We are making improvements to our investment decision making system. These changes are in response to a review that was carried out in 2015 by the Ministry of Transport, Treasury and the NZ Transport Agency.
This is not a complete overhaul of the investment decision making (IDM) system, but rather incremental improvements to the way we make investment decisions.
We want to simplify our stakeholders’ lives. One of the ways we are doing this is by redesigning the Investment Assessment Framework (IAF) in time for the 2018–21 NLTP.
The draft IAF provides more clarity and transparency around our investment criteria. It now better aligns to the business case approach.
The draft IAF has been developed in line with the draft Government Policy Statement on Land Transport (GPS) for 2018/19 to 2027/28. We expect the GPS and IAF to be finalised in the second half of 2017.
We continue to work with our investment partners to understand the challenges and opportunities that exist in the transport system and how we can work better together.
We engaged with the sector during March and April on the Draft IAF [PDF, 306 KB] and Applying the draft IAF to road maintenance [PDF, 380 KB].
We were really pleased with the amount of constructive feedback that came through. In total, we received 18 submissions that covered 8 regions and 54 local authorities.
The feedback received has led to the issuing of the second version of the draft IAF being approved by the NZ Transport Agency Board on 7 July.
We have now extended the due date for submitting continuous programme ‘initial bids’ to 31 August 2017. By extending the submission date we hope to ease the pressures on our investment partners that are created by the financial year-end and the impact of roll-over activities. It also allows our investment partners the opportunity to refine their information and evidence. The following are key dates for your submissions:
- Initial bids submission – due before 31 August 2017
- Firm bids submission – due before 20 October 2017
- Final bids submission – due before 16 December 2017
On Friday 7 July the Transport Agency Board approved a revised draft Investment Assessment Framework, which includes the approval of the streamlined assessment approach to low cost/low risk activity below $1 million implementation cost.
The Investment Assessment Framework remains in draft until the GPS is finalised. We will continue to release supporting information and amend the set of frequently asked questions (FAQ) document to support practitioners through these changes.
The key documents below have been updated and re-released August 2017:
Assessment of business cases
For information on assessment of the business cases, please go to the links below:
- Assessment of road maintenance business cases
- Assessment of public transport services business cases
- Assessment of improvement activity business cases (and Road Safety Promotion business cases over $1 million)
Feedback received on the draft Investment Assessment Framework (IAF)
To view feedback received on the draft IAF and the responses provided by the Transport Agency, please go to the following link:
Your feedback is important to us. If you’d like to know more or have some feedback let us know.