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

Kāinga Ora manages the government’s rental stock and builds more houses, with an annual expenditure of $2.5 billion and total assets of $45 billion.

Former New Zealand Prime Minister Bill English on September 13, 2017 in Auckland, New Zealand. English was accused of having connections to Chinese spies. Phil Walter/Getty Images

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.