Today's 2018 Budget announcement is lacking anything "new and exciting" for businesses, according to Rotorua's Chamber of Commerce chief executive.

"The $1 billion provincial growth grant is fantastic but that was [announced] in February," Allison Lawton said.

The Government did announce $1b over four years to finance a research and development tax incentive which would give eligible businesses 12.5 cents back for every dollar they spent on research and development.

"That's encouraging businesses to engage in research and development, and that's around increasing regional productivity," Lawton said.


"That's great if you're in that playing field.

"It's nice to see health as a big winner ... but I would say actually there's nothing new or exciting in the announcement for business."

Research, Science and Innovation Minister Megan Woods said the research and development tax incentive would "help smart Kiwi businesses to innovate".

"We need new ideas, innovation and new ways of looking at the world if our businesses are to build a more productive economy."