References

^[1] Eddington, R. (2006). The Eddington Transport Study. Main Report: Transport’s Role in Sustaining the UK’s Productivity and Competitiveness, London: HMSO. Glaeser, E., & Poterba, J.M. (2021). Introduction to ‘Economic Analysis and Infrastructure Investment’. Chicago, IL: University of Chicago Press.

^[2] See, for example, The Treasury. (2025). Te Ara Mokopuna 2025 – Consultation on the draft content of the Treasury’s Long-term Insights Briefing. Chapter 4. https://www.treasury.govt.nz/sites/default/files/2025-04/te-ara-mokopuna-consultation-draft-content-ltib-2025.pdf

^[3] Glaeser, P & Poterba, J.M. (2021) Introduction to ‘Economic Analysis and Infrastructure Investment’.

^[4] Schedule 4A companies are established when the objectives sought (which could be a mixture of social and commercial objectives) might be best supported by joint ownership. The Crown may not own all shares at the start or it may wish to reduce its shareholding in future.

^[5] A council-controlled organisation is at least 50% owned or controlled by a council.

^[6] New Zealand Infrastructure Commission. (2024). Build or maintain? New Zealand’s infrastructure asset value, investment, and depreciation, 1990–2022. https://tewaihanga.govt.nz/our-work/research-insights/build-or-maintain

^[7] New Zealand Infrastructure Commission. (2025). Invest or insure? Preparing infrastructure for natural hazards. https://tewaihanga.govt.nz/our-work/research-insights/invest-or-insure

^[8] Sapere. (2025). Commissioned by Insurance Australia Group New Zealand. Natural hazards-related public spending in New Zealand. https://www.iag.co.nz/content/dam/corporate-iag/iag-nz/nz/en/documents/corporate/natural-hazards-public-spending-nz.pdf

^[9] Stats NZ. (2024). National population projections: 2022(base)–2073. https://www.stats.govt.nz/information-releases/national-population-projections-2022base2073/ Note: These figures reflect the range from the 2.5th percentile to the 97.5th percentile of the projection range. On 4 June 2025 the National population projects: 2024(base)–2078 were published by Stats NZ and will be used to inform the final National Infrastructure Plan.

^[10] Stats NZ. (2024). National population projections: 2022(base)–2073.

^[11] The Treasury. ‘Long-term fiscal model’. https://www.treasury.govt.nz/publications/treasurys-stewardship-reports/long-term-fiscal-position/long-term-fiscal-model

^[12] Climate Change Commission, EB4 scenario.

^[13] Ministry of Business, Innovation and Employment data.

^[14] Stats NZ. Capital Goods Price index growth versus Consumer Price Inflation growth, 2000Q1 to 2025Q1.

^[15] Beca Limited. (2024). Commissioned by Electricity Networks Aotearoa. Report on findings: Assessment of costs of carrying out works in the road corridor for electricity distribution businesses. https://www.ena.org.nz/our-work/news/traffic-cones-are-increasing-the-price-of-power/document/1537

^[16] New Zealand Infrastructure Commission. (2024). Build or maintain? New Zealand’s infrastructure asset value, investment, and depreciation, 1990–2022. Wellington: New Zealand Infrastructure Commission. https://tewaihanga.govt.nz/our-work/research-insights/build-or-maintain

^[17] This includes network and social infrastructure and some other public capital investment. It excludes private housing investment, but includes infrastructure to support housing development and central and local government investment in social housing.

^[18] City of Sydney. (December 2023). The city at a glance. https://www.cityofsydney.nsw.gov.au/guides/city-at-a-glance

^[19] New Zealand Infrastructure Commission. (2022). The lay of the land: Benchmarking New Zealand’s infrastructure delivery costs. https://tewaihanga.govt.nz/our-work/research-insights/the-lay-of-the-land-benchmarking-new-zealand-infrastructure-delivery-costs

^[20] New Zealand Infrastructure Commission. (2024). Taking care of tomorrow today: Asset management state of play. https://tewaihanga.govt.nz/our-work/research-insights/taking-care-of-tomorrow-today

^[21] New Zealand Infrastructure Commission. (2024). Paying it forward: Understanding our long-term infrastructure needs. https://tewaihanga.govt.nz/our-work/research-insights/paying-it-forward-understanding-our-long-term-infrastructure-needs

^[22] New Zealand Infrastructure Commission. (2023). Protecting land for infrastructure: How to make good decisions when we aren’t certain about the future. https://tewaihanga.govt.nz/our-work/research-insights/protecting-land-for-infrastructure-how-to-make-good-decisions

^[23] Sapere. (2021). Commissioned by the New Zealand Infrastructure Commission. The cost of consenting infrastructure projects in New Zealand. https://tewaihanga.govt.nz/our-work/research-insights/the-cost-of-consenting-infrastructure-projects-in-new-zealand

^[24] New Zealand Infrastructure Commission. (2023). Who’s working in infrastructure? A baseline report. https://tewaihanga.govt.nz/our-work/research-insights/who-s-working-in-infrastructure

^[25] New Zealand Infrastructure Commission. (2025). Delivering better value and better outcomes: A discussion document on changing practices in infrastructure delivery. https://tewaihanga.govt.nz/our-work/research-insights/delivering-better-value-and-better-outcomes

^[26] New Zealand Infrastructure Commission. (2024). Network infrastructure pricing study. https://tewaihanga.govt.nz/our-work/research-insights/network-infrastructure-pricing-study

^[27] Sense Partners. (2023). Commissioned by Business New Zealand. The future of workforce supply. https://businessnz.org.nz/wp-content/uploads/2023/03/updated-11am-The-future-of-workforce-supply-Sense-Partners-PDF.pdf

^[28] The Treasury. (2024). Productivity by the numbers 2013 to 2023. https://www.treasury.govt.nz/publications/pcrp/productivity-numbers-2013-2023

^[29] The Treasury. ‘Long-term fiscal model’. 

^[30] S&P Global. (2025). ‘Various rating actions taken on New Zealand councils on lower institutional framework assessment’. https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3338977

^[31] Ipsos & GIIA. (2024). Global Infrastructure Index (Global Summary). https://giia.net/sites/default/files/2024-10/Global%20Infrastructure%20Index%202024_2.pdf 

^[32] New Zealand Infrastructure Commission. (2024). How is our infrastructure tracking? Monitoring progress against New Zealand’s first Infrastructure Strategy. https://media.umbraco.io/te-waihanga-30-year-strategy/evlebwwp/how-are-we-tracking-final.pdf

^[33] ‘Peer’ countries vary between sectors, reflecting different factors that are relevant for different networks, but often include the Scandinavian countries, Canada, and Chile.

^[34] New Zealand Infrastructure Commission. (2025). The Infrastructure Needs Analysis Forecast: Results and modelling technical report.

^[35] New Zealand Infrastructure Commission. (2024). Buying time: Toll roads, congestion charges, and transport investment. https://tewaihanga.govt.nz/our-work/research-insights/buying-time-toll-roads-congestion-charges-and-transport-investment New Zealand Infrastructure Commission. (2025). Paying it back: An examination of the fiscal returns of public infrastructure investment. https://tewaihanga.govt.nz/our-work/research-insights/paying-it-back-an-examination-of-the-fiscal-returns-of-public-infrastructure-investment

^[36] Nicholson Consulting. (2025). Commissioned by the New Zealand Infrastructure Commission. Analysing the Impact of Long-term Drivers on Māori: Phase 2 Report.

^[37] New Zealand Infrastructure Commission. (2023). How much do we pay for infrastructure? Household expenditures on infrastructure services.

