KPMG: Government reserves remain robust, advocates for expanded asset management and innovation industries to boost economic growth

February 28, 2025

Source: Media Outreach

HONG KONG SAR – Media OutReach Newswire – 28 February 2025 – KPMG welcomes the Hong Kong Government’s Budget, recognising it as a well-considered strategy that balances the needs of society with economic development goals. The Budget focuses on key areas such as Artificial Intelligence (AI), infrastructure investment, and innovative industries, creating new opportunities for high-quality economic growth in Hong Kong while further strengthening its international competitiveness.

The Hong Kong SAR Government has revised its 2024/25 Budget, projecting a consolidated deficit of HKD 87.2 billion. By the end of March 2025, Hong Kong’s fiscal reserves are expected to reach HKD 647.3 billion, closely aligning with KPMG’s estimates of HKD 89.7 billion deficit and HKD 645 billion in reserves, indicating that fiscal reserves remain relatively robust. The projected GDP growth rate for 2025/26 has been adjusted to between 2% and 3%, down from the previous year’s forecast of 3.2%. KPMG attributes this revision to ongoing geopolitical uncertainties and a slower-than-expected decline in interest rates. To address these challenges, KPMG recommends that the government allocate more resources to high-growth sectors such as asset management and innovation, aiming to stimulate economic growth in Hong Kong and deliver benefits to the general public.

John Timpany, Head of Tax in Hong Kong, KPMG China, says: “In the Budget, the HKSAR Government has clearly positioned AI as the core driver for cultivating new quality productive forces, and is promoting its development through a series of policy measures, fully demonstrating Hong Kong’s ambition as an international innovation and technology hub. We are pleased to see the Government leveraging the advantages of ‘One Country, Two Systems’ to actively establish Hong Kong as an international exchange hub for the AI industry, and strengthening the integration of scientific research and industrial applications through projects such as Cyberport’s AI Supercomputing Centre, Hong Kong Microelectronics Research and Development Institute, and the soon-to-be-established Hong Kong Artificial Intelligence Research and Development Institute. This not only creates opportunities for local technology companies but also injects new momentum into the transformation and upgrading of traditional industries, narrowing the gap with other leading jurisdictions.”

Stanley Ho, Tax Partner, KPMG China, says: “To ensure the strategic infrastructure projects stay on schedule, KPMG believes that raising capital by issuing government bonds at a moderate pace is a wise move. We support the government’s commitment to using bond proceeds exclusively for infrastructure investments, ensuring they are not directed towards recurring government expenditures. This disciplined approach, outlined in the new bond program, should keep the government debt-to-GDP ratio at a manageable level and protect Hong Kong’s credit rating. We encourage the government to proactively explore ways to make infrastructure projects more cost-effective. Embracing technological innovations and encouraging public-private partnerships are two promising avenues for expense optimisation.”

Alice Leung, Tax Partner, KPMG China, says: “We welcome the Financial Secretary’s proposal to expand the classes of investments permitted under the family office tax regime. To make Hong Kong even more attractive to family offices, it makes sense to include digital assets and art as eligible investments. These are already common asset classes for family offices, so adding them to the regime could encourage more family offices to set up in Hong Kong. This would be a win-win, creating jobs and boosting demand across a range of professional services. Additionally, it is encouraging to see the government actively pursuing tax treaties with 17 jurisdictions – this is a significant step in supporting Hong Kong taxpayers investing overseas. We also applaud the government’s initiative to attract more commodity trading activity to Hong Kong through a competitive 8.25% tax rate. These measures will inject vitality into the local market, enhance liquidity, and further solidify Hong Kong’s role as an international financial centre.”

Chi Sum Li, Head of Government & Public Sector in Hong Kong SAR, KPMG China, said: “We support the government’s prioritisation of investment in developing the Northern Metropolis. The focus on key industries such as innovation and technology, high-end professional services, modern logistics, tertiary education, cultural, sports, and tourism in the area demonstrates a commitment to a diversified development blueprint. Meanwhile, the accelerated progress of projects like Kwu Tung North / Fanling North, along with the implementation of transport infrastructure including the Northern Link and Hong Kong-Shenzhen Western Railway, will enhance connectivity in the region and lay a solid foundation for commercial and innovation technology development. We believe the development of the Northern Metropolis will inject new vitality into Hong Kong’s economy and create better living and career prospects for citizens.”

