It is impossible to tell if the $3 billion Provincial Growth Fund spending is value for taxpayer money, according to the Auditor General.
John Ryan's report released today raises concerns about a lack of transparency around how some of the $3 billion has been allocated, and the establishment of a so-called "fund within a fund" that seemed to have different criteria applied to it.
It also found projects had been tagged for funding before due diligence was complete and it was difficult to assess the value of the jobs created.
The report says evaluation is critical given the fund's ambition, size and profile and the public is entitled to know how well the PGF has met its objectives and what benefits it's delivered.
Auditor General John Ryan says even though the Provincial Growth Fund is a work in progress there are some areas that still concern him.
But the Minister-in-charge of the fund, Shane Jones, says he's seen no evidence officials haven't been open about how the money's being spent.
Mr Jones doesn't agree with other findings in the report - he utterly rejects the PGF has been tainted by unmanaged conflicts of interest. And in his mind, transparency problems don't exist.
