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

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news