^[38] This is addressed in previous modelling commissioned by Electricity Networks Aotearoa. (2022). Total household energy costs NZ. https://www.ena.org.nz/our-work/publications/document/1521

^[39] The Treasury. (last updated December 2023). ‘Gateway review findings’ https://www.treasury.govt.nz/information-and-services/state-sector-leadership/investment-management/investment-management-system-reporting/gateway-review-findings

^[40] OECD. (2023). OECD Infrastructure Governance Indicators. https://www.oecd.org/en/publications/oecd-infrastructure-governance-indicators_95c2cef2-en.html

^[41] BERL. (2024). Commissioned by the Ministry of Business, Innovation and Employment. Te Ōhanga Māori 2023. https://www.mbie.govt.nz/assets/te-ohanga-maori-2023-report.pdf

^[42] Around 5% of GDP in a scenario with lower bound impacts from population and economic growth to around 7% of GDP in a scenario with upper bound impacts from population and economic growth.

^[43] Koi Tū Centre for Informed Futures. (2024). ‘Community Panel on time-of-use charging in Auckland. Community Panel on Time-of-Use Charging in Auckland – Koi Tū: The Centre for Informed Futures

^[44] Complex Conversations. University of Auckland. Citizens’ Assembly | Complex Conversations

^[45] New Zealand Infrastructure Commission. (2024). Māori engagement in infrastructure. Huihuinga kaiwhakarato – hanganga Māori'.

^[46]New Zealand Government. (2024). ‘Government getting local government back to basics’. https://www.beehive.govt.nz/release/government-getting-local-government-back-basics

^[47] Other relevant legislation includes the State Sector Act 1988, Public Audit Act 2001, Crown Entities Act 2004, and State-Owned Enterprises Act 1986.

^[48] They must also provide other economic and fiscal information through financial reporting, Economic and Fiscal Updates and statutory reports with specific purposes (such as the long-term fiscal statement).

^[49] The Treasury. (2023). A guide to the Public Finance Act. https://www.treasury.govt.nz/sites/default/files/2023-11/guide-pfa-nov23.pdf

^[50] The requirements of the Investment Management System must be followed by government departments. Crown entities and Public Finance Act 1989 Schedule 4A companies must treat the Circular as an expression of government policy.

^[51] Cabinet Office. (2023). CO (23) 9 ‘Investment Management and Asset Performance in Departments and Other Entities’. https://www.dpmc.govt.nz/sites/default/files/2023-09/co-23-09-investment-management-asset-performance.pdf This is the latest update to the Circular, following earlier versions in 2019, 2015, and 2010.

^[52] The Treasury. (Last updated December 2024). ‘Infrastructure agencies’. https://www.treasury.govt.nz/information-and-services/nz-economy/infrastructure/infrastructure-agencies

^[53] NZ Transport Agency Waka Kotahi. (2024). National Land Transport Programme 2024–27. See page 5. https://www.nzta.govt.nz/assets/planning-and-investment/nltp/2024/docs/2024-27-national-land-transport-programme.pdf

^[54] The Treasury. (2025). https://www.treasury.govt.nz/sites/default/files/2025-04/oia-20250162.pdf

^[55] In effect, government is providing ‘insurance’ or ‘income smoothing’ services in areas where markets are incomplete.

^[56] The Treasury. (2024). Funding and Financing Framework Guide. https://www.treasury.govt.nz/publications/guide/funding-and-financing-framework

^[57] Under the National Code of Practice for Utility Operators.

^[58] Sapere. (2021). Commissioned by the New Zealand Infrastructure Commission. The cost of consenting infrastructure projects in New Zealand.

^[59] In 2023 The Natural and Built Environment Act and Spatial Planning Act were passed into legislation, then repealed. The Government has announced that the Resource Management Act 1991 will be replaced with two new Acts that clearly differentiate between land-use planning and natural resource management, while putting a priority on the enjoyment of private property rights.

^[60] Parliamentary Commissioner for the Environment. (2023). Are we building harder, hotter cities? The vital importance of urban green spaces. https://pce.parliament.nz/publications/are-we-building-harder-hotter-cities-the-vital-importance-of-urban-green-spaces/

^[61] NZIER. (2024). Commissioned by Local Government New Zealand. Cost impact of central government reforms. https://www.lgnz.co.nz/news/media-releases/government-cost-on-councils-impacting-rates/

^[62] NZ Herald. 24 March 2025. Opinion by Stephen Batstone and David Reeve. ‘Why more generation won’t solve New Zealand’s energy woes’.