In terms of nurturing and attracting talent, KPMG welcomes the government’s proposal to enhance the “New Capital Investment Entrant Scheme”. It is encouraging to know the scheme has already received over 880 applications with an expected HKD 26 billion in investments. We suggest lowering the residential property price threshold from HKD50 million to HKD 30 million. This would open up the scheme to a broader range of talents looking to invest in Hong Kong real estate and we don’t anticipate this change having a major impact on housing affordability for the general public. Additionally, the government can consider shortening the current seven-year waiting period for permanent residency applicants, to make the scheme even more attractive.

Amid fiscal constraints, the government has taken measures to control expenditure growth. For 2026/27 and 2027/28, the Financial Secretary announced a 2% annual reduction in the civil service, with an estimated reduction of approximately 10,000 positions by April 1, 2027. Additionally, a salary freeze for all personnel across the executive, legislative, judicial branches, and district councils has been proposed for 2025/26. KPMG believes that job cuts and the salary freeze are signals to the public that the government is closely monitoring its spending, as taxpayers would expect during a period of fiscal deficits. This demonstrates the Hong Kong government’s commitment to prudent management of public finances.

In light of the fiscal deficit and the aging population, KPMG supports the government’s proposed optimisation of the “HKD 2 Public Transport Fare Concession Scheme.” The proposal maintains eligibility for individuals aged 60 and above but introduces a monthly cap of 240 trips. Additionally, for fares of HKD 10 or more, the subsidy will be adjusted to a 20% discount of the full fare. These measures aim to balance the travel needs of the elderly and the silver economy with smarter use of public funds. At the same time, this will enable the government to more accurately forecast related expenditures in the future.

Hashtag: #KPMG

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Three people injured in Takanini incident

LiveNews Publisher

February 28, 2025

Source: New Zealand Police (National News)

Three people have been injured in an incident on Kutukutu Street in Takanini this evening.

Police were called to the street at 7.50pm, after what appears to be an altercation involving neighbours.

The three victims have been transported to hospital with serious injuries.

The person believed to be responsible left the scene in a car and was located by the Police Eagle helicopter on Takanini School Road a short time later.

He has been taken into police custody.

Cordons are in place on Kutukutu Street and residents are asked to follow the instructions of police staff in the area.

ENDS

Issued by Police Media Centre.

MIL OSI

New Zealand and Mongolia celebrate practical cooperation

LiveNews Publisher

February 28, 2025

Source: New Zealand Government

Deputy Prime Minister Winston Peters has underlined an agenda of practical cooperation with Mongolia, following a visit to Ulaanbaatar.

“This visit enabled us to explore and develop modest and practical New Zealand support for Mongolia in diverse areas, such as sheep shearing, agricultural management, English Language Training for Officials, tax policy and clean drinking water.

“Mongolia also presents lessons for New Zealand, in areas such as how to attract investment, how to develop infrastructure, and how to utilise natural resources effectively to help expand their people’s wealth,” Mr Peters says.

Mr Peters’ visit to Ulaanbaatar marked the 50th anniversary of the establishment of diplomatic relations between New Zealand and Mongolia – and is the first visit to Mongolia by a New Zealand Foreign Minister since 2013.

The visit involved discussions with Prime Minister Luvsannamsrain Oyun-Erdene, Foreign Minister Batmunkh Battsetseg and Chairman of the Mongolian Parliament Dashzegve Amarbayasgalan.

“Despite the geographic distance between us, New Zealand and Mongolia have much in common,” Mr Peters says.

“We are small, democratic states navigating a complex strategic environment, including by strongly supporting the rules-based international order and multilateral system.”

While in Ulaanbaatar, the Minister also attended a photo exhibition celebrating our 50 years of diplomatic relations; was gifted a horse called “Stamina” by the Mongolian Government; and visited a traditional Mongolian dwelling (a “ger”) and sampled Mongolian fare while interacting with a nomadic family.

Mongolia is the fourth country in Mr Peters’ ongoing overseas trip, following United Arab Emirates, Saudi Arabia and China. He is now in the Republic of Korea.

MIL OSI

Police appealing for information after serious crash, Nelson

LiveNews Publisher

February 28, 2025

Source: New Zealand Police (National News)

Nelson Police are appealing for information following a serious crash on SH6/Queen Elizabeth II Drive on Wednesday 12 February.

