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2014 Investment Statement

Preface

The 2014 Investment Statement fulfils a fiscal reporting requirement set by Parliament when it amended the Public Finance Act 1989 late last year.

It provides information on the shape and health of the Crown's portfolio of assets and liabilities at the end of the last full financial year. It outlines how the balance sheet has changed in recent years and it includes forecasts on its anticipated composition and size through to 30 June 2018.

Individual agencies' non-financial asset management performance information cited in this Statement was collated in 2013 and early 2014.

Based on the information available, this Statement provides a general assessment of how closely the Crown's balance sheet composition aligns with governments' service delivery objectives. It assesses where the main risks lie in terms of governments' ongoing ability to provide the public goods and services that New Zealanders expect of their governments.

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. That means that the quality of balance sheet management is vital to maintaining New Zealanders' living standards now and in the future.

Yet one of the key findings of this Statement is that the information available to assess whether Crown assets are fit for purpose and being cost-effectively managed is not as consistently strong as it should or could be across the public sector.

That is why 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 to be presented to Parliament no later than four years from now, will outline progress made on the areas of focus identified in this Statement and highlighted in the Executive Summary.

In preparing this Statement, the Treasury has used its best professional judgement.

Gabriel Makhlouf
Secretary to the Treasury

20 March 2014

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