Public Investment · Business Case Development · Wellington, New Zealand

Clear, defensible
public investment decisions.

I help turn complex public investment problems into clear, defensible investment decisions — clarifying the case for change, strengthening investment logic, and shaping proposals that stand up to scrutiny.

David Stephen
David Stephen
Public Investment Specialist
Lead Author of the New Zealand Better Business Case templates and guidance
About

David Stephen

I'm a Wellington-based consultant specialising in public investment and business case development. My work focuses on early-stage investments — where problems are defined, investment logic is tested, and decision-makers gain confidence in the case for change.

I am the lead author of the latest Better Business Case templates and guidance, and support organisations applying them in practice — structuring business cases, strengthening investment logic, and preparing decision-ready proposals.

I have worked across central government for more than two decades — leading complex public investment proposals across health, economic capability, climate finance, and public services.

I support senior decision-makers to move from ambiguous or contested problems to defensible investment decisions, backed by clear logic, options analysis, and governance.

Connect on LinkedIn
Credentials
Lead Author — NZ Better Business Case templates and guidance (2025–2026)
Expert Practitioner — International Better Business Case Standards Board
Based in Wellington, New Zealand — available for on-site and international engagements
Qualifications
PMP — Project Management Institute
MSP Practitioner · MoP Practitioner
PRINCE2 Practitioner
Associate Chartered Accountant
BCom (Management & Finance) · BSc (Psychology) — University of Otago
Services

What I do

I support agencies and sectors developing significant investment proposals — particularly at early stages where problems are clarified, investment logic is tested, and business cases are developed.

Better Business Case templates

As the lead author of the latest Better Business Case templates and guidance, I support agencies applying them in practice — structuring business cases, strengthening investment logic, and preparing decision-ready proposals.

Investment logic and problem definition

Support at the earliest stage of an investment where the problem is unclear or contested — helping leaders clarify the case for change, build investment logic, and align stakeholders.

Business case development

End-to-end development of programme and project business cases — covering the strategic case, objectives, options, benefits, and decision-making across the five-case model.

Programme design and delivery

Support as investments move from concept to implementation — including programme structure, sequencing, governance, and benefits management aligned to the investment logic.

Portfolio and investment management

Development of portfolio frameworks, long-term investment plans, and governance supporting strategic prioritisation and investment performance.

Investment quality assurance

Independent quality review of business cases — assessing investment logic, evidence, and readiness for decision-maker review or Treasury scrutiny.

Sectors and jurisdictions

Where I work

My work spans New Zealand and international public sectors — wherever complex investment problems need to be turned into clear, defensible decisions.

New Zealand
Central and local government

The Better Business Case templates are required across all significant central government investment proposals. I support agencies and sectors implementing these templates in practice and developing the investment logic capability to use them well.

Central government Local government Crown entities
Australia & Commonwealth
State and federal public sector

The new NZ business case templates and guidance have a strong Commonwealth lineage. Australian state and federal agencies face structurally identical investment logic challenges.

Australian states Federal government Commonwealth
International development
Development finance and aid investment

I have a specialist background in international development finance, including business cases to mobilise private investment alongside public funding.

Climate finance Development investment
Track record

Selected investments

I have led the development of complex public investment proposals across central government. A selection of investments I have worked on is below.

Health

Two-stage business case for a national telehealth service (~$1b whole-of-life), including early market engagement with shortlisted providers prior to the Detailed Business Case.

Health

Business cases supporting transition to HPV-based screening, integrating clinical, laboratory, and public health system changes with health economic analysis.

Social investment

Indicative and Detailed Business Cases securing approval for a national sexual violence primary prevention programme (~$45m).

Climate & environment

Programme and project business cases for New Zealand's international climate finance investments, including mechanisms to mobilise private investment.

Economic data

Business case strengthening the national price data capability underpinning New Zealand's inflation statistics and economic indicators.

Emerging capability

Indicative Business Case shaping early investment decisions in New Zealand's emerging space capability, in collaboration with the NZ Space Agency.

Agencies worked with
The Treasury Ministry of Health ACC Stats NZ MBIE MFAT Waka Kotahi Ministry for the Environment NZQA NZ Defence Force Ministry for Primary Industries Ministry of Education
Training

Business case
training programmes.

Training in the Better Business Case templates and guidance. Programmes are open to practitioners across government and the broader public sector.

Details of upcoming programmes will be available shortly.

Training partner
Capability Collective

Programmes in the Better Business Case templates and guidance, delivered in partnership with David Stephen as lead author of the templates.

Visit Capability Collective ↗
Contact

Get in touch

I'm happy to discuss your investment challenge, whether you're early in problem definition or preparing a business case for a significant decision gate.

A brief description of your investment context and what you're looking for is a good starting point. I respond to all enquiries personally within two working days.

david@stephenconsulting.co.nz
Wellington, New Zealand · Available internationally

David responds personally within two working days.