By Claire Trevett, Isaac DavisonFinance Minister Bill English has dismissed reports Housing New Zealand is going broke, saying it has to significantly scale up its housing development and had a "complete reassurance" the Government would fund that. A Treasury paper showed Housing NZ was due to run out of cash for development and maintenance by February. English said that was because Housing NZ was moving from building 300 new houses a year to between 1000 and 2000. He said Housing NZ would get funding from transfers of state housing stock in areas such as Tauranga. "Housing NZ is heading into a very strong expansion mode and, like any other business, as it expands it needs cash to finance its activities.

Source: New Zealand Herald October 12, 2016 21:20 UTC