Emergency services were notified of the two-vehicle crash at around 11.30am near Atawhai Drive.

One person was transported to hospital with critical injuries, where they remain in a serious condition.

Police would like to hear from anyone who may have CCTV or dashcam footage of the crash or the events leading up the crash – specifically footage between Marybank Road and Atawhai Drive near the Wakapuaka Cemetery.

Anyone with information that may assist Police in our enquiries is urged to contact us online at 105.police.govt.nz, clicking “Update Report”, or by calling 105.

Please use the reference number 250212/4470.

ENDS

Issued by Police Media Centre

MIL OSI

Global Scholars Converge in Hong Kong at Hong Kong Baptist University’s Inaugural International Interdisciplinary Research Summit

MIL OSI

February 28, 2025

Source: Media Outreach

Inspiring Collaboration and Innovation to Drive Impactful Research Addressing Global Challenges

HONG KONG SAR – Media OutReach Newswire – 28 February 2025 – Hong Kong Baptist University (HKBU)’s inaugural International Interdisciplinary Research Summit (IIRS) has convened leading scholars, researchers, and innovators from diverse fields from Hong Kong and worldwide to foster collaboration and address pressing global challenges, particularly in fields including Data Analytics & Artificial Intelligence (AI), and Health and Drug Discovery.

Hong Kong Baptist University (HKBU) hosted its inaugural International Interdisciplinary Research Summit (IIRS), convening international scholars, academics, professors, and researchers from HKBU and other universities across Hong Kong.

Interdisciplinary Solutions: Enabling Early Identification of High-Risk Individuals for Disease Treatment

In a world where health challenges have reached unprecedented levels, HKBU’s inaugural International Interdisciplinary Research Summit (IIRS) showcased how interdisciplinary collaboration, between Data Analytics & Artificial Intelligence (AI), and Health and Drug Discovery, can revolutionize and accelerate the development of new and more effective treatments for a range of diseases. As highlighted by Vice President (Research and Development) Professor Aiping Lyu, the university is dedicated to fostering international research collaboration against today’s complex challenges. He noted that the university’s focus on four transdisciplinary clusters – creative media and practice, health and drug discovery, analytics and AI, and humanity and culture, is crucial for fostering innovation.

Keynote speakers of the Summit included Professor Jeremy Nicholson, Director, Australian National Phenome Centre, Murdoch University, Australia; Albert Einstein Honorary Professor of Medical Biochemistry, Chinese Academy of Sciences, China; Emeritus Professor of Biological Chemistry, Imperial College London, UK. Known to be one of the world’s foremost coronavirus experts, Nicholson covered the topic of “Molecular Phenomic Approaches in Population Health and Disease Diagnosis”. He unveiled how AI and advanced data analysis are used to analyse genes and lifestyle, highlighting that studying humans for future scientific relevance requires considering the complex interplay of genes, environment, politics, funding, and human interactions that ultimately influence the translation of science into clinical medicine.

Professor Thomas Efferth, Director, Institute of Pharmaceutical and Biomedical Sciences, and Chair, Department of Pharmaceutical Biology, Johannes Gutenberg University, Germany, leads a research team developing compounds that could replace opioids as pain relief without addiction. In the speech titled “Artificial Intelligence and Network Biomedicine in Natural Product Research”, Efferth highlighted the transformative role of AI and systems biology in natural product research, explaining that tasks previously performed manually by generations of PhD students, such as pipetting in wet labs, can now be automated with robots. Moreover, AI can optimize experiment design, creating significant opportunities for deep learning and AI in research.

Likewise, Professor Gavin Winston, Department of Medicine, Centre for Neuroscience Studies and School of Computing, Queen’s University, Canada, is leveraging AI and ML to revolutionise brain imaging for neurological diagnosis and treatment. In his presentation titled “Machine Learning in Neuroimaging across Disciplines”, he highlighted how advanced techniques like deep learning are enabling more efficient and precise analysis of MRI and CT scans, ultimately leading to improved outcomes. Notably, his current research focuses on utilising robotics and neuroimaging to understand and address cognitive impairment in individuals with epilepsy, demonstrating a commitment to improved patient care.

