WELLINGTON, Aug. 17 (Xinhua) -- A new independent entity will be established to help New Zealand get the quality infrastructure investment it needs to improve long-term economic performance and social wellbeing, Infrastructure Minister Shane Jones said on Friday.

Speaking at the annual Building Nations Symposium in Auckland, Jones said the new entity would provide greater certainty to the industry and better advice to ministers to ensure adequate, long-term planning and investment happens.

"Treasury is currently unable to properly quantify the value of the deficit we're facing. It doesn't hold accurate or up-to-date information about all infrastructure projects across all sectors and advises that agencies themselves may not necessarily know the extent of their future capital needs," Jones said.

"This is just not good enough," he said, adding the government has a firm eye on the future and not just the next few years, which means ensuring New Zealand can make the timely and quality investments in vital infrastructure, such as hospitals, schools, transport networks, water and electricity.

This new entity will provide that certainty so the government can make the right investments, in the right places and the right time, the minister said, adding it is anticipated the new infrastructure entity will be operational by late 2019.