MIL Email Publisher (NZ)

The sound of conch and pūkaea rang out across the Wellington waterfront on Thursday 25 June to welcome a group of writers, Te Wharewaka o Pōneke Trustees, representatives of local arts and literary organisations and friends and supporters of the Wellington Writers Walk, gathered for the unveiling of the Walk’s newest sculpture and its first in te reo Māori.

Despite the cold and blustery conditions, the blessing ceremony led by Matiu Jennings (Kaihautū Rautaki Māori / Advisor Māori Strategy at Hīkoikoi Management Limited) brought a sense of belonging, celebration and whanaungatanga. Te Karanga O Te Tui Marino (Kaiarataki Kaupapa Taiao / Environmental Liaison Officer at Hīkoikoi Management Limited) read aloud the text of the sculpture: “He Karakia mō Puanga mā Matariki”, composed by Ben Ngaia (Te Āti Awa), and the ceremony finished with a waiata.

Speeches followed in the welcoming warmth of Whairepo café. Liz Mellish, current Chair of Palmerston North Māori Reserve Trust and Chairman of Te Raukura, Te Wharewaka, related how Ben Ngaia’s work was created as a gift to the people of Wellington. The karakia underlines the importance of Matariki and Puanga as a locally and nationally unifying event in our calendar. Its overall theme is of unity, hope, oneness and community, and commitment to the whenua and to each other. The words instil hope and recognise the past as we move towards the future.

Jenny Nagle, Chief Executive of the New Zealand Society of Authors Te Puni Kaituhi o Aotearoa (PEN NZ) Inc, described the Writers Walk as “a celebrated highlight” of the city, made up of “living monuments to celebrate our own voices.”
Philippa Werry, Chair of the Wellington Writers Walk committee, said, “it was a very special occasion, and it was wonderful to watch the delighted and awestruck reactions as people crowded around to view the new sculpture after the unveiling. We are so excited to have it in place and we hope that many Wellingtonians will come down to see it and engage with Ben’s karakia over the next few weeks and during Matariki.”
Pippa Sanderson, Wellington City Council Senior Arts Advisor, spoke about the value of public art in raising the visibility of te ao Māori in Pōneke. “Council is proud to support Wellington Writers Walk’s first te reo sculpture through our Public Art Fund.”

The sculpture is designed by David Hakaraia (Ngāpuhi, Ngāti Paoa) with landscape design by Tama Whiting (Te Whānau-ā-Apanui) and production and project management by Human Dynamo. Set amongst native planting between Te Papa and the waterfront promenade, it faces the harbour and provides a space for peaceful thought and contemplation, allowing people to reflect on the words and meaning of the karakia. It is the first sculpture to be backlit and its glowing letters will provide a different experience again for evening viewers.

The te reo text and an English contextualisation (also by Ben Ngaia) can be read on the Wellington Writers Walk website. https://wellingtonwriterswalk.co.nz/sculpture/ben-ngaia/

This project is a partnership and collaboration between Wellington Writers Walk and Te Ātiawa/Taranaki Whānui ki Te Upoko o Te Ika, with support from Wellington City Council. The Writers Walk is grateful for grants from the Wellington City Council Public Art Fund and the Stout Trust (proudly managed by Perpetual Guardian) and for support from 128 generous donors to their recent Boosted campaign. The sculpture will go into Council ownership after a year of being maintained and monitored by the Writers Walk. The Wellington Writers Walk is a long-standing sub-committee of the Wellington branch of the New Zealand Sociiety of Authors Te Puni Kaituhi o Aotearoa, and is responsible for envisioning and installng all 24 writers plaques, aross the last 25 years.

The first eleven sculptures of the Writers Walk were unveiled in 2002, and this newest one brings the total to 24, spread along the waterfront between Kumutoto Stream and Oriental Bay, all honouring and celebrating the lives and works of New Zealand writers – poets, novelists, and playwrights, who had or have some connection with Wellington.

The Wellington Writers Walk has just been named a finalist for the Wellington Airport Regional Community Awards 2026 that recognise the valuable contribution of volunteers to community groups and organisations across the Wellington Region.

You can find the WWW website and social media details here:
https://wellingtonwriterswalk.co.nz/
https://www.facebook.com/wellingtonwriterswalk
https://www.instagram.com/wellingtonwriterswalk/?hl=en

2 July 2026 – Reserve Bank of New Zealand Governor Anna Breman has appointed Angus McGregor as Assistant Governor Financial Stability following an extensive recruitment process.