Professor Jianfeng Feng, Dean of the Institute of Science and Technology for Brain-Inspired Intelligence and School of Data Science at Fudan University, spoke on the topic “From Multi-Omic Data to Brain Diseases, Digital Twin Brains, and Brain-Inspired AI”. One of Feng’s research projects found that blood biomarkers can forecast the risk of dementia 15 years before diagnosis of Alzheimer’s disease. He emphasised that AI and ML are transforming healthcare, from understanding the foundations of diseases to developing personalised medicine.

The summit’s panel discussions further amplified the impact of interdisciplinary approaches in disease treatment. Leading experts delved into crucial discussions, enriched by perspectives on natural products and Traditional Chinese Medicine, centred on the challenges and way forward in translating big data into actionable understanding. Key topics included integrating Al capabilities with domain knowledge for data-driven model interpretation, addressing the paradox of using doctor-labelled data for Al training in clinical applications, managing multi-scale parameter calibrations and validations in principle-based modelling, and balancing computational cost with biological predictability through strategic coarse-graining. These sessions generated a wealth of new perspectives and underscored the indispensable role of science in addressing societal health challenges.

Professor Johnny Poon, Associate Vice-President (Interdisciplinary Research), HKBU, remarked that the IIRS cultivated a vibrant atmosphere for sharing knowledge and working together. Scholars have gathered and expressed enthusiasm for the groundbreaking research expected to result from the relationships formed at the summit.

As one of the priorities of the University’s Institutional Strategic Plan 2018-2028, HKBU aspires to be a leading, research-led, liberal arts University in Asia. The University keeps enhancing its capacity and strength to produce world-class research with an aim to bring significant impact to society. To learn more about HKBU’s research strengths and our publications, visit HKBU Research Website.

Hashtag: #HKBU

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Generali Hong Kong Triumphs Multiple Wins at the “10Life 5-Star Insurance Awards 2025”

MIL OSI

February 28, 2025

Source: Media Outreach

HONG KONG SAR – Media OutReach Newswire – 28 February 2025 – Generali Hong Kong has once again achieved outstanding results at the “10Life 5-Star Insurance Awards 2025”, with a total of six products earning 5-star accolades in recognition of its excellence in product design and market performance. These awards cover multiple categories, including deferred annuities, savings, critical illness, and life insurance.

Generali Hong Kong has won multiple accolades at the 10Life 5-Star Insurance Award 2025.

Among the award-winning products, the newly launched “LionPatron” and “LionHarvest Prime Deferred Annuity” have received the highest ratings, demonstrating Generali Hong Kong’s commitment to excellence in product innovation and exceptional service. “LionAchiever“, a long-term savings and participating life insurance plan, was also recognized for its high potential returns with financial protection and wealth management flexibility.

Award-Winning 5-Star Products:

5-Star Whole Life Protection Insurance Award – Whole Life Protection Category

LionPatron

5-Star QDAP Award – Stable Income Category

LionHarvest Prime Deferred Annuity

5-Star Savings Insurance Award – Savings: Education Category

LionAchiever

5-Star Critical Illness Insurance Award – Whole Life Critical Illness Category

LionGuardian Beyond
LionAlong

5-Star Critical Illness Insurance Award – Term Critical Illness Category

LionGuardian PlusOne

Organized by 10Life, the largest insurance comparison platform in Hong Kong, the “10Life 5-Star Insurance Award 2025” is one of the most representative awards in the industry. Their actuaries rate insurance products based on factors that matter the most to the consumers. 10Life compares over 1,500 insurance products from over 50 insurers in the market with the top-rated products under each category awarded a 5-Star rating.

Hashtag: #Generali

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Amari Vientiane: Experience the Charm of a Cultural Gem on the Mekong River in the Heart of Laos

MIL OSI

February 28, 2025

Source: Media Outreach

BANGKOK, THAILAND – Media OutReach Newswire – 28 February 2025 – ONYX Hospitality Group, a leading management company in Southeast Asia, specialising in hotels, resorts, serviced apartments, and luxury residences, is committed to delivering unforgettable experiences that allow travellers to explore Laos’s captivating city, as stunning and valuable as a precious gem. The company recently launched “Amari Vientiane” in the heart of Laos’ culturally rich capital. Situated along the beautiful and serene Mekong Riverbank, the hotel offers comprehensive facilities to cater to both business and leisure travellers. With world-class service standards seamlessly combined with the distinctive identity of the Amari brand, it promises an unforgettable stay.

