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Supporting growth of Māori economy is vital for Aotearoa

15 May 2014

Supporting growth of Māori economy is vital for Aotearoa

Targeted new spending in Budget 2014 a good step, but more can be done

Budget 2014 provides for targeted initiatives supporting the Māori economy, including $8 million over four years towards a Māori Innovation Fund, $6 million over four years in operating funding towards New Zealand Māori Tourism, $1 million ($500,000 of which is reprioritised spending) for a joint New Zealand Māori and Chinese stage production and $5 million to establish a Māori Centre of Research Excellence.

Deloitte partner Mark Lash (Ngāi Tahu) says that given the Māori economy is estimated to be worth $40 billion and growing, it is fundamental that Government initiatives are targeted to support its growth as a major contributor to the financial and social wellbeing of Māori and all of Aotearoa.

“In particular, we need to lift the financial performance of the Māori asset base if we are going to create better outcomes for Māori and the greater New Zealand economy. Currently, that $40 billion asset base is fragmented and heavily biased toward property and primary industry,” says Mr Lash.

“While today’s announcements are a positive step in the right direction, more could be done to encourage creativity and innovation in the Māori economy and support the commercialisation of those ideas to lift financial returns from the putea,” says Mr Lash.

In the year since the Government’s last Budget announcement there has been accelerated progress settling treaty claims. But the real economic benefits for Māori (and the wider economy) will only come once this process is complete.

“The focus needs to be on real and practical programmes that will assist in lifting the financial return of the Māori asset base – it’s time for less hui and more do-i,” concludes Mr Lash.

About Deloitte in New Zealand
Deloitte New Zealand brings together more than 1000 specialist professionals providing audit, tax, technology and systems, strategy and performance improvement, risk management, corporate finance, business recovery, forensic and accounting services. Our people are based in Auckland, Hamilton, Rotorua, Wellington, Christchurch and Dunedin, serving clients that range from New Zealand’s largest companies and public sector organisations to smaller businesses with ambition to grow.

Deloitte provides audit, tax, consulting and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.

For more information about Deloitte in New Zealand, go to our websitewww.deloitte.co.nz.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/nz/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms.

ENDS

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