First Responders – Middleton chemical spill update
Investments – Guardians publishes white paper on the 2020 Reference Portfolio Review
The Guardians of New Zealand Superannuation, the Crown entity that manages the NZ Super Fund, has published a white paper documenting the outcome of its 2020 review of the Fund’s Reference Portfolio.
The Reference Portfolio is the basis on which the majority of the Fund is invested, and represents the single biggest driver of Fund returns. It is designed to gain broad, low cost access to listed global investment markets, in order to maximise the Fund’s returns without undue risk to the Fund as a whole. It is also a benchmark for active investment.
The review reaffirmed the Reference Portfolio’s strong weighting towards growth assets, retaining an 80% allocation to growth assets (equities) and 20% to fixed income assets (bonds). An existing 5% allocation to listed New Zealand equities also remains unchanged. There has been a minor change to the structuring of the global equities exposure within the Reference Portfolio. Further details are contained in the paper.
The Guardians expects that over the long-term the Reference Portfolio will return 6.8%, 2.8% above the estimated risk free (Treasury Bill) interest rate, a proxy for the cost to the Government to contribute to the Fund.
The Reference Portfolio will next be reviewed in 2025.
The paper is the latest in a series that provides insights into how the Guardians invests the NZ Super Fund. It can be downloaded here: Papers/Reports/Reviews.
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Education and Training – WelTec graduate gets dream engineering job straight out of course
Philip Moore has long loved learning the mechanics of how things work, and as a child was always taking things apart and putting them back together. When he completed his engineering degree at WelTec in 2019 he was offered his dream role doing just that – as his first job after study.
Philip grew up in Picton. His drive to learn about engineering was so strong that when he was in Year 11 he moved schools so he could take a class focused on this subject area.
“I always knew that I wanted to study engineering, so when I finished college I enrolled in an engineering course at a university,” explains Philip. “I think, like a lot of teenagers, I had it drilled into me that I had to go to university to be successful, but I soon realised that it wasn’t for me.”
“I found the course was too theoretical and it was honestly a bit boring. I asked around and heard good things about WelTec so I decided to drop my university course and enrol there.”
The change in course did the trick and Philip hasn’t looked back.
“The hands-on approach of the WelTec course was definitely more what I wanted out of my degree. I found the course work challenging and engaging and there was a good balance of theory to go alongside the practical work. I think what I found so useful about the course was the fact that the tutors were very good at showing us the practical implications of what we were learning for later in our careers. It made it feel relevant and worthwhile.”
After completing his degree Philip applied for a position at Omeo Technology on the Kāpiti Coast. He impressed the Omeo team and was quickly offered the role.
“I applied for a role at Omeo Technology straight out of WelTec for a position that required at least two years experience. I didn’t think that I had a chance, but because it sounded like my dream job I thought it was worth a shot. I was so excited when they offered me the job!”
Omeo Technology is an innovative company based in Ōtaki, that creates electric, self-balancing mobility devices which can be driven completely hands free.
The two-wheeled devices have all-terrain capabilities, meaning beaches, forests, tracks and unsealed pathways are now accessible for those restricted to a mobility device, and occupants can travel at speeds of up to 20km per hour.
Chief Product Officer at Omeo Technology, Peter Steenberg explains: “Omeo personal mobility devices give options for people who can't, or find it difficult to walk but still want to get outdoors where their other mobility devices may not allow. Our devices mean that owners can travel almost anywhere that has pedestrian access.
Our devices can be life-changing for people. Some customers have even found new job opportunities have become available to them since switching to Omeo.”
Peter was in charge of interviewing Philip for the role and was impressed by his technical ability and his practical approach.
“Philip excelled in the first stage of his interview,” explains Peter. “He brought in his final project from his time at WelTec and I asked him to develop a live dashboard with diagnostics, and do a 3D design/model. He was given four days to do it in – which we thought would be a stretch – but he sent it back to us in three and to a very high standard!
“After stage one, we brought him back and realised that his hands-on approach and willingness to get things done made him an excellent fit for our small team.”
Omeo Technology is a team of 10 so each member has to pull their own weight which sometimes means doing jobs that are outside of your job description.
“Being in a small team has been a huge blessing, I have gotten to understand the company structure in a way that I wouldn’t usually as an engineer in a bigger company, and I have been given opportunities such as completing a CPR course and becoming the company health and safety representative.
“I have been working for Omeo Technology since May and have loved my time here and learnt so much. I really credit my experience at WelTec, and their practical learning environment for getting this role and I am so pleased I made the change from university to WelTec.”
Further information on Engineering at WelTec
There’s a global demand for engineering skills, which makes this an exciting career option. Learn the engineering way of thinking at WelTec. Our engineering degrees and diplomas are a good combination of theory and practical work.
Options available at WelTec include:
New Zealand Diploma in Engineering – included in the Targeted Training and Apprenticeships Fund
Bachelor of Engineering Technology – Apprenticeship Model
Further information on Targeted Training and Apprenticeships Fund
TTAF makes a range of training and apprenticeship programmes free for learners. It is targeted towards industries where demand from employers for these skills will continue to be strong or is expected to grow, during New Zealand’s recovery period from the impacts of COVID-19.
These programmes are FREE under TTAF, however, it does not cover student service fee or course-related costs.
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MotorSport – Clark completes GP and TRS line up
Conrad Clark, yet another rising Kiwi star and the 2019 FIA Chinese Formula 4 Champion, is the final link in the chain for the 2021 New Zealand Grand Prix and the Castrol Toyota Racing Series.
Clark’s China campaign also saw him awarded Rookie of the Year and the MiTime Star award for outstanding performance.
As well as his successful campaign in the Chinese Formula 4 championship where he secured no fewer than 12 race wins on his way to the title, Clark debuted internationally in the USA Formula 4 championship in 2018 where he learnt the foundations of international motorsport and has continued to capitalise on that experience since.
Clark has raced internationally more than he has in New Zealand and with COVID-19 putting an end to an F3 Formula Regional campaign in America for 2020, this will be an opportunity to race on home soil for the first time in three years.
Having tested the current Toyota FT60 car, he is looking forward to the step up in power and downforce from a Formula 4 specification car.
“To race in New Zealand at the 66th New Zealand Grand Prix is a unique opportunity to be involved in as NZ motorsport celebrates a significant milestone with Kenny Smith running his 50th GP,” he said.
“It will be an honour to be on track with him and also alongside a host of other incredibly talented NZ drivers.
“I am looking forward to the experience of being part of New Zealand’s most prestigious single seater event. To be on the grid alongside Kiwi motorsport heroes is an incredible opportunity which I am grateful to our partners TradeZone, Aegis Oil, Advance Gaming and the Kiwi Driver Fund for making this happen.”
In 2021, because of the global pandemic, the Castrol Toyota Racing Series will run over a shortened three weekend programme. Starting with the New Zealand Grand Prix is also a departure from the normal championship routine. The earlier calendar date is designed to attract high profile New Zealand drivers still at home following the Christmas break and provide a rare opportunity to run the Grand Prix with the very best Kiwi drivers available in it.
The second round of the championship will be on the shorter Hampton Downs National track before it concludes at Manfeild, Circuit Chris Amon.
2021 Castrol Toyota Racing Series
Round 1: Hampton Downs – 22nd –24th January 66th New Zealand Grand Prix
Round 2: Hampton Downs – 29th –30th January
Round 3: Manfeild – 12th –14th February