{"id":13147,"date":"2025-05-22T20:54:42","date_gmt":"2025-05-22T08:54:42","guid":{"rendered":"https:\/\/williambuck.com\/nz\/?post_type=tools&#038;p=13147"},"modified":"2025-05-23T12:09:56","modified_gmt":"2025-05-23T00:09:56","slug":"new-zealand-budget-update-2025","status":"publish","type":"tools","link":"https:\/\/williambuck.com\/nz\/tools\/new-zealand-budget-update-2025\/","title":{"rendered":"New Zealand Budget Update 2025"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text css=&#8221;&#8221;]<span style=\"font-size: 18pt;\">New Zealand balances relief with restraint<\/span><\/p>\n<p><strong>Finance Minister Nicola Willis\u2019 second budget marks a significant change from previous years, as the government tries to juggle an increasing fiscal deficit with targeted cost of living relief for New Zealanders.<\/strong><\/p>\n<p>After years of heavy spending \u2014 especially during and after COVID \u2014 this year\u2019s Budget takes a much more cautious, careful approach. The government is focusing on controlling inflation and preparing for slower economic growth, rather than offering major new funding or handouts.<\/p>\n<p>There are no \u2018sugar hits\u2019 in this budget, as the government is instead focusing on getting the basics right and making sure the economy stays on track during uncertain global times.<\/p>\n<p>It\u2019s a considerate approach, but one that aims to build a stronger foundation for the future. Whether it works will depend on how the economy responds \u2014 and how well the private sector takes advantage of the opportunities it offers.<\/p>\n<p>So, how does this budget affect you, your business and the economy?<\/p>\n<p><strong>Smaller spending, more discipline<\/strong><\/p>\n<p>The Budget includes just $1.3 billion in new spending \u2014 the smallest increase in 10 years. This shows the government is serious about tightening its belt and being more responsible with public money. They plan to gradually reduce the deficit and expect government debt to stop rising by 2027\/28.<\/p>\n<p>The goal is to eventually get back into surplus, meaning the government would earn more than it spends \u2014 something we haven\u2019t seen in years.<\/p>\n<p><strong>The economy is slowing down<\/strong><\/p>\n<p>New forecasts show New Zealand\u2019s economy is expected to grow more slowly than previously thought \u2014 just 2.9% over the next year instead of 3.3%. This is due to a mix of global challenges and less consumer spending at home.<\/p>\n<p>Inflation is slowly coming down, but prices are still high and many businesses and households are feeling the pinch. Unemployment may rise a bit in the short term but is expected to stabilise.<\/p>\n<p><strong>Key focus areas<\/strong><\/p>\n<p>Even though the Budget is tight, the government is still putting money into areas it sees as critical:<\/p>\n<ul>\n<li><strong>Health: <\/strong>Over $1 billion is going into hospitals and health infrastructure.<\/li>\n<li><strong>Education:\u00a0<\/strong>$646 million is being spent to help children with learning difficulties.<\/li>\n<li><strong>Defence:\u00a0<\/strong>$2.7 billion is set aside to upgrade the Defence Force.<\/li>\n<li><strong>Energy:\u00a0<\/strong>$200 million will help support new natural gas projects to improve energy supply.<\/li>\n<\/ul>\n<p>These investments are about building for the future, not providing short-term boosts. The government wants to improve services, security and infrastructure to help the economy in the long run.<\/p>\n<p><strong>No surprises for businesses<\/strong><\/p>\n<p>For business owners this budget is mostly about stability:<\/p>\n<ul>\n<li>No new taxes or surprise costs which will help you to plan for the future with more confidence.<\/li>\n<li>The <strong>Investment Boost<\/strong> is a major highlight, letting businesses immediately deduct 20% of the cost of new equipment, vehicles and technology from their taxable income to encourage investment and productivity. This puts more cash in your pocket now \u2014 and encourages businesses to invest in their growth.<\/li>\n<li>The government is putting a lot of money into health, defence, education and energy. If your business supplies goods or services in areas like construction, IT, logistics or professional services the new government contracts could benefit you.<\/li>\n<\/ul>\n<p>Overall, the Budget gives businesses a more predictable environment. While it doesn\u2019t offer new funding directly, it reduces uncertainty \u2014 and that\u2019s good for planning and investment.[\/vc_column_text][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column][vc_tta_accordion active_section=&#8221;0&#8243; collapsible_all=&#8221;true&#8221;][vc_tta_section title=&#8221;Tax incentives and other changes&#8221; tab_id=&#8221;1589504046547-281576c5-08e1&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<ul>\n<li>Investment Boost initiative<\/li>\n<\/ul>\n<p>As part of the Budget, the government has introduced <strong>Investment Boost<\/strong>, a tax incentive to encourage business investment in \u2018productive assets\u2019 to lift productivity and stoke economic growth. At a high-level, this new tax incentive allows a business to claim an <strong>immediate tax deduction equal to 20% of the purchase price<\/strong> of eligible new assets that are first available for use on or after <strong>Budget Day (22 May 2025).<\/strong><\/p>\n<p>This deduction is <strong>in addition to standard depreciation rules<\/strong> and is designed to stimulate commercial investment, enhance productivity and support long-term economic growth. Standard depreciation will be calculated on the value of the asset reduced by the Investment Boost deduction.