Mr McGregor joined RBNZ in 2022 and has been Acting Assistant Governor Financial Stability since March 2025.

Governor Anna Breman says Mr McGregor brings deep experience and proven leadership to one of the Bank's most senior and visible roles.

“Angus has demonstrated strong leadership and has played an important role in maintaining confidence in New Zealand's financial system during a period of significant change,” Dr Breman says.

“His deep knowledge of New Zealand's financial sector, combined with extensive supervisory experience, positions him well to lead our financial stability function.”

Mr McGregor has built trusted relationships across the financial sector, both domestically and internationally, and is highly regarded by stakeholders and peers.

He has also led significant enforcement work, including successful outcomes in recent court action.

Mr McGregor will formally commence as Assistant Governor Financial Stability later this month, and recruitment for his substantive position will begin shortly.

New Zealand property values edged lower in June, likely reflecting the spillover impacts from Iran-related economic uncertainty and the mortgage rate rises previously seen.

Cotality NZ’s latest Home Value Index (HVI) shows the national median value in June of $806,512 was down by -0.2% from the previous month, pushing the total drop over the past three months to -0.8%. Values were -0.9% down from a year ago and still -17.5% below the peak in early 2022 of $977,387.

Across the main centres, Kirikiriroa Hamilton saw a rise of 0.5% in June, with Ōtautahi Christchurch and Ōtepoti Dunedin both increasing by 0.2%. By contrast, Tauranga edged down by -0.2%, with Te-Whanganui-a-Tara Wellington (-0.4%) and Tāmaki Makaurau Auckland (-0.5%) seeing further falls.

Cotality NZ Chief Property Economist, Kelvin Davidson said that June’s fall, albeit modest, comes as no surprise.

“We’ve already seen sales volumes continue to weaken a bit as each month passes in 2026 and that has meant the supply of available listings on the market and buyers’ choice remain high.”

“That in itself will tend to restrain property values, but on top of this we’ve also had the Iran conflict rumbling on since early March, with associated adverse effects on economic activity, sentiment, inflation, and mortgage rates.”

“Granted, the peace deal has improved the economic outlook. But the lagged effects of previous uncertainty are pretty clear to see in June’s property value figures.”

“The key main centres of Auckland and Wellington continue to see sluggish value patterns, restrained by factors such as further growth in housing supply.”

“Meanwhile, other main centres such as Hamilton, Christchurch, and Dunedin are edging higher, off the back of a stronger economic base.”

“Recent falls in mortgage rates could be a fillip for buyer confidence and we’re all clearly hoping that the US-Iran peace deal will hold. That would avoid the worst outcomes for inflation, mortgage rates, and the economy – as well as the obvious human and social costs.”

“But the conflict remains a watching brief. And even if the deal does hold, housing conditions are still tilted in buyers’ favour, suggesting little chance of runaway prices anytime soon.”

Index results for June 2026	Change in dwelling values
	Month	Quarter	Annual	From peak	Median value
Tāmaki Makaurau Auckland	-0.5%	-1.3%	-2.8%	-23.6%	$1,047,764
Kirikiriroa Hamilton	0.5%	0.0%	-1.4%	-12.5%	$732,114
Tauranga	-0.2%	-0.1%	1.2%	-15.1%	$929,649
Te-Whanganui-a-Tara Wellington*	-0.4%	-1.3%	-1.8%	-26.0%	$774,273
Ōtautahi Christchurch	0.2%	0.4%	3.0%	-1.6%	$706,382
Ōtepoti Dunedin	0.2%	-0.2%	2.1%	-9.8%	$622,644
Aotearoa New Zealand	-0.2%	-0.8%	-0.9%	-17.5%	$806,512

Tāmaki Makaurau Auckland

None of Tāmaki Makaurau Auckland’s sub-markets avoided the wider malaise in June, with monthly value falls ranging from -0.3% in Auckland City, Franklin, and Manukau, down to -0.7% in North Shore and -0.8% in Rodney.

Each of the sub-markets have also fallen over three-month and 12-month horizons, with Auckland City the softest since June last year (-3.7%). From the peak, North Shore is a touch less than -20%, but the drops have been -25% or more in Manukau and Waitakere.

Mr Davidson said, “the subdued sentiment and continued growth in the stock of dwellings in Auckland’s property market is contributing to its soft trend in values.”

