$1.4 billion Maori economy important for Waikato 6 Nov 2014
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MEDIA RELEASE
6 November 2014
$1.4 billion Maori economy important for Waikato’s well-being
Leveraging off the strength of the Maori economy in Waikato is important for maximising the region’s growth potential, says a new report from Business and Economic Research Limited (BERL).
Maori economy in the Waikato region, due to be discussed at a Maori economic development workshop in Hamilton on 11 November, was commissioned by the Federation of Maori Authorities, Te Puni Kokiri (Ministry of Maori Development) and Waikato Regional Council to help inform discussion on the way ahead.
Waikato Regional Council chief executive Vaughan Payne said the report shone a light on the significant contribution of the Maori economy to Waikato and will be a useful input to implementation of the regional economic development strategy.
Te Puni Kokiri chief executive Michelle Hippolite said her ministry intends that the report will “assist in the development of robust strategies and resilient relationships, and will contribute to strengthening Maori economic development in the region”.
Federation of Maori Authorities chief executive Te Horipo Karaitiana said the report provides important base information and successful deployment of initiatives will require collaboration. “Central and local government, Maori asset holders and business leaders need to work together to create sustainable economic prosperity for our whanau, communities, the region and Aotearoa New Zealand.”
The report identifies Maori assets in the Waikato worth $6.2 billion and notes the Maori contribution to regional gross domestic product was worth $1.4 billion or 8 per cent of the total in 2012, with potential for growth in both figures identified.
A recent Waikato regional economic development strategy, produced under the auspices of the Waikato Mayoral Forum, identified leveraging Maori development as a major opportunity for the region.
The report says: “Maori economic development is important not only for Maori but for the overall economic performance of the Waikato region and New Zealand as a whole.
“For the economy of the Waikato region to achieve its long-run potential growth it must make the best use of all available resources.”
Of the $6.2 billion in Waikato Maori assets, 28 per cent were in agriculture, fishing and forestry, 23 per cent in property and business services, and 15 per cent in manufacturing. Maori businesses had 54 per cent of the Maori asset base, while some $2.8 billion worth – or 46 per cent - were collectively owned assets held by authorities such as trusts, incorporations and Treaty of Waitangi settlement entities.
The $1.4 billion annual contribution to value added (a measure of output) by Maori businesses included a $266 million contribution from the health and community services sector, $214 million from property and business services, $150 million from manufacturing and $120 million from agriculture. Maori businesses in Hamilton contributed $472 million or 34 per cent of the total.
Maori made up 22 per cent of the population and contributed 25 per cent of all those employed. But the report noted a large proportion of Maori were employed in low paid, low productivity industries, while the average weekly income for Maori was 25 per cent or $189 lower than the average weekly income for non-Maori (compared to 22 per cent lower nationally). Debt levels in Maori households in the region were described as “high”.
An executive summary of the report says Maori assets in Waikato are expected to grow as a result of further Treaty settlements and Waikato-Tainui receiving further redress. This growth, coupled with economic diversification by Maori entities, meant “Waikato Maori are increasingly likely to play a key part in shaping economic development in the region”.
However, the executive summary added: “The young Maori population in the Waikato region combined with the significant proportion of Maori employed in lower paid and low productive industries represents a challenge to iwi and the region to both retain, upskill and create employment opportunities for these young people.”
The full report and the summary report will be available online www.tpk.govt.nz/en/in-print/our-publications/ on 11 November.
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