New Zealand’s (NZ’s) investment in R & D activities as percentage of GDP has remained near the bottom of OECD member countries. Efforts to improve this level have involved various targeted grants, tax credits (twice), and cashing out of R & D losses (a form of government loan), and have ebbed and flowed with the changes in government. This paper reviews NZ’s approach from the early 2000s to the latest tax credit scheme that took effect in 2019. It reveals that the level of uncertainty, frequent change and political philosophies has done little to encourage businesses to take risks through increasing their investment in R & D.