^[63] The $6.9 billion is an estimate of economic surplus from Distributed Energy Resources uptake, net present value 2021–2050. See Sapere. (2021). Commissioned by the Electricity Authority. Cost-benefit analysis of distributed energy resources in New Zealand. https://www.ea.govt.nz/documents/1742/Sapere_CBA.pdf

^[64] ‘Dry year risk’ refers to our greater reliance than most countries on hydroelectricity generation and the limits on our storage capacity to cope in a dry year.

^[65] Renewable sources such as wind and solar generation are intermittent because they vary depending on weather conditions, so firming refers to other types of more reliable generation such as gas or coal-fired peaking plants or other techniques and technologies that support a more reliable power supply.

^[66] Ministry of Business, Innovation and Employment. (Last updated April 2025). ‘Review of electricity market performance’. https://www.mbie.govt.nz/building-and-energy/energy-and-natural-resources/energy-consultations-and-reviews/review-of-electricity-market-performance

^[67] Electricity Authority. (2025). ‘Energy Competition Task Force’. https://www.ea.govt.nz/projects/all/energy-competition-task-force/

^[68] This could include factors such as improvements in battery technology, solar panels, new geothermal approaches, smart energy technologies, and many more.

^[69] Transpower. (2024). Monitoring Report October 2024. https://static.transpower.co.nz/public/uncontrolled_docs/FINAL%20-%20Monitoring%20Report%20-%20October%202024.pdf?VersionId=1Q0o6rSAOyirxxqBjy03P_ZQo_lq6eQx

^[70] By ‘agencies’ we mean departments (as defined in the Public Finance Act 1989), statutory Crown entities, Crown entity companies, and Crown entity subsidiaries (as defined in the Crown Entities Act 2004), and companies listed in Schedule 4A of the Public Finance Act 1989. See: The Treasury. (Last updated November 2022). ‘Types of companies and entities’. https://www.treasury.govt.nz/information-and-services/company-and-entity-performance-advice/portfolio-companies-and-entities/types-companies-and-entities

^[71] New Zealand Parliament. (2023). ‘Chapter 42 – Public Finance’. https://www.parliament.nz/en/visit-and-learn/how-parliament-works/parliamentary-practice-in-new-zealand-2023-by-chapter/chapter-42-public-finance/

^[72] See s9 of the Land Transport Management Act 2003.

^[73] In Budget documents, these are described as ‘operating allowances’ and ‘capital allowances’.

^[74] The Treasury. (2025). ‘Fiscal strategy model’. https://www.treasury.govt.nz/publications/fsm/fiscal-strategy-model-befu-2025

^[75] New Zealand Infrastructure Commission (2025). From plans to projects: An assessment of how central government plans, funds, and manages infrastructure.

^[76] Cabinet Office. (2023). CO (23) 9 ‘Investment Management and Asset Performance in Departments and Other Entities’. Note: Previous versions of the Circular also included long-term planning requirements, but the details of these requirements changed over time.

^[77] New Zealand Infrastructure Commission (2025). From plans to projects: An assessment of how central government plans, funds, and manages infrastructure.

^[78] The Treasury. (Last updated February 2025). ‘Quarterly Investment Reporting’. https://www.treasury.govt.nz/information-and-services/public-sector-leadership/investment-management/investment-management-system-reporting/quarterly-investment-reporting

^[79] Health New Zealand. (2025). Health Infrastructure Plan. https://www.tewhatuora.govt.nz/publications/health-infrastructure-plan

^[80] New Zealand Defence Force. (2025). 2025 Defence Capability Plan. https://www.defence.govt.nz/assets/publications/Defence-Capability-Plan-25.pdf

^[81] Large capital investments that are funded through agencies’ ongoing operating funding allowances are also required to seek Cabinet approval, but they may not necessarily receive comparable review through the Treasury’s Investment Panel prior to doing so.

^[82] The Treasury. (2024). Investment Panel Advice – Budget 2022. https://www.treasury.govt.nz/sites/default/files/2022-09/b22-t2022-76-4610105.pdf

^[83] New Zealand Infrastructure Commission. (2025). From plans to projects: An assessment of how central government plans, funds, and manages infrastructure.

