| Expenditure type | Notes | Actual 2024 ($000) | Actual 2025 ($000) | Unaudited budget 2025 ($000) | Unaudited forecast 2026 ($000) |
|---|---|---|---|---|---|
| Benefits and other unrequited expenses | |||||
| Best Start tax credit | - | $336,108 | $345,990 | $339,000 | $326,000 |
| Child tax credit | - | $(458) | - | - | - |
| FamilyBoost tax credit | - | - | $50,607 | $174,000 | $171,000 |
| Family tax credit | - | $2,296,578 | $2,434,255 | $2,316,000 | $2,374,000 |
| In-work tax credit | - | $436,964 | $550,040 | $582,000 | $588,000 |
| KiwiSaver: Interest | - | $2,841 | $3,481 | $2,500 | $4,000 |
| Kiwisaver: Tax credit, contribution and residual entitlement | - | $1,011,371 | $1,016,801 | $1,101,000 | $541,000 |
| Minimum family tax credit | - | $11,467 | $10,691 | $12,000 | $7,900 |
| Paid parental leave payments | - | $647,296 | $708,905 | $685,000 | $745,000 |
| Parental tax credit | - | $(241) | - | - | - |
| Total benefits or related expenses | - | $4,741,926 | $5,120,770 |
$5,211,500 | $4,756,900 |
| Borrowing expenses | |||||
| Environmental restoration account interest | - | $4,185 | $4,120 | $4,300 | $4,200 |
| Income equalisation interest | - | $8,602 | $6,628 | $7,000 | $7,000 |
| Total borrowing expenses | - | $12,787 | $10,748 | $11,300 | $11,200 |
| Other expenses | |||||
| Cost of Living payments | - | $(23,587) | $(7) | - | - |
| COVID-19 Resurgence Support Payment | - | $(7,118) | $(928) | - | - |
| COVID-19 Support Payment | - | $(4,804) | $(533) | - | - |
| Final-year Fees Free payments | - | - | - | - | $55,000 |
| Impairment of debt and debt write-offs | 3 | $2,375,843 | $1,872,426 | $1,676,000 | $1,520,000 |
| Initial fair value write-down relating to the Small Business Cashflow Scheme COVID-19 | 5 | $(25) | - | - | - |
| Initial fair value write-down relating to student loans | 6 | $544,076 | $585,247 | $633,000 | $636,000 |
| Impairment of debt and debt write-offs relating to child support | 4 | $(5,908) | $10,094 | - | - |
| Total other expenses | - | $2,878,477 | $2,466,299 |
$2,309,000 | $2,211,000 |
| Total non-departmental expenses excluding losses | - | $7,633,190 | $7,597,817 |
$7,531,800 | $6,979,100 |
The accompanying accounting policies and notes form part of these financial schedules.
For a full understanding of the Crown’s financial position and the results of its operations for the year, refer to the consolidated Financial Statements of the Government of New Zealand for the Year Ended 30 June 2025.
Last updated:
26 Nov 2025