“Of course, there are always two sides to the housing market coin, and buyers are in a strong position. Certainly, housing affordability on a range of measures in Auckland is currently better than it’s been for at least a decade.”
 
“In that environment, first home buyers continue to fare well – which is a continued good-news story among some of the caution.”

	Change in dwelling values
	Month	Quarter	Annual	From peak	Median value
Rodney	-0.8%	-0.8%	-1.3%	-21.0%	$1,202,884
Te Raki Paewhenua North Shore	-0.7%	-2.4%	-1.3%	-19.8%	$1,262,274
Waitakere	-0.5%	-1.3%	-2.7%	-25.6%	$900,441
Auckland City	-0.3%	-1.0%	-3.7%	-24.5%	$1,100,832
Manukau	-0.3%	-1.1%	-3.1%	-25.0%	$976,440
Papakura	-0.4%	-1.1%	-3.1%	-24.5%	$784,164
Franklin	-0.3%	-0.6%	-2.6%	-23.1%	$926,543
Tāmaki Makaurau Auckland	-0.5%	-1.3%	-2.8%	-23.6%	$1,047,764

Te Whanganui-a-Tara Wellington

Across the wider Te Whanganui-a-Tara Wellington area in June many markets held steady or lifted slightly, including a 0.2% rise in Te Awa Kairangi ki Uta Upper Hutt.

But Wellington City itself was subdued, seeing a -0.9% drop in values, taking the fall over the quarter to -1.7%, enough to leave the drop from the peak at -26.1%. On that measure, however, Te Awa Kairangi ki Tai Lower Hutt has still been weaker (-27.3%).

Mr Davidson noted, “much like in Auckland, housing affordability has improved significantly within the Wellington region, opening up opportunities for buyers.”

“In recent months first home buyers have pushed above 40% of purchasing activity in Porirua, Upper Hutt, and Lower Hutt, and in excess of 35% in Wellington City. With listings high, FHBs are certainly benefitting.”

“There’s a sense that the looming election is becoming a factor influencing the property market in general across the country, and this effect could be even more pronounced in Wellington given its concentration of core government services. Sellers may continue to have a difficult time as the year progresses.”

	Change in dwelling values
	Month	Quarter	Annual	From peak	Median value
Kāpiti Coast	0.0%	-0.3%	-1.4%	-22.3%	$813,915
Porirua	0.1%	-0.4%	-2.3%	-24.0%	$759,712
Te Awa Kairangi ki Uta Upper Hutt	0.2%	-0.8%	-1.7%	-24.8%	$718,650
Te Awa Kairangi ki Tai Lower Hutt	0.1%	-1.0%	-3.3%	-27.3%	$653,398
Wellington City	-0.9%	-1.7%	-1.1%	-26.1%	$861,765
Te-Whanganui-a-Tara Wellington	-0.4%	-1.3%	-1.8%	-26.0%	$774,273

Regional results

If anything, the most notable figures in June were found outside the main centres. After previously recording some fairly consistent gains, several provincial markets still felt the pinch in June as well.

Te Papaioea Palmerston North managed to sneak up by 0.1% and Rotorua was flat, but there were falls in many other areas, including -0.5% or more in Heretaunga Hastings, Tairāwhiti Gisborne, and Whakatū Nelson.
Even previously resilient markets such as Waihōpai Invercargill (-0.2%) and Tāhuna Queenstown (-0.3%) edged downwards in June.

“There’s no doubt that most segments of the agricultural sector are doing very well at present and this will tend to support provincial property markets.”

“But the generally softer tone of the property value data in June is a reminder that sentiment and higher financing costs also matter greatly too.”

“Borrowers may be breathing easier now that the US-Iran peace deal is broadly holding. But even in provincial property markets a strong upturn still looks unlikely in the next 6-12 months at least.”

Region	Change in dwelling values
	Month	Quarter	Annual	From peak	Median value
Whakatū Nelson	-1.0%	-1.5%	-2.1%	-14.7%	$718,879
Tairāwhiti Gisborne	-0.6%	-2.2%	1.9%	-15.8%	$593,073
Heretaunga Hastings	-0.5%	-2.7%	-4.6%	-20.8%	$706,529
Ahuriri Napier	-0.3%	-1.2%	-2.0%	-19.8%	$718,262
Tāhuna Queenstown	-0.3%	-0.7%	3.4%	-3.3%	$1,741,997
Whanganui	-0.3%	-1.1%	0.0%	-12.4%	$493,799
Whangārei	-0.3%	-0.3%	-1.1%	-19.4%	$716,875
Waihōpai Invercargill	-0.2%	0.4%	6.1%	-0.3%	$535,274
Ngāmotu New Plymouth	-0.1%	-0.7%	-1.4%	-6.9%	$704,632
Rotorua	0.0%	0.1%	-0.9%	-12.8%	$644,039
Te Papaioea Palmerston North	0.1%	0.1%	1.2%	-18.2%	$604,104

