Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Treaty settlement top-ups for Tainui, Ngai Tahu loom in 2013

Treaty settlement top-ups for Tainui, Ngai Tahu poised for 2013 financial year

By Paul McBeth

Sept. 12 (BusinessDesk) – The Waikato-Tainui and Ngai Tahu iwi are poised to claim top-ups on their 1990s Treaty settlements because of a relativity clause that gets triggered when the so-called fiscal envelope is exceeded.

Treaty Negotiations Minister Chris Finlayson progress with claims means there’s some $1.79 billion completed or in the pipeline, including the $170 million settlement with the 35,000-strong Ngai Tuhoe tribe announced this week.

The central North Island-based Tainui and South Island Ngai Tahu settled for $170 million apiece but were granted top-up clauses that would ensure Tainui received 17 percent of all settlements and Ngai Tahu got 16.1 percent.

That clause would come into play if the Crown paid out more than $1 billion in 1994 dollar terms under the fiscal envelope. That works out at roughly $1.54 billion today, using the Reserve Bank's inflation calculator, though it doesn't account for the timing of various settlements.

"The pace (of settlements) has picked up for sure," Associate Professor Peter Adds, the head of Maori Studies at Victoria University, told BusinessDesk. Still, "they had aspirations for a 2014 date (for completing all historic grievances) but I don't think there's any chance of meeting that."

The figures for claims settled or in the pipeline are based on settlement terms published on the Office of Treaty Settlement's website.

That's made up by 30 completed settlements of some $1.09 billion, 12 signed deeds of settlement worth about $201.2 million, four deeds waiting for ratification by iwi of $143.9 million, and 16 agreements in principle of about $362.8 million.

Adds, who is also a negotiator for Te Ati Awa ki Taranaki, said the Crown will probably have to pay out on the relativity clauses, which it offered to the heavyweight iwi to get them over the line and hasn't put on the table to anyone else.

"They are definitely trying to keep under a billion dollars" through cultural redress, such as land management rights, which doesn’t count to the limit, he said.

The Crown will give its annual update to Tainui and Ngai Tahu next month on where they stand on the relativity clause, based on the past financial year, meaning the clause is likely be triggered in the 2013 year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news