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

 

Advanced water schemes keep Crown funding

Central Plains, Kurow, Waimea water schemes keep Crown construction funding

By Paul McBeth

April 5 (BusinessDesk) - The government will help fund the construction of irrigation projects on the Canterbury plains and near Kurow and Nelson as it winds back support for large-scale water schemes.

Finance Minister Grant Robertson today said all existing Crown Irrigation Investments Ltd development contracts will be honoured, and that the three named schemes will receive funding for their construction phase given how far down the track they were. The government put its water storage funding contracts under the microscope after campaigning on a platform to end government support for large irrigation schemes.

"I recognise that this decision will be disappointing for proponents of projects that won’t be considered or progressed," Robertson said in a statement. "It is important to remember that schemes may be able to continue, but the government believes that public subsidies for large-scale private irrigation can instead be better directed to other areas of need."

Crown Irrigation provided a $65 million loan to fund construction of the $200 million Central Plains Water Stage 2 project, committed up to $35 million to the $70 million Waimea dam build, and has signed a construction funding term sheet for the Kurow Duntroon scheme.

Robertson said the funding for the three projects can be met through existing appropriations provided the Waimea and Kurow projects raise enough private money within their allowed timeframes.

Small-scale, locally-run and environmentally sustainable storage schemes could be considered for funding on an individual basis via the Provincial Growth Fund, he said.

Primary Industries Minister Damien O'Connor said large-scale irrigation schemes need to be environmentally sustainable and economically viable to support a focus on greater values rather than bigger volumes.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Official Cash Rate Unchanged At 1 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment remains around its maximum sustainable level while inflation remains below the 2 percent target mid-point but within our target range... More>>

ALSO:

Food Prices: Avocados At Lowest Price In Almost Three Years

Avocados are at their cheapest average price since February 2017, with tomato, lettuce, and cucumber prices also falling, Stats NZ said today. More>>

Auckland Port Move: Cabinet Ministers Deliberate On Report

Cabinet ministers now have a copy of a report urging the government to move the Auckland port up north, but say no final decisions have been made. More>>

ALSO:

Toxicology Tests Planned: Dead Rats Washed Up On Beaches

As many as 600 rats washed up on Westport's North Beach over the weekend to the horror of locals. DOC said they may have been killed by a recent 1080 poison drop 140km away and washed down the Buller River after heavy rain battered the coast. More>>

ALSO: