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

 


Crown Balance Sheet Management to be Strengthened

Crown Balance Sheet Management and Decision Making to be Strengthened

The Treasury will continue to progress work with government departments and other Crown agencies to further strengthen Crown balance sheet management and decision making following amendments to the Public Finance Act late last year.

"Like in many countries around the world, public sector agencies and governments in New Zealand need to improve their focus on the better use of capital,” Secretary to the Treasury, Gabriel Makhlouf, said today.

The Treasury today published its 2014 Investment Statement, a statutorily-required report card on the Crown’s balance sheet of what it owns and owes.

"We have a solid record of a well functioning public finance management system which has helped cushion New Zealanders from the full brunt of recent economic and financial shocks and natural disasters.

"But it is also true that there is scope for further strengthening of Crown balance sheet management practices. New Zealanders would benefit from having a greater understanding of performance across the portfolio of Crown assets and liabilities because it would assist with delivering value for money.

"Our capital management practices and expectations need to be stronger to complement our strong fiscal accountability standards for operating expenses,” Gabriel Makhlouf said.

Conclusions in the Investment Statement include that the Crown’s balance sheet has been growing over the past 20 years and this will continue in the future. Individual agencies’ asset performance measurement and monitoring of their own asset bases and investing activities has been improving in recent years, but it is still not as comprehensive as it could be to provide the information required to more fully assess opportunities and risks to the Crown’s overall position.

"Owning the right assets, managing them well, funding them sustainably, and managing risks to the Crown balance sheet, are all critical to the provision of high-quality and cost-effective public services. In particular, the coming demographic challenges mean that the quality of balance sheet management will become increasingly important to underpinning New Zealanders’ living standards now and in the future,” he said.

"Creating systems for better information collection and evaluation will be a priority for the Treasury in its work with agencies in the years ahead. The next Investment Statement, required no later than four years from now, will outline how public sector organisations have made progress on this important work,” he said.

Link to 2014 Investment Statement.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news