Economy – NZ Treasury: Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024

February 13, 2025

Source: The Treasury

The Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024 were released by the Treasury today.

The December results are reported against forecasts based on the Half Year Economic and Fiscal Update 2024 (HYEFU 2024), published on 17 December 2024, and the results for the same period for the previous year.

	Year to date				Full Year
	December 2024 Actual1 $m	December 2024 HYEFU 2024 Forecast1 $m	Variance2 HYEFU 2024 $m	Variance HYEFU 2024 %	June 2025 HYEFU 2024 Forecast3 $m
Core Crown tax revenue	59,944	59,715	229	0.4	120,623
Core Crown revenue	66,575	66,284	291	0.4	134,038
Core Crown expenses	68,879	69,322	443	0.6	144,638
Core Crown residual cash	(11,206)	(10,722)	(484)	(4.5)	(16,610)
Net core Crown debt4	185,834	186,575	741	0.4	192,810
as a percentage of GDP	44.1%	44.2%			45.1%
Gross debt	199,099	193,413	(5,685)	(2.9)	206,558
as a percentage of GDP	47.2%	45.9%			48.3%
OBEGAL excluding ACC (OBEGALx)	(3,501)	(3,885)	384	9.9	(12,868)
OBEGAL	(4,571)	(4,878)	307	6.3	(17,317)
Operating balance (excluding minority interests)	(348)	(1,464)	1,116	76.2	(10,161)
Net worth	187,459	186,373	1,086	0.6	177,492
as a percentage of GDP	44.5%	44.2%			41.5%

Using the most recently published GDP (for the year ended 30 September 2024) of $421,702 million (Source: Stats NZ).
Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
Using HYEFU 2024 forecast GDP for the year ending 30 June 2025 of $427,252 million (Source: The Treasury).
Net core Crown debt excludes the NZS Fund and core Crown advances. Net core Crown debt may fluctuate during the year largely reflecting the timing of tax receipts.

Core Crown tax revenue at $59.9 billion was $0.2 billion (0.4%) higher than forecast, with the largest variance in GST being $0.3 billion (1.5%) above forecast.

Core Crown expenses at $68.9 billion were $0.4 billion (0.6%) below forecast. The variance is mostly timing in nature and was spread across a range of functional spending areas.

The operating balance before gains and losses excluding ACC (OBEGALx) was a deficit of $3.5 billion, $0.4 billion less than the forecast deficit. When including the revenue and expenses of ACC, the OBEGAL deficit was $4.6 billion, $0.3 billion less than the deficit forecast.

The operating balance deficit of $0.3 billion was $1.1 billion less than the deficit forecast. This is largely owing to the variances to forecast in net gains and losses for the six months to December 2024, with net losses on non-financial instruments being $1.4 billion lower than forecast, partly offset by net gains on financial instruments being $0.8 billion lower than forecast.

The core Crown residual cash deficit of $11.2 billion was $0.5 billion more than the deficit forecast and was largely timing in nature with personnel and operating payments occurring earlier than anticipated.

Net core Crown debt at $185.8 billion (44.1% of GDP), was broadly in line with forecast ($186.6 billion or 44.2% of GDP). While the core Crown residual cash deficit was higher than forecast, its impact on net core Crown debt was more than offset by higher than forecast net gains on financial instruments and the Reserve Bank’s issuance of circulating currency.

Gross debt at $199.1 billion (47.2% of GDP) was $5.7 billion higher than forecast largely owing to higher than forecast derivatives in loss and issuances of Euro Commercial Paper. However, this increase in gross debt was broadly offset by a corresponding increase in financial assets therefore this has not flowed through to the net core Crown debt measure or to net worth.

Net worth at $187.5 billion (44.5% of GDP), was $1.1 billion higher than forecast largely reflecting the operating balance results. Net worth consisted of total Crown assets of $597.9 billion ($13.0 billion higher than forecast) and total Crown liabilities of $410.5 billion ($11.9 billion higher than forecast).

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Fire and Emergency New Zealand deploys aviation specialist to Tasmanian fires

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February 13, 2025

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand has sent a wildfire aviation specialist to Australia to run the aerial attack on several large bushfires in the north west of Tasmania.

Fire and Emergency Deputy National Commander Ken Cooper says the Tasmanian Fire Service and the Tasmanian Parks and Wildlife Service have been managing a number of significant vegetation fires sparked by dry lightning strikes since 3 February.

