Public Investment · Business Case Methodology · New Zealand

Sound logic.
Clear decisions.

David Stephen is the author of the New Zealand Treasury Better Business Case templates and guidance — the framework used across central and local government for all significant public investment proposals.

Training programmes Consulting enquiries
David's position
Author of the NZ Treasury Better Business Case templates and guidance (2025–2026)
Expert Practitioner — International Better Business Case Standards Board
Specialist trainer in business case methodology and investment logic for government practitioners
Consultant to agencies preparing significant public investment proposals
"The person best placed to train your team is the person who wrote the framework."
New Zealand government Australian public sector Commonwealth practitioners
Training

Learn from the
person who wrote it.

David's training programmes equip practitioners to apply the Treasury Better Business Case framework with confidence — building investment proposals that are logically sound, evidenced, and defensible to decision-makers at every level.

Programmes range from a half-day foundation introduction to multi-session agency cohorts for teams building this capability internally. All training is grounded in David's direct authorship of the framework — not in someone else's interpretation of it.

Why this training is different

Most business case training is delivered by people who learned the framework secondhand. David wrote it. His training goes beyond the method to the reasoning behind it — so practitioners leave knowing how to apply it to problems they haven't encountered before, not just the ones covered in the worked examples.

Programme 01

Foundation Workshop

Analysts · New practitioners · Graduates

A half-day introduction to the Better Business Case framework — what it is, why it works, and how to apply it to a real investment problem. Designed for practitioners new to the framework or those who want a more confident foundation in the methodology.

  • The investment logic chain from problem definition to public value
  • Writing a problem statement that holds up under scrutiny
  • Connecting causes, objectives, requirements, and options
  • Common failure modes and how to avoid them
  • Practical exercise using a realistic case scenario
Programme 02

Practitioner Programme

Experienced analysts · Investment leads · Consultants

A full-day applied programme for practitioners leading business case development independently. Participants work through a complex, multi-problem investment scenario using the full five-case model, including economic appraisal and options assessment.

  • Multi-problem investment structures and contested evidence
  • Options construction from requirements — not from preferred solutions
  • Benefits mapping, beneficiary identification, and economic appraisal
  • Stage discipline across programme and project business cases
  • Preparing a case that is ready for decision-maker review
Programme 03

Agency Cohort

Teams · Investment functions · Consulting firms

A structured multi-session programme for organisations building business case capability across a team. Delivered over two to four sessions using the agency's own investment context as working material, with direct coaching from David throughout.

  • Sessions tailored to the agency's investment context and portfolio
  • Real cases used as working material where appropriate
  • Team-based case development, peer review, and logic checking
  • Direct coaching from David across all sessions
  • Path to formal accreditation for eligible participants
Accreditation — coming soon

David is developing a formal accreditation programme for business case practitioners, at Foundation, Practitioner, and Lead levels. Training participants will have first access. If formal certification matters to your organisation, note your interest when you enquire.

Note your interest
Track record

Two decades of
public investment work.

David has led the development of major business cases across New Zealand's public sector since 2012 — from national health programmes to infrastructure, climate finance, space capability, and economic reform. He has also held senior roles within The Treasury overseeing investment management and assurance across government.

Health
National Telehealth Service

Two-stage business case for a national telehealth service — approximately $1 billion whole-of-life investment — including competitive dialogue with shortlisted providers prior to the Detailed Business Case.

Health
National Cervical Screening Reform

Business cases supporting transition to HPV-based screening, integrating clinical, laboratory, and public health system changes with health economic modelling across the national programme.

Social investment
ACC Sexual Violence Prevention

Indicative and Detailed Business Cases securing approval for a $45 million national sexual violence primary prevention programme, embedding kaupapa Māori approaches within the investment logic.

Climate & environment
International Climate Finance Portfolio

Programme and project business cases supporting New Zealand's international climate finance investments, including mechanisms to mobilise private finance alongside public funding.

Economic data
Stats NZ Prices Capability

Business case to strengthen the national price data capability underpinning New Zealand's inflation statistics and economic indicators — across a technically complex data infrastructure proposal.

