Source: New Zealand Government
The Government has released its first Quarterly Investment Report as part of the drive to deliver better value for money from government expenditure and restore fiscal discipline, Finance Minister Nicola Willis and Associate Finance and Infrastructure Minister Chris Bishop say.
“We will be publishing these reports quarterly to provide the public with much better visibility of the government’s investment portfolio, to improve investment discipline, and drive better performance from agencies,” Ms Willis says.
“The first report prepared by The Treasury, to March 2024, is concerning. It indicates that some agencies are not meeting their reporting obligations, and there are significant issues with the quality and completeness of data reported including agencies not submitting investment proposals to the Treasury.
“The report also highlights a lack of long-term planning, insufficient attention to the investment reporting process, and inconsistent application of the rules and requirements of the investment management system.”
“The Minister for Infrastructure and I have written to portfolio Ministers setting out updated expectations in regards to investment discipline and agency submissions for the April – June 2024 Quarterly Investment Report.
“Cabinet has made its expectations clear around robust investment discipline. Cabinet expects agency Chief Executives to drive improvements in their agencies regarding full and accurate data, robust business cases, and improved asset management. The Infrastructure and Investment Ministers Group will be monitoring these improvements.”
“The report also highlights the risks of cost escalation and delivery delays. Ministers will be closely monitoring the progress and performance of these investments and will intervene where needed to get projects back on track,” Mr Bishop says.
“Greater prioritisation of investments is required so that only those investments that are of the highest value for money, highest Government priority, and are ready for a funding decision, are brought forward through to future Budget processes.
“As a further measure to ensure fiscal sustainability we are also reviewing the Treasury’s Better Business Case and Gateway frameworks to ensure these are fit for purpose and are delivering value for money.”
The next Quarterly Investment Report covering the April to June 2024 quarter will be released in October.
Note to Editors:
Quarterly Investment Reports will be published to ensure that the status of investments is open and transparent. They are developed based on investment information that government agencies submit to the Treasury following the end of a quarter.
Agencies are responsible for the accuracy and completeness of investment information they submit to the Treasury. The Treasury does not edit or update agency information, save for correcting minor data formatting issues. The Treasury has previously published these reports as part of the respective year’s Budget Proactive Release but will now do so on a quarterly basis.
The Quarterly Investment Report for January to March 2024 information release can be accessed through The Treasury’s website.