“The fires are in challenging terrain and the Tasmanians have been mostly managing the fires with aircraft while ground crews battle the fires accessible by road,” he says.

It is expected the current significant fires will continue to burn uncontained for several weeks, causing ongoing resourcing and fatigue management pressures.

Our specialist arrived in Tasmania on Wednesday and has relieved the Tasmanian Air Operations Manager. They will be providing the overall coordination of aerial operations across the fires over the next two weeks.

“Our thoughts are with our neighbours in Tasmania, and we are happy to answer the call for help,” Ken Cooper says.

Fire and Emergency supports other countries in their time of need. Alongside predecessor organisations, we have been deploying personnel internationally to wildfire emergencies for more than 20 years.

This deployment is Fire and Emergency’s 75th international wildfire deployment since 2000. There have been 1544 firefighters deployed during this time. Note: this number does not include non-wildfire deployments, such as for natural disasters.

“When Fire and Emergency receives a request for firefighting assistance, we firstly consider the fire conditions in Aotearoa before we decide if we can support our international colleagues,” Ken Cooper says.

“These international deployments are not only beneficial for the countries that receive help, but also to our people. They gain valuable experience and skills in dealing with large scale and complex wildfires, which can be different from the types of fires they usually encounter back home.”

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Northland Regional Council $600k of Climate Resilient Communities Funding to be allocated

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February 13, 2025

Source: Northland Regional Council

$600k of Climate Resilient Communities Funding to be allocated

The Northland Regional Council is finalising a list of more than 20 projects around the region which will share $600,000 of funding designed to help build climate resilience.

During the council’s Long-Term Plan 2024-2034 consultation, the region’s communities had emphasised the importance they placed on council taking a leading role in helping to build that resilience.

That had resulted in the council establishing a $600,000 fund to support communities to prepare for the growing effects of climate change and the natural hazard risks our region faces.

The council – which had an overwhelming response with 96 applications requesting $3.2 million in funding – is currently finalising more than 20 projects that met the fund criteria and aimed to build community capacity and strengthen connections to build community resilience.

Successful applications are expected to be made public shortly.

Scholarship applications close

Applications for Northland Regional Council’s (NRC) Tū i te ora Scholarship have closed.

NRC says it received more than 20 applications for its scholarship, which recognises and supports students to undertake study, research or training that relates to council’s environmental and regulatory functions.

Council will award the six scholarships in May, with each recipient set to receive $4000 to assist with study costs, plus paid full-time work experience from mid-November 2025 to mid-February 2026.

24/7 NRC Incident Hotline

The Northland Regional Council operates a 24/7 incident hotline (0800) 504 639.

You can call this number to report all pollution and environmental incidents, including oil or chemical spills, water pollution, dangerous boating, and navigation hazards and breakdowns of navigation lights.

Northland Regional Council on social media

You can follow council on its social channels:

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Business – WEL Networks partnering with Copperleaf to improve asset investment decision making

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February 13, 2025

Source: WEL Networks

WEL Networks is partnering with Copperleaf, an international leader in offering end-to-end asset lifecycle management solutions.

Copperleaf’s Decision Analytics Solution will help WEL Networks to optimise its investment planning and ensure that critical infrastructure plans are aligned with the organisation’s vision and strategic goals.

“We’re excited to announce this Copperleaf partnership today,” said WEL Networks Chief Executive, Garth Dibley.

“As a community-owned organisation, by utilising the Copperleaf Portfolio™ we will be able to achieve significant improvements in safety, customer experience, cost efficiency and asset performance for the benefit of our communities.”

“WEL Networks’ commitment to improving the resilience, safety, and efficiency of its network is commendable,” said Aaron Tunnicliff, Copperleaf Account Executive.

“They are an innovative organisation that has been on the forefront of delivering new grid technologies such as renewable energy and network monitoring solutions.

“We’re excited to help them unlock improved capital expenditure management and accelerate their planning cycle.

“Copperleaf’s solution will provide the insights and traceability needed for more transparent and accountable decision making.”

“By joining the Copperleaf Community, WEL Networks will be part of a collaborative and innovative group of industry leaders who learn from each other and share best practices to drive the future of decision making,” added Stefan Sadnicki, Copperleaf Managing Director, EMEA & APJ.

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Feedback wanted on working with engineered stone

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February 13, 2025

Source: New Zealand Government

Minister for Workplace Relations and Safety Brooke van Velden says the consultation on working with engineered stone closes in one month and hopes to hear from businesses, workers in the industry and people working with other materials that contain crystalline silica.