^[84] New Zealand Infrastructure Commission. (2025). Delivering better value and better outcomes: A discussion document on changing practices in infrastructure delivery. 

^[85] New Zealand Infrastructure Commission. (2025). From plans to projects: An assessment of how central government plans, funds, and manages infrastructure.

^[86] Based on the OECD Infrastructure Governance Indicator on asset life cycle management.[87] New Zealand Infrastructure Commission. (2024). Taking care of tomorrow today: Asset management state of play.

^[87] New Zealand Infrastructure Commission. (2024). Taking care of tomorrow today: Asset management state of play.

^[88] Cabinet Office. (2023). CO (23) 9 ‘Investment Management and Asset Performance in Departments and Other Entities’. Note: Previous versions of the Circular also included similar requirements.

^[89] New Zealand Infrastructure Commission. (2024). Build or maintain? Based on data from NZ Transport Agency Waka Kotahi.

^[90] The Treasury. (2022). He Puna Hao Pātiki: 2022 Investment Statement. See page 43. https://www.treasury.govt.nz/sites/default/files/2022-03/is22-hphp-v2.pdf

^[91] Under the Public Finance Act 1989, agencies are required publish annual reports with information on asset valuations, depreciation expenses and capital and operating spending. However, they are not required to provide more detailed breakdowns of actual or planned spending on maintenance and renewals.

^[92] Office of the Minister for Infrastructure. Cabinet, Economic Policy Committee. (2025). https://www.treasury.govt.nz/sites/default/files/2025-05/cabinet-paper-exp-25-sub-0049-improving-asset-management-processes-and-practices-in-new-zealand.pdf

^[93] Office of the Auditor-General. (2025). Observations from our audits of councils’ 2024-34 long-term plans. Part 2: Trends in councils’ financial and infrastructure strategies. https://oag.parliament.nz/2025/long-term-plans/part2.htm

^[94] The Treasury. (2024). Half Year Economic and Fiscal Update.

^[95] Office of the Auditor-General. (2013). Insuring public assets. https://oag.parliament.nz/2013/insuring-public-assets

^[96] https://www.civildefence.govt.nz/cdem-sector/guidelines/claims-factsheets/response-other-response-and-recovery-claims-following-an-emergency-event The Crown’s contribution is for 60% of costs above a threshold calculated based on the affected council’s net capital value (Section 33.7).

^[97] Office of the Auditor-General. (2013). Insuring public assets.

^[98] Reflects the most recent information provided to the National Infrastructure Pipeline by contributors, primarily during the March 2025 update process and is subject to change. All information, including dates shown for these initiatives in planning phases are indicative and subject to change based on further planning as the project and funding commitments evolve. Initiatives without a full funding commitment recorded include those with part funding, funding source confirmed (but not committed), and funding source to be confirmed.

^[99] The accuracy of the information in the Pipeline depends upon the quality of contributor submissions. Contributors should ensure their information is keep up to date in the National Infrastructure Pipeline, including through their submissions for September 2025 quarter which will be drawn from to inform the final Plan.

^[100] New Zealand Infrastructure Commission. (2025). Getting what we need: Public agreement and community expectations around infrastructure.

^[101] New Zealand Infrastructure Commission. See ‘Our work’ and ‘Discover the Strategy’ and ‘Performance monitoring’ 

^[102] New Zealand Infrastructure Commission. (2025). Infrastructure Needs Analysis: Summary of results and findings.

^[103] New Zealand Infrastructure Commission. (2024). Taking
care of tomorrow today: Asset management state of play.

^[104] Zealand Infrastructure Commission. (2025). Benchmarking our infrastructure: Technical report.

^[105] New Zealand Infrastructure Commission. (2025). Transport
sector performance.

^[106] New Zealand Infrastructure Commission. (2025). The Infrastructure Needs Analysis Forecast: Results and modelling technical report.

^[107] New Zealand Infrastructure Commission. (2025). Benchmarking our infrastructure: Technical report.