Wellington — June 2, 2026 — The New Zealand Government has unveiled the Tertiary Research Excellence Fund (TREF), a new initiative designed to strengthen research capability in the tertiary education system while reducing compliance costs. The fund will invest $315 million annually, replacing the Performance‑Based Research Fund (PBRF).
Minister for Tertiary Education and Minister of Science, Innovation and Technology Penny Simmonds said the TREF will reward research excellence and impact in a more responsive and efficient way. “The new fund will significantly reduce compliance costs for tertiary education organisations,” she noted, highlighting the move away from the burdensome Evidence Portfolio system used under the PBRF.
The TREF introduces a stronger focus on impact metrics, including external research income, citations, commercialisation, and policy outcomes. This shift is intended to align research more closely with New Zealand’s future skills and innovation needs, ensuring that investment supports both academic excellence and economic growth.
The design of the fund was informed by the University Advisory Group, chaired by Sir Peter Gluckman, and refined through engagement with experts and the sector. The Tertiary Education Commission will begin operational design immediately, with changes phased in from 2027 and full alignment to the new framework by 2029.
By streamlining processes and emphasizing measurable impact, the TREF represents a major step toward building a research system that supports innovation, competitiveness, and long‑term prosperity for New Zealand.
