Hi Razza, your Palm is not actually a Palm at all, but a Cordyline australis (AKA Cabbage Tree - stupid name!!) that's native to New Zealand.

Many Cordylines were severely damaged by this last cold winter, so yours looks like it's attempting to recover from that. The new shoots that are now growing from the base are the plants' normal response to being damaged by cold. If the crown (active growing point at the top of the existing trunk) has been killed by the cold then the whole of the top will eventually die back but the plant will regrow strongly in a multi-stemmed form from the new shoots at the base of the trunk.

However, from your pic the top growth appears to be reasonably OK. You may have to wait until next year (i.e. after another winter) to see whether the plant continues to recover and re-grow at the top, or whether it eventually dies back and switches all it's energy to the new shoots growing from the base.

A light feeding with a balanced fertilizer will help it to recover faster.

THANKS

One thing is for certain as Ilex touched upon, that large underground root system has to supply something and if the top does die, those basal shoots will grow relatively quickly. I think they look far better multi-stemmed anyway.