<\/p>\n<p>According to projections provided by the government, the increase in business investment via Investment Boost is expected to increase Gross Domestic Product (GDP) by 1%, capital stock by 1.6% and wages by 1.5% over the next 20 years, with approximately half of that growth occurring within the first five years. This initiative is expected to cost an average of $1.7 billion per year in reduced revenue.<\/p>\n<p><em>For further details on how the tax incentive applies, please refer to the information sheet: <a href=\"https:\/\/www.taxpolicy.ird.govt.nz\/-\/media\/project\/ir\/tp\/publications\/2025\/investment-boost-information-sheet.pdf?modified=20250521211149\" target=\"_blank\" rel=\"noopener\">Investment Boost information sheet<\/a> or <a href=\"https:\/\/williambuck.com\/nz\/our-people\/\" target=\"_blank\" rel=\"noopener\">contact your William Buck Advisor.<\/a><\/em><\/p>\n<ul>\n<li>Best Start scheme<\/li>\n<\/ul>\n<p>From April 2026, the Best Start child payment scheme will also become fully income tested in the same way the second and third years are, with payments cut off when a family earns more than $97,000 a year.<\/p>\n<p>The Budget also includes an allocation of $35 million a year for Inland Revenue to carry out tax compliance and collection activities to go along with a continuation of funding of the $26.5 million a year provided in 2022 that was due to cease in June 2025.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;KiwiSaver changes&#8221; tab_id=&#8221;1653002206762-5eac8c4c-d23c&#8221;][vc_column_text css=&#8221;&#8221;]From 1 April 2026, changes to KiwiSaver will help more New Zealanders save for their first home or retirement, while also enhancing the scheme\u2019s long-term financial sustainability. Default employee and employer contribution rates will gradually increase\u2014rising to 3.5% in 2026 and to 4% in 2028\u2014while employees will be provided with the flexibility to temporarily remain at the current 3% rate. To encourage earlier participation, the government will extend its contributions to 16- and 17-year-olds from 1 July 2025, with employer matching for this age group beginning on 1 April 2026. These individuals will need to opt in, as automatic enrolment will continue to apply only from age 18.<\/p>\n<p>At the same time, government contributions will be reduced to 25 cents for every dollar contributed and capped at $260.72 per year. These contributions will also no longer be available to individuals earning over $180,000. The contributions for the current year will remain unchanged, with payments expected in July or August.<\/p>\n<p>Overall, these updates are designed to increase long-term savings while ensuring KiwiSaver remains sustainable and forecasting suggests they will leave people significantly better-off in the long-term.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Cost-of-living support changes&#8221; tab_id=&#8221;1589504204156-3af65c92-b563&#8243;][vc_column_text css=&#8221;&#8221;]In the Budget, targeted investments have been made in healthcare, housing support, family assistance and support for the education workforce to address the needs of low- to middle-income families and other key groups. Below is a detailed summary of budget allocations for each sector:<\/p>\n<ul>\n<li><strong>Healthcare<\/strong> \u2013 The maximum prescription length has been extended from 3 to 12 months to reduce medical costs and improve access to long-term medications.<\/li>\n<li><strong>Housing support<\/strong> \u2013 Income thresholds have been raised to enable an additional 66,000 lower-income households (including those with a SuperGold cardholder) to qualify for rates rebates. The government is lifting the threshold at which SuperGold cardholders are eligible to receive rates relief from $31,510 to $45,000.<\/li>\n<li><strong>Family assistance<\/strong> \u2013 The Working for Families abatement threshold has been lifted from $42,700 to $44,900 as the abatement rate raised from 27% to 27.5%. This will see around 142,000 families receive an average of $14 a fortnight. There are also changes to benefits for unemployed young people. 18 and 19-year-olds will now have their Jobseeker and emergency benefits tested against their parents&#8217; incomes. The test will assess whether the young person can reasonably be expected to rely on their parents or guardians for support.<\/li>\n<li><strong>Education workforce support<\/strong> \u2013 Registration and practising certificate fees have been waived for approximately 115,000 teachers through to 2028, saving each teacher up to $550.<\/li>\n<li><strong>Student loan repayment<\/strong> &#8211; The Budget indefinitely freezes the repayment threshold at $24,128 a year &#8211; meaning people will start repaying their student loan when they are earning above this amount.<\/li>\n<li><strong>Radio New Zealand<\/strong> &#8211; The national broadcaster will have $4.6 million cut from its annual budget, or $18m over four years. This is to recognise that government-funded media needed to deliver the same efficiency and value as the rest of the public sector.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Health&#8221; tab_id=&#8221;1653002310497-d13db610-53c8&#8243;][vc_column_text css=&#8221;&#8221;]The Budget places strong emphasis on strengthening New Zealand\u2019s health system. The government is focused on improving access to timely, high-quality healthcare, with particular attention given to hospital services, primary and community care, mental health and aged care. There is also a significant commitment to modernising health infrastructure and expanding access to essential medicines. The overarching goal is to create a more resilient and responsive system that meets the needs of all New Zealanders.