“I want to understand what is currently being done to manage the risks, and whether additional regulation is needed,” says Ms van Velden.

The consultation outlines a full range of possible regulatory responses, from strengthening current requirements to implementing a full ban.

“There are a range of views on this topic, and I want to build a comprehensive picture of current workplace practices and how risks are currently being managed.”

Engineered stone is a popular kitchen and bathroom bench material used in New Zealand homes and businesses. In its solid form, engineered stone does not have hazardous properties.

It is the dust that is generated from cutting, grinding, or polishing engineered stone that has the potential to cause harm when it is breathed in. Silicosis is an occupational disease caused by exposure to respirable crystalline silica, typically over a period of 20 years or more. Engineered stone workers can develop accelerated silicosis, a more aggressive form of silicosis, after just three to ten years of exposure to respirable crystalline silica.

“I was encouraged by the volume and quality of submissions in my recent system-wide health and safety consultation and am looking forward to seeing the results of the consultation on working with engineered stone.

“Like the broader health and safety system, I need to balance the safety of workers with ensuring any regulatory changes are proportionate and effective at managing the risks.

“I’m keen to hear from all industries in which respirable crystalline silica is generated including/such as mining, quarrying, tunnelling, roading, foundries, construction, manufacturing of concrete, bricks and tiles, abrasive blasting, monumental masonry work, concrete drilling, grinding, fettling, mixing, handling and dry shovelling,” says Ms van Velden.

“You still have time to make a submission by going to MBIE’s website. The consultation closes at 5pm on 18 March 2025.”

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Stats NZ information release: Electronic card transactions: January 2025

LiveNews Publisher

February 13, 2025

Source: Statistics New Zealand

Electronic card transactions: January 2025 – 13 February 2025 – The electronic card transactions (ECT) series cover debit, credit, and charge card transactions with New Zealand-based merchants. The series can be used to indicate changes in consumer spending and economic activity.

Key facts

All figures are seasonally adjusted unless otherwise specified.

Values are at the national level and are not adjusted for price changes.

January 2025 month

Changes in the value of electronic card transactions for the January 2025 month (compared with December 2024) were:

spending in the retail industries decreased 1.6 percent ($103 million)
spending in the core retail industries decreased 1.5 percent ($86 million).

Files:

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Govt Cuts – Axing 63 roles at Callaghan Innovation will drive essential skills out of the country and undermine Government growth agenda – PSA

LiveNews Publisher

February 13, 2025

Source: PSA

New redundances at Callaghan Innovation will undermine the country’s capacity to commercialise innovations of New Zealand businesses, which the Government claims it is so focussed on, says the union for Callaghan Innovation workers, the Public Service Association.

Last night, Callaghan Innovation told 63 workers their roles were being made redundant, including 16 commercialisation roles, 14 scientists and engineers, 6 Māori Innovation roles, and others working in data, digital, product design, risk and audit, marketing, government engagement and technical support.

“The Government is dismissing the very workers who could help grow the economy,” said PSA Acting National Secretary Fleur Fitzsimons. “People working in those commercialisation roles have the skills to turn ideas into internationally marketable products and services quickly and successfully.”

Last month, Science Minister Shane Reti told Callaghan Innovation’s Board Chair that Callaghan would lose most of its funding well before its formal disestablishment, and before any new science organisations have been set up through the science system reforms recently announced. That will see around 75 science staff out of work and forced to find work overseas.

“The Minister is driving workers with essential knowledge out of the country. By defunding Callaghan Innovation before it’s disestablished, the Minister is forcing staff into redundancy with nowhere in New Zealand for them to go to.”

Cabinet papers released alongside the science reform announcements stated that the Minister would conduct a review of capability within Callaghan Innovation that could be retained and transferred elsewhere. However, this review resulted in minimal change.

“Callaghan Innovation staff were never given an opportunity to have input on this review,” said Fitzsimons. “The Minister has made decisions without even talking to the people who are losing their livelihoods over this.

“The Minister must treat Callaghan Innovation staff with dignity and respect and find ways to keep these highly skilled staff in New Zealand. Otherwise, we’ll lose more people offshore while New Zealand becomes a less attractive place to be a scientist.

“How will that help the Government’s economic growth agenda?”

