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Whole-of-life cost (WOLC)

The present value of total cash costs of an investment over its life cycle, calculated using the WOLC guidance and the relevant Public Sector Discount Rate. For more detail about how this is calculated see:

Investment-intensive agency

These are agencies that manage large or service-critical portfolios, programmes or projects. Investment-intensive agencies are listed at:

Corporate centre

The State Services Commission, the Treasury and the Department of the Prime Minister and Cabinet, the Government Chief Information Office and New Zealand Government Procurement and Property work together to provide leadership for the State sector and to monitor, influence, and improve performance.

Crown balance sheet

What the government owns and owes. A statement of assets, liabilities and net worth, also known as the Statement of Financial Position.

Investment management system

The processes, rules, capabilities, information and behaviours that work together to bring discipline to the way investments are managed throughout their life cycles.


The Investor Confidence Rating is a rating based on evidence that reflects the level of confidence in the agency or sector in which investments may be made.


Sets out the Cabinet's expectations around Investment Management and Asset Performance in the State Services. The full circular is available at:

Investment Ministers

A group of Ministers designated to give effect to the objectives of the investment system. The current members of the group are: the Minister of Finance and the Associate Finance Ministers, and the Minister responsible for the Department of Internal Affairs.

Significant investments

Those investments with a high degree of importance of an investment issue, proposal, or decision in terms of its likely impact on, and likely consequences for:

  • the Crown or the agency or sector, customers or clients, or the capacity of State services agencies to perform their functions
  • the government's fiscal strategy
  • the government's investment strategy.

Investment project

The following activity, irrespective of funding source or appropriation type or the form of government financial support:

  • changes (additions or disposals) to asset portfolios
  • changes that result from adopting “on demand” service offerings (for example, Infrastructure as a Service)
  • any new lease arrangements, or renewals of lease arrangements (for example, property rentals).


The Portfolio, Programme and Project Management Maturity Model is a reference guide for structured best practice. The maturity scales are used as part of assessing Investor Confidence Ratings.

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