Ngāti Whātua Ōrakei distributes $1.5 million to 3000 people

Ngāti Whātua Ōrākei is distributing more than $1.5 million among its members, despite the impacts of Covid-19.

Three thousand members of the hapū, one of four sub-tribes that comprise the Ngāti Whātua iwi in Tāmaki Makaurau (Auckland), have signed up for the annual distribution.

The three-year-old fund, Toi Tupu, was launched to provide a financial backstop for members and also to increase the level of financial knowledge, said Anahera Rawiri, spokesperson for the hapū’s commercial arm which funds the distribution.

“One of the things when we set it up was about trying to change the habits of our people in terms of saving, trying to promote an investment culture that was healthy and something that we could celebrate as a hapū,” Rawiri said.

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Supplied Santana Maihi, a Ngāti Whātua Ōrakei member who has signed up for Toi Tupu distributions.

“There are tough times ahead for Aotearoa and like any company, we are not immune to the financial implications, but this investment is something that we were not willing to cut.

“Our board has reviewed our business operations as a result of the current and anticipated economic downturn and is pleased to be in a position to be able to make Toi Tupu distributions this year.”

The hapū is worth $1.2 billion and owns largely property assets, such as Te Tōangaroa, which includes the land under Spark Arena.

Registered members who enrol for Toi Tupu receive an annual distribution, when possible, from the Ngāti Whātua Ōrākei Trust. The money is invested in the commercial arm, Whai Rawa Ltd, as a term deposit, earning 2.295 per cent in the first year and 4.295 per cent after a year.

Members can withdraw their money under financial hardship or to buy a house.

The target of at least 70 per cent of membership enrolled in Toi Tupu had been met, Rawiri said.

“The goal was if all our people could sit around the table and talk about our assets and the income that we generate freely, if they could go to the RSA, have some fish and chips and talk about what we’re doing on a day-to-day basis and feel comfortable about that, that’s empowering.

“Because that shows that we have done the job that we’re meant to do, to have our people fully engaged in what we do as a tribal entity,” Rawiri said.

“Last year I did some hikoi on our biggest asset at Te Tōangaroa, and some of the whānau didn’t even know that we owned it. That’s $650 million in terms of an asset, so if we can really make those shifts in terms of what our people know about the business, how they engage about the business, that’s powerful.”

Michael Bradley/Getty Images Ngāti Whātua Ōrakei is worth $1.2 billion and owns largely property assets.

Members could not withdraw their money until they turned 18, and they had to complete a series of financial literacy programmes before they could access the funds.

“I’ve got four children and each of them has a Toi Tupu account of just a little over $1600 each. I show them their online balance and they are just like oh my gosh, when can I take that money out?” Rawiri said.

“I say you can’t until you’re 18, but you might want to save up for a house - and the fact that we can even talk to our kids about house deposits at such a young age, when my youngest is five, you just think that was not even a reality in my day.”

The hapū also launched a health insurance scheme at the same time as Toi Tupu through NIB, which covered all medical costs except for GP visits.

“We’re not waiting for DHBs to sharpen up in terms of health outcomes for Māori, we’re really trying to take that bull by the horns and responding to the needs of the people,” she said.

During the level 4 Covid-19 lockdown, the hapū delivered more than 9000 meals, as well as kai packs, hygiene packs, and 1100 education packs, including 400 Chromebooks to members.

“We have mobilised because we know our people so well, we know where they live, we know how many people are in these houses, we know so much about our membership.

”The majority of our membership live in Tāmaki, so we’re able to mobilise very quickly.”

Santana Maihi, 24, enrolled in Toi Tupu when it was launched. She also had a KiwiSaver account, and considered the Toi Tupu funds more of a backup if needed in times of financial hardship.

”The main reason I signed up was it was an opportunity that the iwi was fully funding, and also it’s something awesome for the iwi to have for the hapū members because not many people understand managed investments.”

She planned to leave her money in Toi Tupu long-term, but had made one deduction to invest in Sharesies.

”It’s really empowering for our people, really empowering to know that our iwi wants to grow our financial wealth.

”They help with our homes, they help with education, and now they’re helping with our finances, so they’re supporting our full ability as a person, they’re supporting everything that we do.”