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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news