Emerging capability
New Zealand Space Capability

Indicative Business Case shaping early investment in New Zealand's emerging space capability, in collaboration with the NZ Space Agency — structuring investment logic for a novel and politically significant proposal.

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
Consulting

Direct advice on
what matters most.

Government agencies working on significant investment proposals face the same problem: the people preparing the case are often not the people who will defend it. David works directly with investment teams to ensure the logic chain is sound before it reaches a decision-maker.

Business case review and quality assurance

David reviews a business case in progress — or near completion — and provides a structured assessment of its logic chain. He identifies where the reasoning is strong, where it is vulnerable, and where a Treasury reviewer or decision-maker is likely to probe.

Investment logic development

Working alongside an agency team from the start of a case, David applies his methodology to define the problem, identify causes and effects, construct requirements-based options, and build the evidence foundation for the benefit case. Particularly valuable for novel, contested, or politically complex investments.

Decision-readiness assessment

A focused engagement for agencies whose proposal is approaching a significant decision gate — Cabinet, Treasury, or an independent review panel. David provides a decision-maker's perspective: what the case needs to withstand, and what the team needs to prepare for.

The value of the credential

"A business case reviewed by the person who wrote the Treasury framework carries a quality signal that is difficult to replicate."

David takes a limited number of consulting engagements at any one time. The focus is on proposals where the stakes are high and where the quality of the investment logic is the determining factor in a good outcome.

1
Initial enquiry

Submit a brief description of your investment and what you need. David will respond within two working days.

2
Scoping conversation

A 30-minute call to understand the investment, its stage, and what kind of engagement would be most useful.

3
Proposal and agreement

David provides a brief engagement proposal — scope, timing, and fee — for the agency to consider.

Consulting enquiry
Book

The intellectual
argument.

David is completing a book on public investment logic — why the quality of investment decisions in government so often falls short, and what a disciplined, evidence-anchored approach produces. It is not a how-to guide. It is the case for doing this work seriously.

The book draws on David's experience designing and applying the Treasury Better Business Case framework across New Zealand's state sector and beyond. It is written for decision-makers and senior practitioners who want to understand what good investment logic looks like — and how to recognise when they are not seeing it.

Publication is expected later this year. Register your interest below to be notified when it is available.

Public investment logic:
the book

David Stephen's forthcoming book on why investment decisions fail and what sound logic produces. Publication expected 2026.

Notify me on publication
David Stephen
David Stephen
About

David Stephen

David Stephen is a senior programme manager and public investment specialist with more than two decades of experience across New Zealand's public sector. In 2025–2026 he authored the comprehensive refresh of The Treasury's Better Business Case templates and guidance — the framework required for all significant government investment proposals across central and local government.

He specialises in the early stages of major investments — where problem definition, investment logic, governance arrangements, and funding pathways must be clarified before delivery begins. His experience spans health, transport, economic policy, environment, digital systems, and international investment. He has also held roles within The Treasury overseeing investor confidence assessments and investment management practice across government.

He works with government agencies, investment teams, and consulting practices across New Zealand, Australia, and the broader Commonwealth — wherever public investment decisions need to be more rigorous, more defensible, and more useful to the people making them.

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Primary credential

Author of the 2025–2026 refresh of The Treasury's Better Business Case templates and guidance

International standing

Expert Practitioner — International Better Business Case Standards Board (2015)

Qualifications

PMP (Project Management Institute) · MSP Practitioner · MoP Practitioner · PRINCE2 Practitioner · Associate Chartered Accountant · BCom and BSc, University of Otago

Sectors

Health · Transport · Climate and environment · Economic development · Digital and technology · International investment · Local government

Jurisdictions

New Zealand · Australia · United Kingdom · Canada · Commonwealth public sector

Based in

Wellington, New Zealand — available for on-site delivery and international engagements

Contact

Enquire about
training or consulting.

Whether you're looking to run a training programme for your team, seeking consulting support on a specific investment proposal, or exploring accreditation options — the right starting point is a brief message.

David responds to all enquiries personally within two working days. For training, include the number of participants and any context about your team's current experience with business case development. For consulting, a brief description of the investment and its current stage is helpful.

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

David responds personally within two working days.