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New Zealand Journal of Forestry (2019) 64(2): 46–47
©New Zealand Institute of Forestry

Short Communication
Interim 2018 discount rate survey

Bruce Manley *,1

1 Convenor, NZIF Forest Valuation Working Party. Head of School and Professor of Forest Management, School of Forestry, University of Canterbury in Christchurch. Email:
*Corresponding author.

Abstract: A simplified discount rate survey was undertaken in December 2018 to clarify the effect of forest size on discount rate that was evident in the 2017 survey. Some 22 of the 23 forest valuers sent the survey provided a response. Results indicate that the discount rate used by valuers for large (>1000 ha) forests is lower than that used for small forests by 0.5 to 0.74 percentage points for New Zealand forests and 0.75 to 1.0 percentage points for Australian forests. All of the valuers who responded to the 2018 survey had also responded to the full 2017 survey. The average change in the discount rate that they are using is a reduction of 0.21 percentage points for New Zealand forests (21 responses) and 0.13 percentage points for Australian forests (five responses).
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