Latest news with #MinterEllisonRuddWatts
NZ Herald
3 days ago
- Business
- NZ Herald
NZ's infrastructure challenge: From planning to delivery
The suite of policies, legislative reforms and delivery agencies now in place or emerging has laid the groundwork for a more strategic and responsive approach to our infrastructure needs. But policy is only the beginning. The Government – in fact both sides of the House – have heard the cry for a credible infrastructure pipeline and there have been lots of announcements. New Zealand's first Health Infrastructure Plan was released in April. The Draft National Infrastructure Plan, released for consultation last month, provides a long-term roadmap for investment, identifying priority areas and systemic gaps. City and Regional Deal discussions are underway with Auckland, Western Bay of Plenty and Otago Central Lakes, with the first deal to be agreed by the end of this year. The Government has also announced plans for major infrastructure projects, including 17 Roads of National Significance. There is also – rightly – a growing recognition of the need to make the most of what we have got and to invest in asset maintenance and renewal. Government is now talking about the need for asset management plans – and we should all be loudly supporting this. We need to make asset maintenance as sexy – if not sexier – than the big new projects. We must prioritise our infrastructure spend on looking after what we already have so that each of us can drop our kids off to warm, dry classrooms, driving on pothole-free roads (not flooded by water from leaky pipes) and have access to well-maintained hospitals. This is just as important as the big new projects and political announcements on long-term programmes to look after our assets should be celebrated. Sarah Sinclair. Photo / Supplied Government is now talking about the need for asset management plans – and we should all be loudly supporting this. We need to make asset maintenance as sexy – if not sexier – than the big new projects. Sarah Sinclair These developments mark a significant shift toward a more co-ordinated and proactive infrastructure system. But they are not, in themselves, sufficient to guarantee delivery. In June, MinterEllisonRuddWatts hosted Adrian Dwyer, chief executive of Infrastructure Partnerships Australia, along with other representatives from the construction and infrastructure sector in Australia. We heard that there is an opportunity right now to capitalise on the outgoing tide of infrastructure investment in the Australian transport sector to redirect skill and delivery capability to New Zealand. We have a window of opportunity to attract the capability and capacity of the Australian market but we need to move fast. So, what's required to move from planning to delivery? The focus must be on translating our project pipeline into execution getting projects off the drawing board and into the ground and on locking in asset maintenance and renewal programmes that make the most of what we already have - and both need to happen quickly. To achieve delivery momentum on infrastructure projects we need to focus on certainty and collaboration: Certainty to give the necessary confidence ... Of pipeline: There is no doubt that the sector needs a stable. long-term reliable pipeline with political consensus. We have heard from Australian sector participants that it is pipeline and political credibility that enables the market to plan and resource. Investors just need to know what is coming in the next five years and that they are 'real' projects. This should include the new capital projects as well as long-term asset maintenance and renewal programmes – so the whole supply chain can confidently invest in people, equipment, technology and other resources. Of funding: the credibility of the pipeline relies heavily on funding certainty - longer-term funding certainty is needed for projects and long-term maintenance programmes so businesses can invest in capability, technology and resources. And if we are serious about encouraging the private sector to bring ideas, then showing the pathway to how market-led proposals (previously known as unsolicited bids) are able to be funded – and how new funding tools will be used - would really show a commitment to encouraging innovative solutions. This requires a frank discussion of how, as a nation, we are prepared to pay. We can't announce projects without being clear as to how we are going to pay for them. There's no particular magic to this: we have to pay for the infrastructure we need, so what is the best and fairest way to do this? Is it through user charges, tolls, land sales, asset sales, targeted rates, levies, normal rates or national taxes? The chances are it will be a mix of these in a way that reflects the value to our communities and the benefits that infrastructure brings both directly and indirectly. Of regulation: For infrastructure delivery, regulatory certainty is essential. Investors and developers need to know what rules apply, how long approvals will take, and what conditions will be imposed. This circles back to bipartisan support as we need to achieve a degree of certainty that legislation will not be overturned every three years. Of risk: Projects can falter because of complex, risk-heavy procurements. One key lesson from Australia is that sustainable contractual frameworks and appropriate risk allocation attracts the market. Similarly, de-risking early has contributed to Canada's success. Collaboration Between political parties: Industry participants have long been calling for a bipartisan approach to infrastructure delivery. There are encouraging green shoots from both sides of the House as politicians appear to recognise this as a roadblock to attracting private investment (with their experience and resources), but more concrete agreement is required in the form of a finalised long-term infrastructure plans and announcements. Between central and local government: We also need better collaboration between central and local government. Regional deals are