BIS central bankers’ speeches  7  development, creating a system to measure development capacity, providing options to intervene when development capacity falls short of what is required and improvements around the financing and provision of infrastructure. In respect of the latter, the recent Government initiative to establish a Housing infrastructure Fund will help to relieve an important constraint.
The Government has also recently released its proposed National Policy Statement (NPS) on urban development capacity which requires councils to ensure sufficient land supply to meet projected housing and business development needs. Councils will be required to monitor developments around housing affordability, building and resource consents and the value of land on urban boundaries.