Previous statement on cuts at Callaghan Innovation

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Consumer NZ warns of car rental company’s questionable practices

LiveNews Publisher

February 13, 2025

Source: Consumer NZ

A recent investigation reveals how autoUnion pressures customers into paying large bonds to cover the excess on an insurance policy some believe is dodgy.

Chris Schulz, senior investigative journalist at Consumer NZ, is warning those looking for an affordable car hire option in Auckland or Christchurch to avoid car rental company autoUnion. Despite alluringly cheap daily rates, Schulz believes autoUnion’s cheap deals could end up costing a fortune.

Consumer initially received a tip-off from an autoUnion customer, Jesse Ashwell, about the car rental company’s potentially fraudulent practices.

“Ashwell bought insurance online when she first booked her car, but when she turned up at the car yard, she was asked to pay a $3,000 bond to cover the insurance excess on an additional ‘basic cover’ insurance policy.

“She didn’t receive a copy of an insurance policy document or any information about autoUnion’s insurance provider – despite requesting it,” says Schulz.

Ashwell says: “I refused to pay a $3,000 bond so it took two and a half hours to sort out the rental. When I finally got to the car, I found a dirty, smelly Toyota Aqua.”

“The car broke down on the third day of hire. Ashwell was accused of filling it up with the wrong petrol (which she denies and has a receipt to prove) and her credit card was charged over $1500 to cover the damage autoUnion alleged she’d caused” says Schulz.

“We’re concerned autoUnion is targeting people looking for a super-cheap rental car, charging them a hefty bond to cover their insurance excess and then finding a reason to hold onto that bond.”

A spokesperson for autoUnion explained it is a budget rental car company and admitted it had had issues with some customers being confused by the company’s insurance policies – especially if they’d already paid for insurance when booking through a third-party company. But the spokesperson said autoUnion would never attempt to scam people in this way.

But Schulz believes autoUnion is up to no good and likely to be breaking the law.

He urges others looking to hire a cheap rental car to avoid autoUnion at all costs.

“It’s understandable that people will be tempted when a rental car is that cheap – but, in the case of autoUnion, it’s not worth it.

“Ashwell was pressured to buy an additional insurance product that we haven’t seen any evidence exists, accused of something she’s confident she didn’t do and then charged for alleged damage.

“AutoUnion’s behaviour is unacceptable and we’re concerned others may have been stung by similar charges.”

If you’ve had a similar experience to Ashwell, please share your story with us at playfair@consumer.org.nz.

“We want to get to the bottom of what’s going on with autoUnion, and if necessary, shut down this practice.”

Tips for renting a car

Check to see if the company is registered with the Rental Vehicle Association

Read reviews and check the terms and conditions of any deal before entering into a contract. If a deal seems too good to be true, it probably is.

Book directly through the rental company’s website.

Car hirers should be up front about their insurance policies and provider’s details.

If you’re asked to pay a bond, make sure you know what the bond covers and read the terms and conditions thoroughly.

Notes

You can read more details about Consumer’s investigation into auto-Union on its website: Is an Auckland car rental company profiting from ‘fake’ insurance? ( https://consumernz.cmail20.com/t/i-l-fikwx-ijjdkdttjk-j/ )

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$14 million boost for sports facilities across Tāmaki Makaurau from Auckland Council

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February 13, 2025

Source: Auckland Council

A top-of-the-line climbing structure for Auckland tamariki and rangatahi to use and enjoy is one step closer thanks to Auckland Council’s Sport and Recreation Facilities Investment Fund.

Six sports organisations across Tāmaki Makaurau will receive a slice of more than $14.3 million from the council to help develop their facilities to meet the sport and recreation needs of Aucklanders now and in the future.

Councillor Angela Dalton, chair of the Community Committee, says she’s pleased the council is able to help sports organisations build for the future.

“Auckland Council has allocated substantial funding to a variety of sporting organisations across the region, so they can grow and enhance their facilities.

“Having quality, fit for purpose facilities will ultimately allow Aucklanders from all walks of life to participate in sport and recreation, stay active and connect.

“Non-council owned facilities are crucial to the Tāmaki Makaurau sport and recreation facility network as they meet the region’s evolving demands for sporting opportunities.”

Waka Pacific Trust was allocated $250,000 for shading and lighting of the climbing frame to be built at Vector Wero Whitewater Park in Manukau. The galvanised steel structure will rise 16 metres, comprise 78 climbing elements ranging in difficulty levels. It will host up to 100 participants at once, offering a fun and active challenge. The Trust’s school programme which supported 90,000 children free of charge in 2024 – 80 per cent from low-decile schools – aims to provide free access to 15,000 local children in Wero Climb’s first year, with 9,000 already registered to have a go.

