A key challenge for Māori within Tāmaki Makaurau is to create opportunities for intergenerational wealth (cultural, social and economic wealth transferred from one generation to the next).
Loss of traditional land, undermining of Māori culture and impacts of economic reforms have contributed to a lack of individual and
whānau assets handed down to the next generation.
Māori ownership of business, land and other assets provides the strongest opportunity to express
rangatiratanga and aspirations for cultural and social wellbeing.
te Tiriti o Waitangi settlements have occurred within Tāmaki Makaurau with others likely to occur over the coming years. These settlements provide an opportunity for Māori collectives to create economic resilience and build the Māori asset base. Building that asset base can achieve outcomes for their people in education, housing, business and enterprise.
Different ways to build Māori intergenerational wealth.
There are a number of ways to create intergenerational wealth for whānau.
Whānau-centric housing models such as
papakāinga not only grow
iwi asset bases but also provide homes where
tamariki can grow and learn, confident in their identity.
To make more of these whānau-centric models possible, some of the key constraints on the retention and use of Māori land for housing and development will need to be mitigated. These include access to finance, land use regulations, the capacity of iwi and the challenge of coordinating with various organisations.
Education is also an important pathway for individuals and their whānau to increase their financial literacy and grow their savings. This will empower whānau to determine their future ownership outcomes.
Māori business owners and the self-employed are major contributors to economic activity that can grow intergenerational wealth.
The point of difference that many Māori businesses bring to the market is their intergenerational focus and intentional contribution to multiple outcomes - cultural, social and environmental.
However, Māori businesses are also likely to be more exposed to climate change risks as they lack the resources necessary to transition and adapt.
How this can be done
Our efforts can focus on:
increasing Māori financial and investment literacy and savings practices
enabling Māori economic outcomes through procurement opportunities, such as the
Progress Procurement Policy to direct whole of government spending
supporting Māori collaborations to work at a larger scale and share knowledge and experience
improving regulatory processes and collaboration for Māori land development
supporting Māori businesses to build capacity and capability in adapting to climate change
developing partnerships with Māori that enable economic growth for whānau, hapū and iwi.