Shag Point / Matakaea[1] is a headland and township in East Otago, New Zealand.

The township extends along a single road, which leaves State Highway 1 nine kilometres to the northeast of Palmerston, at the southern end of a long open bay known as Katiki Beach.

The point is a hilly promontory between Katiki Beach and the mouth of the Shag River.

The headland is within the Matakaea Scenic Reserve, which is known for its population of New Zealand fur seals.

It is also the location of the oldest characterised ignimbrite deposit in the South Island at 112 million years ago.