an opportunity to achieve consensus on infrastructure priorities and funding tools that will provide local benefits. Transparent criteria and public engagement will be key to building trust in these decisions. With the private sector and iwi: Attracting private capital (and most notably the experience and capability it brings) is simply essential to addressing New Zealand's infrastructure deficit. We need a fundamental mind shift towards embracing private capital, whether it be international or local. And let's think about how private capital can play a part in bundled long-term maintenance programmes as well as the big new projects. We need to leverage the capabilities and resources required to fulfil our infrastructure vision. In many cases, those will come from overseas (and that's okay). We must also build on the growing recognition of iwi as sophisticated investment partners who offer a strategic advantage and a quadruple bottom-line approach that has the long-term health and wellbeing of our country and communities at the heart of their investment decisions. With communities: Infrastructure projects do not exist in a vacuum. They are there to serve communities. Public engagement is not just a legal requirement — it's a strategic necessity. Community engagement and education will help accelerate our infrastructure build. We need to get the public on board with infrastructure spend and the need to invest in asset maintenance, moving from a fixation on upfront cost to a focus on long-term gain. Articulating and quantifying the social return of infrastructure will help with this. In procurement: New Zealand needs to be open to more collaborative procurement models. A more interactive and flexible procurement process has been a key enabler in maximising value and delivering outcomes in both Australia and Canada. From vision to reality New Zealand has made impressive strides in reforming its infrastructure system. The policy settings are sound, the institutions are evolving, and the appetite for delivery is strong. But the journey from vision to reality requires more than good intentions. We need to act now, with certainty and collaboration, to enable New Zealanders to live, work, and thrive. If we get the delivery right, the benefits will be felt for generations. MinterEllisonRuddWatts is an advertising sponsor of the Herald's Infrastructure report.
Newsroom
4 days ago
- Business
- Newsroom
Sweeping reforms to laundering laws
The Government has unveiled sweeping reforms to the country's anti money laundering laws to crack down on dirty money. Set to be in place by the next election, the changes to New Zealand's Anti-Money Laundering and Countering Financing of Terrorism regime aim to shut down dodgy deals, tighten financial loopholes, and take on the criminal underworld, while cutting unnecessary red tape for law-abiding citizens. It's estimated that a staggering $1.35 billion is generated from money laundering in New Zealand every year. The Detail talks to Lloyd Kavanagh, a financial services lawyer and deal maker from Minter Ellison Rudd Watts, about the changes, which include giving police greater powers to freeze bank accounts more quickly, banning cryptocurrency ATMs, introducing a more risk-based system for selling property from family trusts, and making it easier for parents to open bank accounts for their children. Kavanagh also welcomes efforts to streamline and simplify the system by introducing one supervision layer to oversee the rules. 'Currently, we have three supervisors who supervise different segments of the market,' he tells The Detail. 'You have the Reserve Bank, who is the [anti money laundering] supervisor for banks, you have the FMA who oversees securities market participants broadly, and then you have the Department of Internal Affairs, who looks after casinos and everybody else … lenders, lawyers, accountants, real estate agents, and quite a wide range of smaller businesses. 'What the Government is proposing is … we should have a single supervisor so that they can be consistent in the guidance that they give to reporting entities, and have a total overview of what's going on in the sector. So that is one measure which I think will have a significant impact. 'Some of the other measures … are actually to relieve the administrative burden – one of them is, at the moment, you have to verify your customer's address, which proves to be really difficult for a lot of people … so, the change will mean you only have to do that if you have got reasons for thinking it's a high-risk customer. 'I am actually optimistic that by removing some of the mandatory bureaucracy, resources will get refocused in doing what I think, and I certainly hope all New Zealanders are keen to do, which is to use the pressure on what happens to the proceeds of crime to help us detect crime in the first place.' Kavanagh does have some concerns about giving greater powers to police. 'I'm a little reserved about simply giving additional powers to the police if you don't have the right checks and balances'. And questions the ban on cryptocurrency ATMs, which are kiosks that allow users to buy and sell cryptocurrency using cash. 'I'm somewhat puzzled by that inclusion because I haven't seen the evidence as to why that would be a particular priority.' But ultimately, he believes the law changes will make a difference. 'We all benefit if there is less crime in New Zealand. These people [money launderers] make business decisions as to which countries are easier to operate in and profitable to operate in. 'And we know from the reports that have come from the Government over the last year that New Zealand has an increasing level of drug abuse. We know that we are more and more connected in a world where there are all sorts of transactions going on. 'What we need to do is just make ourselves a little bit harder to do bad things in. So, I think these [law changes] are positive steps.' Check out how to listen to and follow The Detail here. You can also stay up-to-date by liking us on Facebook or following us on Twitter.
