How did forestry fare in NZ’s budget?
Friday 31 May 2019Some key points relating to forestry from yesterday’s “Wellbeing Budget” announced by the New Zealand Government includes;
- Over NZ$49 million has been allocated to help transform the forestry sector. Combined with existing funding, this equates to an investment of NZ$58 million in Te Uru Rākau (Forestry New Zealand).
The funding will allow Te Uru Rākau to increase its regional presence to ensure foresters and landowners have the support they need and will also see the agency focus on the Government’s goal of developing a sustainable, domestic forestry workforce,” Forestry Minister Shane Jones says.
“A key part to achieving our vision for the sector will be delivering in the regions and we will see new premises built in Rotorua – the heart of the forestry sector – showcasing the use of wood in construction and accommodating Te Uru Rākau’s growth.”
- A NZ$1 billion funding boost to support a long overdue redevelopment of KiwiRail. This includes NZ$375 million for new wagons and locomotives, NZ$331 million to invest in track and other supporting infrastructure and NZ$35 million to begin the process of replacing current ferries that are nearing the end of their lives. This funding package includes NZ$300 million from the Provincial Growth Fund allocated for investment in regional rail initiatives.
- A NZ $229 million Sustainable Land Use Package that will invest in projects to protect and restore at-risk waterways and wetlands and provide support for farmers and growers to use their land more sustainably.
- NZ$107 million to ensure the economic transition required to deliver the country’s greenhouse gas emission reductions. The Budget also includes funding to implement an Emissions Trading Scheme (ETS) auctioning platform.
- A new NZ$300 million fund to help fill the 'capital gap' for New Zealand firms that expand beyond the early start-up phase
- NZ$20m over four years the fund strategic research to combat kauri dieback
Further information can be found here. Full details on the budget itself can be found on the treasury.govt.nz website.
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