Amari Vientiane, the newest hotel in the heart of Laos’ capital, is perfect for travellers eager to explore art and culture. Its prime city-centre location offers easy access to popular tourist attractions and is just 4.8 kilometres from Wattay International Airport. In addition to the captivating scenery of the capital, Amari Vientiane offers a special rooftop area with a stunning, unmatched view of the Mekong River. In the morning, guests can participate in the traditional Lao practice of offering alms to monks, visit Wat Sisaket, stroll to the iconic Patuxai Monument—a favourite photo spot for visitors, or explore the morning market to savour authentic Lao cuisine that proudly preserves its local flavours. After a day of discovery, guests can return to the hotel to unwind and enjoy its extensive range of facilities.

Amari Vientiane is set to open on March 1, 2025, as an upper-upscale hotel that flawlessly blends contemporary elegance, warm Thai hospitality, and the charm of local culture. More than just a place to stay, the hotel promises a unique and enriching experience, creating special moments filled with unforgettable memories.

Amari Vientiane features 248 rooms, including Deluxe Rooms, Junior Suites, Executive Suites, and Presidential Suites, all equipped with world-class facilities and services to accommodate travellers from around the globe. The hotel also offers a unique dining experience in a private setting at the Executive Private Dining area, boasting a stunning view of the Mekong River. The rooftop bar provides a magical ambiance to enjoy breathtaking sunsets, complemented by delicious drinks that make guests feel truly special and relaxed.

The hotel also features Amaya Food Gallery, a restaurant led by an experienced chef, serving a diverse range of local Lao dishes alongside international cuisine. For health-conscious guests and families, Amari Vientiane offers a fitness centre, Breeze Spa, a large swimming pool, and a children’s pool, ensuring there’s something for everyone. Ample parking is also available for guests’ convenience. For those seeking a venue for international-standard banquets or meetings, Amari Vientiane offers a Grand Ballroom that can accommodate up to 540 participants, along with a selection of meeting rooms of various sizes. These versatile spaces are perfect for hosting a wide range of activities, seminars, and banquets, creating impressive experiences and lasting memories.

Denxay Saengarun, Director of Tang Chareon (TCR) Group, shared, “The Amari Vientiane is fully prepared in every aspect, from its venue design, which beautifully combines elegance, modernity, and local charm reflecting in every detail. The service also meets international standards, ensuring a unique experience that stays true to the Amari brand.”

Yuthachai Charanachitta, CEO of ONYX Hospitality Group, stated, “Amari Vientiane is the second Amari hotel in Laos, following the opening of Amari Vang Vieng in 2018. This marks a significant testament to the trust the Tang Chareon (TCR) Group has placed in ONYX Hospitality Group and the Amari brand. It also underscores ONYX Hospitality Group’s commitment to expanding its business in Laos and throughout Southeast Asia. In line with our vision of becoming ‘The Best Medium-Sized Hospitality Management Company in Southeast Asia,’ and as experts with a deep understanding of the region’s tourism industry, we are confident that Amari Vientiane will swiftly establish itself as a successful hotel, earning the trust of travellers both in Laos and internationally.”

In addition to the rich culture and charm of the Mekong River at Amari Vientiane, ONYX Hospitality Group has also opened its first property in Laos, Amari Vang Vieng. This hotel, nestled in the mountains and along the Song River, is located in a city often regarded as the second gem of Laos. It offers another perfect destination for a vacation surrounded by breathtaking nature. Vang Vieng is now easily accessible by high-speed train, just over an hour from Vientiane city centre, making it more convenient for travellers from around the world to experience this beautiful city.

“Amari Vang Vieng” was launched in 2018 on the banks of the Song River, the heart of Vang Vieng. Featuring over 160 rooms in various styles, including Superior Rooms and Executive One-Bedroom Suites, the hotel blends contemporary design with Lao craftsmanship, reflecting Amari’s signature style. The rooms are spacious and airy, with tall windows that allow guests to fully immerse themselves in the peaceful mountain views while staying connected to the world with high-speed Wi-Fi and a 40-inch interactive TV.

