An independent report into the Provincial Growth fund has found there's a lack of transparency and accountability when it comes to some spending, despite recent reporting improvements.
The report by the Auditor General's office raises concerns about 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 some 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 has delivered.
The Minister in charge of the Provincial Growth Fund, Shane Jones, talks to Lisa Owen.