New legislation aims to rebuild economy through streamlined consenting process.
The coalition Government's Fast Track Approvals Bill has passed its third reading in Parliament, marking a significant step towards rebuilding New Zealand's economy. The bill creates a one-stop shop fast-track consenting regime for regionally and nationally significant projects. Applications for these projects will be accepted from 7 February 2025.
According to RMA Reform Minister Chris Bishop and Minister for Regional Development Shane Jones, the new legislation will cut through "red and green tape" holding back economic growth in New Zealand. The bill contains a list of 149 regional and national projects, including housing developments, infrastructure projects, quarrying projects, mining projects, and renewable electricity projects.
The list includes 44 housing developments that could enable up to 55,000 new homes, addressing the country's housing crisis. It also includes 43 infrastructure projects that will help address New Zealand's infrastructure deficit and result in new road, rail, and public transport routes.
The bill is expected to modernize the economy and provide a much-needed boost to regional economies, which are "stagnating." The Government aims to double the value of mineral exports to $2 billion by 2035 through the mining projects on the list. The renewable electricity projects will improve energy security and contribute an additional 3GW of generation capacity.
From 7 February, these projects can apply to have an expert panel assess them and decide whether to consent them. Other projects will also be able to apply from this date, with their applications going to the Minister of Infrastructure for consideration.