Source: Fire and Emergency New Zealand
Legislation – Still time for NZ First to do the right thing by workers and vote down Fire at Will Bill – PSA
Source: PSA
Economy – Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2025
The Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2025 were released by the Treasury today. The December results are reported against forecasts based on the Half Year Economic and Fiscal Update 2025 (HYEFU 2025), published on 16 December 2025, and the results for the same period for the previous year.
The key fiscal indicators for the six months ended 31 December 2025 were overall favourable compared to the forecast. The Government’s main operating indicator, the operating balance before gains and losses excluding ACC (OBEGALx), showed a deficit of $5.2 billion. This deficit was $1.6 billion smaller than forecast. Net core Crown debt was lower than forecast by $2.0 billion at $191.4 billion, or 43.5% of GDP.
Core Crown tax revenue, at $60.0 billion, was $0.1 billion (0.2%) higher than forecast.
Core Crown expenses, at $71.4 billion, were $1.0 billion (1.3%) below forecast, reflecting lower spending across a range of functional classifications.
The operating balance before gains and losses excluding ACC (OBEGALx) was a deficit of $5.2 billion, $1.6 billion less than the forecast deficit. The ACC deficit was close to forecast. As a result, the OBEGAL deficit was $5.5 billion, $1.6 billion lower than the forecast deficit.
The operating balance was a surplus of $4.3 billion compared to a forecast surplus of $0.2 billion. The variance of $4.1 billion is due to a combination of the OBEGAL variance of $1.6 billion noted above, and stronger valuation gains compared to forecast on non-financial instruments ($2.2 billion) and financial instruments ($0.2 billion).
The core Crown residual cash deficit of $10.1 billion was $1.2 billion smaller than forecast, largely owing to lower-than-forecast net core Crown operating cash outflows of $0.6 billion and higher-than-forecast net core Crown capital cash inflows of $0.6 billion.
Net core Crown debt at $191.4 billion (43.5% of GDP) was $2.0 billion lower than forecast. This variance was largely due to the lower-than-forecast core Crown residual cash deficit of $1.2 billion noted above, as well as higher-than-forecast issuances of circulating currency of $0.6 billion.
Gross debt at $219.6 billion (49.9% of GDP) was $3.3 billion below forecast, largely owing to lower-than-forecast issuances of Euro Commercial Paper (ECP) and Treasury bills of $1.9 billion and $1.2 billion, respectively.
Net worth attributable to the Crown at $183.7 billion (41.8% of GDP) was $4.2 billion higher than forecast. This favourable variance largely reflects operating balance discussed previously.
Ready-mixed concrete: December 2025 quarter – Stats NZ information release
Lease agreement for Kawerau site a major step forward for integrated biomass manufacturing facility
Source: Foresta Group Holdings
New approach for Carillon at National War Memorial reflects Anzac connection
Source: Ministry for Culture and Heritage
BusinessNZ – Amid tough energy decisions, LNG plan has potential
Source: BusinessNZ
NZ’s biggest triathlon festival toasts 20 years – Challenge Wānaka
Next week’s anticipated Challenge Wānaka marks 20 years of New Zealand’s largest triathlon festival, which has attracted more than 25,000 athletes and injected more than $54 million into the local economy over the past two decades.
Part of the global Challenge Family – which runs middle and long-distance triathlon races in more than 30 countries – the Challenge Wānaka Half has been a cornerstone of NZ’s triathlon scene since 2007. It is regarded as a stepping stone for talented young age-group triathletes hoping to qualify for pinnacle world championship events and turn pro. It’s also a key event for the Wānaka community, providing an annual economic boost for the tourism town.
Challenge Wānaka event director Jane Sharman says that while road bikes, wetsuits and race tech have vastly improved over the past two decades, the pulling power of the event for triathletes and spectators remains the same.
“As we reflect on 20 years, it’s very exciting to see how far the festival has come and everything our athletes have achieved,” she says. “Challenge Wānaka has played a part in launching some incredible pro athletes and international racing careers. But it’s also a fantastic grassroots event where anyone can take part, in the most beautiful corner of the world.
“Of course, the youth events have long been a highlight and some of our pro athletes who started out racing in Challenge Wānaka are now watching their own children participate, so it’s very special for them.”
