2025 Budget delivered with reactions coming in thick and fast
Debt is projected to increase by $60 to $70 billion over the next five years. Video \ Mark Mitchell
Cameron Bagrie says the government saved $21 billion over the forecast period but faces challenges in finding future savings. Video \ Mark Mitchell
Ryan Bridge and an expert panel break down Budget 2025
A serious crash has happened on Dansey Rd near Rotorua.
Finance Minister unveils NZ Budget 2025, the end of an era as Smith & Caughey closes and Trump, Ramaphosa in heated Oval Office exchange.
Donald Trump ambushes South Africa's president during a White House meeting by playing a video alleging 'genocide' of white people in South Africa. Video / The White House
The Halberg Games isn't just a fun event for kids Gemma and Jemma, it's also an exciting reunion! Reporter Zoe catches up with the besties as they compete for their 3rd year.
Cameron Emerson has displayed plenty of courage and dedication on his way to reaching the 100-cap milestone. Video / Neil Reid
A large crowd packed Trust Stadium for the Runit event last night. Video / Mike Scott / Benjamin Plummer
New Zealand Rugby Player of the Year Jorja Miller speaks about transferring to the Black Ferns from the sevens side and her future goals. Video / Alyse Wright
The Bachelor NZ winner said the "only way" she knows how to read books set overseas is by changing the character's voice in her head. Video / The Hits Drive
On Newstalk ZB Mike Hosking Breakfast Winston Peters addresses the Heckler at train station stand up.
NZ retail demand surges, hospital EDs divert patients with costly vouchers, UK halts Israel trade talks, Christchurch debates dumped trolleys.
Reporter Lachie is at Hokonui Pioneer Village where tamariki are stepping back in time to find out how schoolkids lived at the turn of the century.
Recorded phone calls capture the moment TSB staff help customer Steven Fan send $1m to scammers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scoop
14 hours ago
- Scoop
Disability Taskforce Extended As Budget Funding Boosts System
Press Release – New Zealand Government Disability Support Services Taskforce was established to lead the implementation of these recommendations. That important work is progressing well, and I am now looking to the Taskforce to lead more work to further strengthen the system. Minister for Disability Issues The Disability Support Services Taskforce will be extended for a year to continue its progress in stabilising the disability support system and shaping it for the future. Minister for Disability Issues Louise Upston says the Taskforce has been extended to 30 June 2026, with its work further enhanced by a billion-dollar funding boost announced in last month's Budget. 'This Government is committed to the ongoing support of the disability community and delivering better outcomes for disabled people, their families and carers,' Louise Upston says. 'We've demonstrated this in Budget 2025, where the DSS Budget received $1 billion in additional funding over four years – that's about $250 million a year of new money. 'This includes $60 million a year in residential care funding increases and about $190 million a year for increases across all DSS services for cost pressures, including care in the community. 'We are making good progress in delivering for disabled people, and the Taskforce will continue to play a key role. 'In August 2024, the Independent Review made recommendations to manage increasing cost pressures faced by DSS. 'The Taskforce was established to lead the implementation of these recommendations. That important work is progressing well, and I am now looking to the Taskforce to lead more work to further strengthen the system. 'The Taskforce has already made significant progress to stabilise DSS, including: reviewing pricing and contracting arrangements for residential care, which are being implemented following Budget 2025 improving systems and processes for assessing performance and forecasting expenditure reviewing needs assessment and allocation, and flexible funding settings so they better meet the needs of disabled people, their whānau and carers. 'My expectation is that DSS will continue to involve the disability community in discussions about how disability support services are delivered. I'll have more to say on the next phase of work in the coming months,' Louise Upston says. Notes: New funding for DSS in Budget 2025 included: $1 billion over four years towards meeting the increasing costs of disability support services (including $240 million for residential care) and to support more people to access those services. $10 million over two years to address the increasing costs for services and support for people with an intellectual disability and complex care needs who live in secure or supervised care under the High and Complex Framework. This will also fund critical workforce training initiatives and essential infrastructure, including repairs and maintenance upgrades. $9.5 million over four years to recognise and respond to the Abuse in Care Royal Commission of Inquiry. This includes work to strengthen how DSS audits the quality of its services, critical incident and complaints management processes and systems, and to contribute to other cross agency work to improve recordkeeping and the capability of the disability workforce.
