Joyce said.
* Introduce annual system performance reports as well as a comprehensive sector-wide evaluation, monitoring and reporting system for public science
* Develop a new international science strategy to maximise the benefit from international science engagement
* Establish new regional research institutes
* Review Crown Research Institutes' core funding
* Undertake a strategic refresh of the Health Research Council.