One of those athletes is two-time Challenge Wānaka winner and former Team NZ cyclor Dougal Allan, who will be cheering on his own children, Flynn and Matilda, at the Challenge Wānaka triathlon festival next week. Some 2100 kids will be taking part in the festival this year, from age two and up.
“Competing in and eventually winning Challenge Wānaka in 2016 and 2017 launched my profile into the world of international triathlon,” he says. “Challenge Wānaka was always known as one of the toughest and most honest long-distance triathlon events in the world and winning it was a huge badge of honour. It also led to being invited to race the famous Challenge Roth event in 2017 in Germany, which remains one of the biggest racing experiences of my life.
“Whether it is an athlete’s ambition to race pro or not, Challenge Wānaka offers the opportunity to be part of a very professionally organised event that offers so much across the weekend, from the event village to the crowd support. It is a truly internationally recognised event that’s made very accessible to domestic athletes. While these days I’m no longer competing, it’s great to be coaching some of those athletes lining up for next weekend’s race.”
The event welcomes athletes from all over NZ and the world every year, and some from closer to home, too. Wānaka GP Dr Andrew McLeod has participated in every Challenge Wānaka race since its inception.
“I don’t remember much of that first race in 2007 but I clearly remember crossing the line, already analysing what I’d done wrong, what I’d somehow done right, and how I’d do it better next time,” he recalls. “Twenty years on – and after races across NZ, Australia, North America and Europe – I’m still learning.
“Along the way my wife Karen and I have been to amazing places, met wonderful people, and so often heard the words: ‘You’re from Wānaka? I’ve always wanted to do that event.’ Being part of something that inspires that reaction is pretty special, and it’s probably why I keep coming back.”
This year’s Challenge Wānaka brings together more than 850 athletes competing in the Gallagher Insurance Challenge Wānaka Half, including 376 athletes in the individual half event. The anticipated professional field features Mike Phillips, Frederic Funk, Jack Moody, Tamara Jewett, Rebecca Clarke, Gabrielle Lumkes, and Lucy Byram. More than 155 teams are also entered, with 18 teams vying for the Gallagher Insurance Corporate Trophy, while friends and family team up for a fun day of swim, bike, and run. Media personality Brodie Kane will take on the 1.9km swim as part of a relay team.
The 2026 Gallagher Insurance Challenge Wānaka Half is also an opportunity for age-group athletes to claim a National Title and qualify to wear the silver fern at the 2026 World Championships, as part of the Tri NZ Suzuki Series.
“This year’s event is set to be extra special to celebrate 20 years of Challenge Wānaka,” Sharman says. “This festival has always been about more than racing; it’s about community, resilience and the shared excitement of pushing boundaries in one of the world’s most scenic locations. We’re incredibly proud of the athletes, volunteers and supporters who return year after year to help make Challenge Wānaka a standout on the world triathlon stage.”
About Gallagher Insurance Challenge Wānaka
The Gallagher Insurance Challenge Wānaka is one of the world’s most scenic triathlon festivals, held annually in New Zealand’s stunning Southern Lakes region. Featuring a range of events, including the flagship middle-distance triathlon, multisport races, and AquaBike, the festival welcomes athletes of all levels. Operated by the Challenge Wānaka Sports Trust, a charitable organisation committed to community wellbeing, the event supports youth, adaptive athletes, and local charities through inclusive sport and recreation initiatives. In 2026, the Challenge Wānaka Festival event will mark its 20th year, taking place from February 19 – February 21. Registrations at www.challenge-wanaka.com
Tax Reform – State of the Nation report shows persistent inequality, requires rebalancing of tax system – Better Taxes
The State of the Nation report released today by Better Taxes Coalition member, The Salvation Army, shows persistent inequality across most measures, from child poverty and food insecurity, to unemployment and housing affordability.
The Better Taxes campaign endorses the remarks of Dr Bonnie Robinson, Salvation Army Director Social Policy and Parliamentary Unit, at the launch that something significant is required to address inequality and poverty in Aotearoa New Zealand:
“Rebalancing our tax system to gather more revenue from those who can most afford to contribute, and to fund the things that will improve living standards for everyone in Aotearoa is critical to shifting the dial on the shocking picture painted by the Salvation Army report,” said Glenn Barclay, spokesperson for the Better Taxes campaign.