Importantly, Vang Vieng offers a wide range of exciting attractions and activities. Visitors can take a hot air balloon ride for a breathtaking view of the city, hike up to Pha Ngern to catch the stunning sunrise and sunset, swim in the crystal-clear emerald waters of the Blue Lagoon, or explore the natural Tham Pu Kham cave, famous for its stalactites and stalagmites. A special highlight is Pu Kham, a golden crab believed to bring good luck if seen. The Tham Jang cave is also a popular check-in spot for travellers. For adventure seekers, try tubing through Tham Nam or kayaking along the Song River, offering a unique view of the local way of life on both riverbanks. After a day full of adventure, guests can head back to the warmth and comfort of their hotel.

Embark on a journey to discover the beauty of two of Laos’ gems and experience the warm hospitality at Amari Vientiane and Amari Vang Vieng today, creating unforgettable memories. For more information about ONYX Hospitality Group, please visit www.onyx-hospitality.com.

Hashtag: #ONYX

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

New Otaika Bridge to open to southbound traffic

LiveNews Publisher

February 28, 2025

Source: New Zealand Transport Agency

The new Otaika Bridge on State Highway 1, south of Whangārei, will open to southbound traffic this Sunday.

The bridge has been constructed as part of the SH1 Loop Road safety improvements project and was blessed by Te Parawhau yesterday, ahead of its partial opening this weekend.

NZ Transport Agency Waka Kotahi (NZTA) says from Sunday, southbound traffic will be directed over the new bridge, while northbound traffic will continue along the current SH1 route.

There will be a single lane operating in each direction, with traffic management in place to guide road users.

This layout will continue for several weeks to allow contractors to complete works in the area, before the bridge opens fully to both northbound and southbound traffic.

Road users may experience short delays as people adjust to the layout change. Please be patient and travel with care.

The new bridge has been built to the east of the existing bridge, to a new design standard that takes climate change and sea level rise into consideration. It is part of improvements to the SH1 and Loop Road intersection to make it safer and easier to use, recognising it’s importance as a strategic link between Auckland and Whangārei.

The Loop Road safety improvements project is expected to be complete later this year.

For more information on the project visit:

SH1 Loop Road safety improvements

NZTA thanks everyone for their patience and support while we undertake this important work.

MIL OSI

Speech to LGNZ Metro, Rural and Provincial Sectors Forum

LiveNews Publisher

February 28, 2025

Source: New Zealand Government

Good afternoon!

I want to acknowledge the immense amount of work Minister Bishop has done in leading this Going for Housing Growth programme – it is vitally important.

As the Minister flagged, central to Going for Housing Growth is this idea that growth should pay for growth, and a key tension in this system centres on finding a balance between certainty about where growth will occur and having the flexibility to respond to demand.

The Infrastructure Funding and Financing Act (IFFA) hits both of these things – it levies those benefitting from the infrastructure and is an important piece in this responsiveness puzzle, enabling demand-led growth without further straining councils’ balance sheets.

However, we’ve become aware of barriers to its use, so we’re making some changes to make it fit for purpose, which I’ve been tasked with leading.

IFFA background

The IFFA emerged from a great example of the market innovating to solve coordination problems and deliver benefits much sooner than the public sector could have.

Developers saw an opportunity at Milldale to deliver housing but needed infrastructure to enable that to happen.

Unable to rely on a council constrained by its own growth plans and lack of funds, the developers set up a special purpose vehicle (SPV) to raise the finance needed to deliver the infrastructure and then levied the subsequent landowners to repay the debt.

Recognising the value of this approach, the government at the time rightly sought to codify this to be replicated around the country, culminating in the IFFA.

In addition to providing a responsive, market-led pathway to enable greenfield development, the IFFA has several benefits.

It can enable intensification in existing urban areas by funding and financing infrastructure upgrades.

As the SPV is off balance sheet, it preserves council debt headroom while delivering additional infrastructure capacity.

It ensures revenue streams are certain and are hypothecated to the relevant infrastructure.

It ensures fairness in that those who benefit pay – it spreads the infrastructure costs over a longer period of time and, therefore, more fairly across the beneficiaries over that infrastructure’s lifespan.

Yet, its responsive, market-led vision has not been realised.

No further greenfield deal has been done since the IFFA’s Milldale inspiration, with only two city-wide levies have been struck.

We set out to understand why, and we have gone about fixing it.

Streamline levy development and approval

We’ve heard the process for standing up an IFFA transaction is unnecessarily burdensome and costly.