<\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 176px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Key investments<\/strong><\/td>\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Savings<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 152px;\">\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>$5.5B for hospitals, primary care and public health<\/li>\n<li>$447M for urgent\/after-hours care<\/li>\n<li>Over $1B for health infrastructure<\/li>\n<li>$1B+ for cancer medicines<\/li>\n<li>Shift to health-led mental distress response<\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>Reductions in personnel and non-personnel costs across the Ministry to offset new spending<\/li>\n<li>Underspent implementation funds returned due to slower-than-expected rollout<\/li>\n<li>Capital funding returned from a cancelled pandemic supply agreement<\/li>\n<li>Return of operating contingencies not drawn down<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Education&#8221; tab_id=&#8221;1717053134327-7fe39411-2b76&#8243;][vc_column_text css=&#8221;&#8221;]In the education sector, the Budget prioritises lifting student achievement and addressing persistent challenges in engagement and attendance. Support for children with additional learning needs is a central focus, along with strengthening foundational skills like literacy and numeracy. The government is also investing in the quality of learning environments across schools and early learning centres. A shift in resources from lower-impact initiatives to more targeted, evidence-based interventions underscore the drive for better educational outcomes.<\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 176px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Key investments<\/strong><\/td>\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Savings<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 152px;\">\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>$646M for children with additional learning needs<\/li>\n<li>Increases to early childhood education, school operational grants and tertiary subsidies<\/li>\n<li>$100M for early maths help<\/li>\n<li>$140M to improve school attendance<\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>Funding for collaborative school networks is reprioritised into learning support<\/li>\n<li>Reprioritised resource teachers: Literacy service to invest in structured literacy, curriculum resources and professional learning and development<\/li>\n<li>COVID-era funding redirected to school attendance initiatives<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Law and order&#8221; tab_id=&#8221;1589504179674-68386aaa-e466&#8243;][vc_column_text css=&#8221;&#8221;]Budget 2025 reinforces the government\u2019s commitment to restoring law and order and enhancing community safety. There is a strong focus on supporting frontline policing, improving the efficiency and responsiveness of the justice system and addressing serious and youth offending. Additional support is being directed toward corrections, ensuring the system can manage demand while maintaining security and rehabilitation services. The approach combines investment in enforcement with operational reform and streamlined service delivery.<\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 176px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Key investments<\/strong><\/td>\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Savings<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 152px;\">\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>$480M to support frontline police<\/li>\n<li>$246M to reduce court delays and improve access to justice<\/li>\n<li>$472M for prison expansion due to tougher sentencing<\/li>\n<li>Youth justice facility upgrades<\/li>\n<li>$14M for M\u0101ori and Pasifika wardens<\/li>\n<li>$35M for Customs to fight organised crime<\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>Reduction in police leadership and non-sworn positions<\/li>\n<li>Discontinuation of lower-value national and community crime prevention grants<\/li>\n<li>Increased debt recovery for legal aid using enhanced collection tools and methods<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Social services&#8221; tab_id=&#8221;1589504046574-11a267eb-f082&#8243;][vc_column_text css=&#8221;&#8221;]The Budget\u2019s approach to social services is centred on accountability, targeted support and long-term social investment. Key areas of focus include improving care for vulnerable populations, strengthening disability services and reforming support systems for at-risk communities. Alongside these priorities, substantial system-wide efficiencies are being implemented, including the transformation of welfare delivery and benefit integrity measures. These changes aim to deliver better outcomes while ensuring public resources are used effectively.