6741 (2025). Francisco Hernandez to the Minister of Agriculture

6741 (2025). Francisco Hernandez to the Minister of Agriculture: What asset valuations, if any, have been completed for the Minister's departments, if any, since 27 November 2023, and on what dates, if any?

Hon Todd McClay: I am advised that the Ministry for Primary Industries (MPI) is required under the relevant and applicable accounting standards to undertake full valuation of its owned land and buildings at least every five years, with annual desktop review conducted each year to ensure that their carrying amount does not differ materially from their fair value. Further details are set out under page 153 of the MPI’s 2023/24 Annual Report which can be accessed here https://www.mpi.govt.nz/dmsdocument/65736-2023-24-MPI-annual-report The Ministry also owns Crown Forest and land. Forests are independently revalued annually at their fair value less estimated costs to sell for one growth cycle. Crown owned forest land and buildings are valued once every 5 years with desktop reviews done annually to ensure the carrying value is not materially different to the fair value. Further details are included in MPI’s 2023/24 Annual Report on page 193.