R&D support
A new lending scheme will also be introduced to allow firms to borrow up to 50 per cent of the cost of their 'business as usual' expenditure in research and development, capped at a maximum of $100,000.
Some $150m is set aside for that and it is expected to be up and running by early June, with details coming in the near future.
Bad ideas
Also set aside is $80m to make failed innovations eligible for tax deductions.
"While letting businesses write off tax for unsuccessful products might sound counter-intuitive to some people, this is actually an important way of encouraging investment because it gives businesses the confidence to have a go and take the risk," Revenue Minister Stuart Nash said.
Other measures
Other measures focus on improving e-commerce capability among New Zealand firms, including a $12.5m boost to the trans-Tasman e-invoicing initiative and increased funding for business assistance programmes for firms needing help to navigate the disrupted economic environment.