A range of requirements are duplicated and redundant, which slow the process without adding any real benefit.

A Minister doesn’t need to be bogged down with immaterial technical detail, and we don’t need ambiguities that arbitrarily leave some important matters neglected.

We’re making a range of detailed changes to address this.

Our focus is to ensure the right information is available in the right format at the right time to make the right decisions.

There is also an embedded suggestion that a Minister is somehow always the best arbiter of what’s reasonable and affordable, even where affordability is already internalised.

While we acknowledge the decision to impose a levy on existing ratepayers is a serious one, if a greenfield levy is proposed by the developer with skin in the game, or everyone affected otherwise consents, we are now going to take the wild approach of trusting that they’re acting in their own best interests.

Increasing uptake

Extending access to a variety of users

Last year, Cabinet made the decision to extend the scope of the IFFA to cover water entities under Local Water Done Well, and now we’re extending it further to NZTA projects.

This will mean major transport projects can recover a share of the infrastructure cost from those who benefit from an increase in development capacity, helping growth pay for growth and adding to the potential funding stack.

Supporting developer-led proposals

Part of the current process requires a levy to be endorsed by levy and infrastructure authorities, such as councils, before a proposal can be progressed, with no clear criteria to limit obstruction.

In pursuit of responsiveness and growth, we are making changes that will require the endorsements to be given where statutory requirements are met.

We cannot afford to give a licence to say ‘no’, so we’re not going to give it.

Deferrals

We’re also moving to enable levy payment flexibility.

While infrastructure adds value to properties which benefit, and generally increase wealth, annual levies may be difficult to provide for when property owners may not have much financial headroom.

We’re therefore introducing levy deferral options, so property owners can defer payment to a later date or until a specified triggering event.

Ensuring deferral options are reflected clearly and transparently will mean all parties can make better decisions, including the responsible Minister through the affordability assessment.

Project eligibility

Currently, there is ambiguity about whether projects commissioned prior to when a levy proposal is submitted are eligible, so we’re clarifying that projects commissioned up to two years prior will be.

This will extend coverage to circumstances where projects may have recently been completed but house sales have yet to occur.

Use for development levies

With the advent of the development levies Minister Bishop has just announced, we’re also making changes to help them work together with the IFFA.

If a developer is facing the prospect of big development levy for council-provided infrastructure, there may be demand for the IFFA to finance this to be repaid by future homeowners.

For this use case, we are removing the requirement that IFFA levies have a direct link to specific bulk infrastructure.

Other changes

There are a range of other changes, such as:

SPVs getting explicit powers to commence recovery action for unpaid levies
councils being able to request reimbursement of levy administration costs as a condition of endorsement
introducing flexibility about where the infrastructure must be vested
putting levies on an even keel with rates in the event of a rating sale
several other minor, technical, and remedial tweaks.

Together, these changes will deliver a more usable pathway for IFFA deals that can be accessed by developers and others.

The objective is to deliver infrastructure that may not have been planned by councils or planned for in the timeframe that developers need it.

Conclusion

While the IFFA is relatively technical, it is a very important tool, and it has a key role in facilitating demand-led growth.

By streamlining processes and improving usability, and having National Infrastructure Funding and Financing (NIFF) engaged to assist councils and others with expertise and growing capacity, we expect the IFFA will be much more attractive and used much more widely.

We need growth, and growth must be responsive to demand.

The IFFA has a distinct and important role in delivering this.

MIL OSI

Police speaking with several people after serious assault, Taradale

LiveNews Publisher

February 28, 2025

Source: New Zealand Police (National News)

Attributable to Detective Senior Sergeant Alex Simister, Hawke’s Bay CIB:

Police are speaking with a number of people following a serious assault in Taradale on Wednesday afternoon.

At around 12.40pm, a fight broke out between two groups in the vicinity of Bellevue Dairy Gloucester Street.

A 14-year-old was transported to hospital with critical injuries, where he remains in a serious but stable condition.

An investigation into the incident has resulted in Police identifying those responsible for the assault.

Police are speaking with them and are not seeking anyone else in relation to the incident.

Charges are being considered and enquiries into the assault are ongoing.

Anyone who may have information on the incident can provide information to Police online or by calling 105 using the reference number 250227/9346.

Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

ENDS

Issued by Police Media Centre

MIL OSI

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