The council has previously contributed $250,000 to this $3.1 million project through the same fund.

The other organisations allocated funding include Auckland Hockey Association, Highbrook Regional Watersports Centre Trust, Ngāti Whātua Ōrakei Whai Maia, Pakuranga United Rugby Club (to expand their community sports centre), Waka Pacific Trust and West Auckland Riding for the Disabled.

“It’s fantastic to have these investment decisions made by our elected members,” says Kenneth Aiolupotea, General Manager Community Wellbeing.

“The next step involves our team working closely with successful grant applicants to build their sports and recreational infrastructure that will benefit our communities across Tāmaki Makaurau. This is very exciting.”

How funding is allocated

Six organisations were invited to submit updated information regarding their on-going projects. These projects were identified based on their alignment to the priority criteria for the fund and progress through the project lifecycle.

Auckland Council staff and an independent review panel considered the submissions and assessed the capability of the organisations, achievability of the project, current project status, and funding status.

All six of the targeted process projects were recommended to receive grants for a total of $14,348,920. The funding was approved by the council’s Community Committee on 11 February 2025.

More information on the council’s grants programme that supports Aucklanders’ aspirations for a great city, including the Sport and Recreation Facilities Investment Fund can be found on the Auckland Council website.

Next funding round

Applications for the Sport and Recreational Facilities Investment Fund, contestable process opens on 18 February 2025 and closes on 18 March 2025.

Sport and Recreation Facilities Investment Fund, targeted process 2025/2026
Recipient	Project title	Funding up to:
Auckland Hockey Association Incorporated	Lloyd Elsmore Park Hockey Stadium – Turf 2 renewal and LED Flood-light upgrade	$215,000
Highbrook Regional Watersport Centre Trust	Highbrook Watersports Centre Clubhouse building	$2,200,000
Ngāti Whātua Ōrakei Whai Maia Limited acting on behalf of Whai Maia Charitable Trust 1	Ngāti Whātua Ōrakei Sports, Recreation and Hauora Centre	$5,000,000
Pakuranga United Rugby Club Incorporated	Howick Pakuranga Community Sports Centre Facility Expansion	$5,571,061
Waka Pacific Trust	Wero Climb	$250,000
West Auckland Riding for the Disabled Association Incorporated	Covered Riding Facility	$512,859
Total		$14,348, 920

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Universities – Deep dive on deep-water reefs finds new marine species – Vic

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February 13, 2025

Source: Te Herenga Waka—Victoria University of Wellington

Marine researchers from Te Herenga Waka—Victoria University of Wellington have discovered a species of sea squirt that is thought to be new to science.

The sea squirt was found off Rakiura Stewart Island while the researchers were exploring marine communities that live on the area’s deep-water reefs.

“We were off Port Pegasus at the southern end of Rakiura and we could see all these really unusual ‘egg’ shapes on the seafloor. Closer inspection revealed they were large, 30 cm tall sea squirts that we haven’t found in any other part of Aotearoa,” said Professor James Bell, a marine biologist at the university.

Marine ecologist Mike Page, an emeritus scientist from the National Institute of Water and Atmospheric Research, confirmed the sea squirt is likely to be a new species that is yet to be named.

Sea squirts, also known as ascidians, play a key role in maintaining water quality. They are filter feeders—creatures that feed on nutrients in the water column.

“Unusually, sea squirts dominated the marine communities on the deep-water reefs that we explored off Stewart Island. We typically find sponges are the dominant player on deep-water reefs in other parts of the country,” said Professor Bell.

The new species of sea squirt was found at a depth of 115 metres.

“The water off Stewart Island was really clear down at this depth. This probably reflects the fact there are no major rivers draining into the sea and there are still large areas of native forest on the island.”

Video footage of the reefs shows many different species of sea squirt, varying in colour from bright white to pinks, blues, and yellows.

The footage was taken using a remotely operated vehicle (ROV) that can film in waters of more than 100 m deep.

“Finding this sea squirt is a reminder that we still have so much to learn about the rich diversity of life in the ocean. It’s also a reminder of the need to ensure we protect our marine environment and the unique species it supports,” said Professor Bell.

The ROV used by the researchers to collect video footage was purchased with funding from the George Mason Charitable Trust.

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