<\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 176px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Key investments<\/strong><\/td>\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Savings<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 152px;\">\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>$774M for Royal Commission response (Abuse in Care)<\/li>\n<li>$760M for disability support services<\/li>\n<li>$275M for Social Investment Fund to support vulnerable populations<\/li>\n<li>Modernising the welfare system<\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>Forecast changes in emergency housing costs from Budget 2024<\/li>\n<li>More clients supported into work reduces future benefit costs<\/li>\n<li>Improved integrity and efficiency in Ministry of Social Development operations and hardship assistance processing<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Defence and foreign affairs&#8221; tab_id=&#8221;1747899476922-bb231cb6-238c&#8221;][vc_column_text css=&#8221;&#8221;]In defence and foreign affairs, the Budget reflects a clear strategy to enhance New Zealand\u2019s security and regional engagement. The government is focused on strengthening defence capabilities across land, sea, air and cyber domains, while deepening its development partnerships in the Pacific. These initiatives are aligned with broader national objectives around resilience, sovereignty and global cooperation, supported by reprioritisation within existing budgets to ensure long-term sustainability.<\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 176px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Key investments<\/strong><\/td>\n<td style=\"width: 50%; height: 24px; border-style: hidden;\"><strong>Savings<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 152px;\">\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>$2.7B for military capability upgrades<\/li>\n<li>New helicopters and aircraft<\/li>\n<li>Expanded cyber defence<\/li>\n<li>$368M for Pacific development aid<\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 50%; height: 152px; border-style: hidden;\">\n<ul>\n<li>Discontinued contributions by the Ministry of Defence to academic research and international security engagement<\/li>\n<li>Return of funding provided for the Bushmaster Communications project<\/li>\n<li>Removing non-essential civilian roles and converting some contracted functions<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Infrastructure investments&#8221; tab_id=&#8221;1747899503729-2604fa45-8a5f&#8221;][vc_column_text css=&#8221;&#8221;]Infrastructure is the backbone of any thriving economy. The Budget bring investments in new and upgraded hospitals, mental health facilities, school buildings and rail and roads across New Zealand. The Budget is expected to provide funding certainty for the capital pipeline, including funding over the forecast period for programmes already in delivery:<\/p>\n<ul>\n<li>$1 billion investment to upgrade and expand hospitals across the country, including the Nelson Hospital Redevelopment and Wellington Regional Hospital Emergency Department refurbishment, as part of the government\u2019s commitment to ensuring all New Zealanders can access high quality, modern healthcare.<\/li>\n<li>$712 million capital and $234 million operating for new classrooms and school property maintenance, including funding for approximately 10,000 additional student places.<\/li>\n<li>$50 million for upgrades to mental health facilities to provide safer, more therapeutic care settings for patients.<\/li>\n<li>$464 million capital and $141 million operating for rail maintenance to increase the reliability for commuters and freight in the Auckland and Wellington metro areas and to replace ageing bridges, culverts and other assets to ensure goods can get to and from farms, manufacturers and ports.<\/li>\n<li>240 new high security beds at Christchurch Men\u2019s Prison, along with a new Health Centre and Intervention and Support Unit containing 52 beds. Phase 1 of the redevelopment will be designed, built, financed and maintained for 25 years under a public private partnership. Corrections will retain responsibility for operations and custodial management of the facility.<\/li>\n<li>$167 million capital and $43.7 million operating over the forecast period to upgrade Defence infrastructure, along with the previously announced $2 billion plus investment to replace the Defence Force\u2019s ageing maritime helicopter fleet.<\/li>\n<li>$219 million in additional operating funding to complete recovery works on local roads that were damaged in the 2023 North Island weather events.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_empty_space height=&#8221;10px&#8221;][vc_custom_heading text=&#8221;Conclusion&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221; el_id=&#8221;1589504238176-28f7085e-cd89&#8243;][vc_empty_space height=&#8221;10px&#8221;][vc_column_text css=&#8221;&#8221;]The 2025 Budget is all about keeping the economy steady, cutting debt and getting inflation under control. While it doesn\u2019t hand out cash \u2014 it offers a helpful tax break and opens the door for new work in some big sectors. It\u2019s a good time to invest smart, plan and get ready to grow.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space]<div class=\"wb_button darkblue \" id=\"\" ><a class=\"\" href=\"https:\/\/williambuck.com\/nz\/insights\/\" target=\"_blank\" style=\"\">View our insights page<\/a><\/div>[vc_empty_space][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"featured_media":13148,"parent":0,"menu_order":0,"template":"","class_list":["post-13147","tools","type-tools","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Zealand Budget Update 2025<\/title>\n<meta name=\"description\" content=\"The New Zealand Budget 2025 focuses on the Government\u2019s plan to rebuild the economy, ease the cost of living crisis, deliver better services and restore law and order.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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