Otago Daily Times
15 hours ago
- Otago Daily Times
NZ's natural gas supply running out faster than thought
Shane Jones. Photo: RNZ The country's natural gas supply is running out faster than previously thought. The Ministry of Business, Innovation and Employment said previous forecasts showed annual gas production falling below 100 petajoules (PJ) by 2029, but revised forecasts indicated that level would be reached by next year. A petajoule or PJ is a unit measurement of energy use commonly used for large-scale energy use, with one petajoule equal to one million billion joules. MBIE also said as of January this year, natural gas reserves were down 27% compared to last year - also falling faster than previously estimated. "In 2024, natural gas proven plus probable (2P) reserves reduced from 1300 PJ to 948 PJ," MBIE head of data service delivery Karlene Tipler said. "The reduction in natural gas reserves is largely driven by field operators reducing their estimates of gas readily extractable in the ground by 234 PJ." MBIE said contingent gas reserves, or gas that existed in the ground but could not be extracted for various reasons such as economic or technical, increased by 184 PJ or 10% on last year. "Some of this increase can be attributed to natural gas reserves being downgraded to contingent resources," Tipler said. "A significant contributor to this is Pohokura field, which included a large volume of contingent gas which had previously not been reported." Tipler said some contingent gas may have the potential to be upgraded to 2P if there were changes to economic or technical conditions. Government says data proves it's 'correct to act now' Resources Minister Shane Jones said the decline in gas reserves was a "stark reminder" of why the government was seeking greater investment in exploration and production. "New Zealand needs a secure supply of affordable and reliable gas for industry to continue and for Kiwis to keep the lights on," Jones said. "A 27% year-on-year decline in our natural gas reserves is further proof that the Coalition Government has made the right decisions in overturning the oil and gas ban, and is willing to become a cornerstone investor in gas production," he said. As part of Budget 2025, the Government announced $200 million over four years for co-investment in new domestic gas field developments.
1News
17 hours ago
- 1News
Inland Revenue outlines focus after Budget funding boost
Inland Revenue (IR) will intensify its tax compliance and collection efforts following a significant funding boost in Budget 2025, with expectations of strong returns on investment. The Government had allocated new additional permanent funding of $35 million a year for Inland Revenue and also continued funding of $26.5 million a year from Budget 2022 that was due to run out in June. 'Along with the $29 million per year that was allocated in Budget 24, this is a significant funding boost and is recognition of what we do and the excellent results we've had so far this year,' Inland Revenue commissioner Peter Mersi said. Mersi said the increased funding meant the majority of taxpayers who met their obligations could continue to be confident IR would find those who were not. He said IR was expected to return $4 for every dollar invested in the first year and $8 for every dollar from the second year. ADVERTISEMENT Cold coming, PM's press secretary scandal, science of sleep (Source: 1News) "This is in addition to increasing the return from last year's compliance funding boost by $8 from July 1. 'While we do that, IR also must maintain its base level of tax collection and debt reduction." The increased funding would be invested into new activities, Mersi said. These would include further increasing audits and debt collection in high risk/value areas, investigations into specific sectors such as property, organised crime, the hidden economy and trusts, as well as the improved use of data and intelligence to speed up the identification and targeting of discrepancies and pursuing debt. The process of collecting data from third parties such as banks would shift to an automated process from a manual approach, while more targeted compliance activity measures would be investigated. Additional staff would be hired for this work and systems and technology would be used in more effective ways, Mersi said. ADVERTISEMENT Increase investment will 'accelerate returns' - Watts Revenue Minister Simon Watts. (Source: Q+A/Irra Lee) On the increased funding in the Budget, Revenue Minister Simon Watts said hard-working Kiwis who paid their taxes were "being ripped off by tax cheats who deliberately evade their obligations". "New Zealand's tax debt rose to $8.5 billion by the end of 2024. At a time when the Government is carefully managing every dollar to fund the essential frontline services Kiwis rely on, it's essential we crack down on those who are not paying their share of tax." Watts said the increased investment would accelerate returns already being seen from the compliance funding in last year's Budget. "In the year to March 2025, Inland Revenue collected almost $3 billion of overdue debt and is on track to collect more than $4 billion by June 30."
