NZ Government Housing Agency ‘Not Financially Viable,’ Report Finds

Published on May 20, 2024

Kāinga Ora, the New Zealand government agency responsible for managing 70,000 tenancies and adding to the pool of government housing, is financially and socially unsustainable according to a damning report released today. Headed by former Prime Minister Sir Bill English, the independent review looked into its financial situation, procurement, and asset management. The other panel members were investment advisor Simon Allen and strategy advisor Ceinwen McNeil. It found that its easy access to government credit meant Kāinga Ora borrowed heavily without giving sufficient consideration to the fiscal discipline that carrying huge debts would require. Housing Minister Chris Bishop said this had occurred to an extent that the agency was now “not financially viable without significant savings as well as funding and financing changes.”...

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