Source: Asthma and Respiratory Foundation
Legal Sector Appointments – David Campbell to be the next Law Society President
Source: Law Society
New Zealand Treasury – Interim Financial Statements of the Government of New Zealand for the three months ended 30 September 2025
Thursday, 6 November 2025 – The Interim Financial Statements of the Government of New Zealand for the three months ended 30 September 2025 were released by the Treasury today. The September results are reported against forecasts based on the Budget Economic and Fiscal Update 2025 (BEFU 2025), published on 22 May 2025, and the results for the same period for the previous year.
The key fiscal indicators for the three months ended 30 September 2025 were mixed compared to forecast. The Government’s main operating indicator, the operating balance before gains and losses excluding ACC (OBEGALx), showed a deficit of $4.0 billion. This deficit was $0.5 billion larger than forecast. Whereas net core Crown debt was lower than forecast by $5.2 billion at $184.7 billion, or 42.3% of GDP.
Core Crown tax revenue, at $29.1 billion, was $0.5 billion (1.6%) lower than forecast. The largest variances related to other individuals’ tax and source deductions at $0.3 billion (12.1%) and $0.1 billion (1.0%) lower than forecast respectively.
Core Crown expenses, at $36.4 billion, were in line with forecast.
The OBEGALx was a deficit of $4.0 billion, $0.5 billion more than the forecast deficit. When including the revenue and expenses of ACC, the OBEGAL deficit was $4.1 billion, $0.2 billion higher than the forecast deficit.
The operating balance surplus of $0.8 billion was better than the forecast deficit of $2.4 billion. The variance in OBEGAL mentioned above was more than offset by valuation movements, particularly on financial instruments. Net gains on financial instruments were $4.9 billion stronger than forecast, driven by New Zealand Superannuation Fund (NZS Fund) and ACC’s investment portfolio reflecting favourable market conditions. However, this was partially offset by net losses on non-financial instruments of $1.5 billion, largely owing to the net actuarial loss on the ACC outstanding claims liability of $1.7 billion.
The core Crown residual cash deficit of $1.4 billion was $1.6 billion lower than forecast. While net operating cash outflows were $0.9 billion higher than forecast, net core Crown capital cash outflows were $2.6 billion lower than forecast. The net core Crown capital cashflows variance to forecast was largely driven by lower than forecast net purchase of investments.
Net core Crown debt at $184.7 billion (42.3% of GDP) was $5.2 billion lower than forecast. The variance was driven by the combination of the favourable variance in net core Crown debt at 30 June 2025 which resulted in a better starting position for the current year, along with the lower than forecast residual cash deficit during the year, as mentioned above.
Gross debt at $213.2 billion (48.9% of GDP) was $7.9 billion lower than forecast. Similarly with net core Crown debt, the majority of this variance comes from a more favourable starting position. The remaining variance predominately relates to lower than forecast issuances of Euro Commercial Paper.
Net worth at $190.0 billion (43.6% of GDP) was $9.4 billion favourable to forecast. In addition to the operating balance variance discussed above, the better net worth starting position from the 30 June 2025 year also contributed.
Unemployment rate at 5.3 percent in the September 2025 quarter – Labour market statistics: September 2025 quarter – Stats NZ news story and information release
Health – Living with advanced prostate cancer: roadshow highlights treatment advances – and access challenges for Kiwi men
Source: Prostate Cancer Foundation
ChildFund – ‘We make no apology for offending you’
Source: ChildFund New Zealand
Health and Politics – Minister must protect the Nursing Council – NZNO
Source: New Zealand Nurses Organisation
Transporting New Zealand supports changes to WoFs
Source: Ia Ara Aotearoa Transporting New Zealand
Appointments – Pita Tipene is new NRC chair, Jack Craw deputy
Source: Northland Regional Council
University Research – Vaping contributing to higher rates of smoking in Māori and Pacific youth
Aotearoa’s progress in reducing smoking has slowed for Māori, Pacific and European adolescents, and vaping could be the reason, according to research published today in The Lancet Regional Health – Western Pacific.
The study, conducted by researchers from the Universities of Otago, Auckland, and Sydney, along with the Daffodil Centre in Australia, analysed population-level data from almost 600,000 Year 10 students aged 14–15. The students were surveyed between 2003 and 2024 as part of the Action on Smoking and Health (ASH) Year 10 Survey.
Using interrupted time series analysis, the researchers compared smoking trends from 2003-2009 (before vaping became common in Aotearoa) with those from 2010-2024 (when vaping became increasingly common).
They found rates of regular smoking among 14-15-year-olds declined significantly for Māori, Pacific, European, and Asian adolescents between 2003 and 2024. However, these declines in smoking slowed for Māori, Pacific, and European youth after vaping emerged in 2010.
A senior author of the research, Associate Professor Andrew Waa from the Department of Public Health at the University of Otago, Wellington – Ōtākou Whakaihu Waka, Pōneke, says the findings are especially concerning for Māori and Pacific youth, who already have much higher rates of smoking and vaping than their peers.
“We sometimes hear that e-cigarettes might be a harm-reduction device for Māori and Pacific youth, by reducing or stopping them from smoking.
“Our results show the opposite. Rather than supporting claims that vaping reduces harms for Māori and Pacific youth, vaping has substantially added to them. It has become a major additional source of nicotine dependence, carries its own health risks, and appears to have led to more adolescents smoking.”
In 2024, regular smoking among 14-15-year-olds was approximately 6.2 per cent for Māori, 3.3 per cent for Pacific, and 2 per cent for European adolescents. However, the study found that if each group’s pre-2010 smoking trend had continued, the estimated 2024 prevalences would have been 4.2 per cent for Māori, 1.8 per cent for Pacific, and 0.7 per cent for European adolescents.
A co-author on the paper, Dr Lucy Hardie, a Research Fellow at the School of Population Health at the University of Auckland – Waipapa Taumata Rau, says the numbers make the impact clear.
“Our results indicate that, for every 1,000 students, there were 20 more Māori, 15 more Pacific and 13 more European students smoking regularly in 2024 than there would have been if pre-2010 smoking trends had continued.”
Associate Professor Waa says the implications extend beyond biomedical harm and into Indigenous rights and obligations under Te Tiriti o Waitangi and international frameworks.
“Before colonisation, Māori were free from nicotine addiction. Today, nicotine from cigarettes and vapes undermines Māori self-determination by embedding dependence within our communities.”
He says governments have duties under Te Tiriti o Waitangi and the WHO Framework Convention on Tobacco Control to reduce health inequities and protect Māori youth from commercial determinants of health.
“Policies that enable easy access to vaping products don’t just miss the mark on health, they also fall short of Te Tiriti o Waitangi commitments and of Aotearoa’s international obligations to address inequities affecting Indigenous peoples.”
Waa says urgent action is needed to align government policy with these obligations.
“We should be closing the door on all sources of nicotine dependence, not opening new ones. Protecting Māori youth is an obligation under Te Tiriti o Waitangi, and protecting all young people is a core public health responsibility.”
Notes:
The research paper, ‘Trends in smoking prevalence before and after the emergence of vaping in Aotearoa/New Zealand among 14-15-year-olds identifying as Māori, Pacific, European, or Asian: an interrupted time series analysis of repeated cross-sectional data, 2003-2024’ is published in The Lancet Regional Health – Western Pacific. A companion explainer will be published in The Conversation and will be live at this link when the embargo lifts: https://theconversation.com/vaping-is-slowing-progress-in-cutting-teen-smoking-rates-in-nz-widening-inequities-for-maori-and-pacific-youth-267851