The report lays bare numerous areas where we need to do more to support the most vulnerable in our communities:
- Child poverty rates have increased and the number of children in material hardship in 2024 was higher than the in 2018 (baseline measure).
- Numbers receiving welfare assistance rose over the last year, but restricted access to hardship support meant there was less support for households at this time of greater need.
- Food insecurity remained high in 2025. Salvation Army food assistance through food parcels increased with some 90,000 food parcels distributed, 7 percent higher than in 2024 and almost 50 percent more than in 2019 pre-Covid-19.
- Although household living cost increases eased over the last year, this was uneven and lower-income households still faced higher household costs increases compared to high earners.
- Public housing units increased, but new-builds are poised to fall off the cliff. While homelessness continued to rise and thousands remain on public housing lists, some specialised housing services for people facing homelessness actually reduced over the course of 2025.
- The data shows that structural settings continue to produce inequitable outcomes for tangata whenua and vulnerable communities.
“These are the kinds of pressures that are driving the fiscal challenges that the Treasury and Inland Revenue have identified in a number of recent reports. In order to address these pressures and enable everyone in Aotearoa New Zealand to live good lives we need to gather more revenue”, said Barclay.
The Better Taxes for a Better Future Campaign is a coalition of over 20 organisations led by Tax Justice Aotearoa.
We believe that tax reform is the only solution to the current challenges facing Aotearoa NZ. We need the tax system to:
- be transparent
- raise more revenue to enable us address the challenges we face
- make sure people who have more to contribute make that contribution: that we gather more revenue from wealth, gains from wealth, all forms of income, and corporates
- make greater use of fair taxes to promote good health and environmental health
- address the tax impact on the least well off in our society.
Universities – Transformational gift to support natural environmental research at Victoria University
Dr George Mason ONZM, who passed away in 2024, was an accomplished research scientist who generously supported environmental research throughout his lifetime. Through his Trust, he donated millions of dollars to scholarships, education, and postgraduate research across Aotearoa, significantly advancing our nation's collective expertise in the natural and environmental sciences.
The gift will be used to support postgraduate students and researchers who are conducting solutions-focused research that advances conservation, restoration, and sustainability in Aotearoa New Zealand.
Professor Nicola Nelson, Dean of the Faculty of Science and Engineering, says the Faculty is truly grateful for the generous gift, which will be an opportunity to deepen and broaden the impact of their research.
“Dr Mason's gift is transformative. His investment in the future of human knowledge is a profound act of belief in the power and potential of scientific research here at Te Herenga Waka.
“We are deeply grateful to the trustees of the George Mason Charitable Trust, who have ensured Dr Mason's vision of supporting research within the natural environment is realised far into the future.”
The gift agreement was signed at a ceremony held earlier today in the Victoria Room and attended by Vice-Chancellor Professor Nic Smith, Victoria University of Wellington Foundation Chair John McCay, and the trustees of the George Mason Charitable Trust.
Te Herenga Waka Vice-Chancellor Professor Nic Smith says Dr Mason's gift will have a lasting impact on the University's research capacity.
“Dr Mason's lifelong goal to restore and protect the environment will be significantly advanced through the meaningful research his gift will enable.
“His legacy will live on through the ambitious research projects this gift will support, the solutions our researchers will develop as a result, and the influence their groundbreaking work will have on our society.”
Professor of Marine Biology James Bell, who led a research group that was generously supported by Dr Mason, says this funding had a transformative impact on the reach and scope of their work.
“Past funding from the George Mason Trust unlocked an amazing opportunity to develop an exciting new area of research focused on deep water or so-called mesophotic reefs. We were able to purchase remotely operated vehicles and fund student scholarships that supported the discovery of never-before observed marine communities and understand their significance to Aotearoa New Zealand.
“This new gift will ensure that George's legacy of generosity and support for conservation and scientific advancement lives on through numerous research projects across many disciplines. We will continue to be inspired by George's passion for solutions-focused science that will ultimately benefit people and the planet.”