Property market outlook

The Interim Financial Statements of the Government of New Zealand for the eleven months ended 31 May 2026 were released by the Treasury today. The May results are reported against forecasts based on the Budget Economic and Fiscal Update (BEFU 2026), published on 28 May 2026, and the results for the same period for the previous year.

Overall, the key fiscal indicators for the eleven months ended 31 May 2026 were stronger than forecast. The operating balance before gains and losses excluding ACC (OBEGALx) showed a deficit of $6.8 billion, which was $3.0 billion smaller than forecast. Net core Crown debt was $2.8 billion lower than forecast, at $186.0 billion or 41.3% of GDP.

Core Crown tax revenue at $114.9 billion, was $0.9 billion higher than forecast. The variance predominantly reflected higher-than-forecast corporate and other individuals’ tax revenue owing to stronger-than-forecast provisional tax revenue.

Core Crown revenue at $126.6 billion was $1.7 billion higher than forecast. In addition to the favourable core Crown tax results, revenue from the New Zealand Emissions Trading Scheme (NZ ETS) was $0.5 billion higher than forecast reflecting an increase in the price of New Zealand Units (NZUs) and a higher volume of NZUs being surrendered to the Crown.

Core Crown expenses at $132.4 billion, were $0.9 billion lower than forecast spread across a range of functional classifications, including core government services, economic and industrial services, transport and communications and education.

The OBEGALx deficit was $6.8 billion, $3.0 billion smaller than forecast reflecting the core Crown results noted above along with results of State‑Owned Enterprises. When including the revenue and expenses of ACC, the OBEGAL deficit was $9.5 billion, $3.4 billion smaller than the forecast deficit.

The operating balance surplus of $1.1 billion was $3.6 billion stronger than the forecast deficit of $2.5 billion. This mainly reflects the favourable OBEGAL variance mentioned above, with variances in gains and losses on financial and non-financial instruments broadly offsetting each other.

The core Crown residual cash deficit of $4.6 billion was $2.0 billion smaller than forecast. Net core Crown operating cash outflows and capital cash outflows were $1.9 billion and $0.1 billion lower than forecast, respectively. The net core Crown operating cashflows variance was largely driven by higher than forecast tax receipts and lower than forecast personnel and operating costs, broadly consistent with the trends in core Crown tax revenue and expenses discussed above.

Net core Crown debt at $186.0 billion (41.3% of GDP) was $2.8 billion lower than forecast. This variance was mainly driven by the smaller‑than‑forecast core Crown residual cash deficit mentioned above. In addition, the Reserve Bank's issued currency was $0.7 billion higher than forecast.

Gross debt at $222.5 billion (49.3% of GDP) was higher than forecast by $1.2 billion. This primarily reflected higher-than-forecast issuances of Euro Commercial Paper driven by short-term cash requirements and unsettled purchases of securities, partially offset by lower-than-forecast cross-currency derivatives in loss at 31 May 2026.

Net worth attributable to the Crown at $181.2 billion (40.2% of GDP) was $4.1 billion higher than forecast. This reflected the stronger-than-forecast operating balance result mentioned above ($3.6 billion) along with higher-than-expected property, plant and equipment valuation movements.

The Civil Aviation Authority’s (CAA) Statement of Intent (SOI) and Statement of Performance Expectations (SPE), published on 1 July, set out what the organisation will deliver and how it will measure progress.

Both documents can be downloaded from our corporate publications page.

For the first time the SPE highlights CAA’s new safety and security focus areas for the 2026-2027 year. See table below.

“These will drive where we direct our regulatory effort across the aviation system, so we can have the greatest impact,” CAA Director Kane Patena says. “We’ll work closely with the sector through targeted engagement and education, helping participants and organisations meet their safety and security responsibilities and manage their own risks effectively.”

“A recent example of this approach is our work on dangerous goods and lithium battery safety through airport security. By identifying this as a key risk area, we focused efforts on targeted education and awareness activities, helping industry participants and passengers better understand and manage the risks traveling with these items brings.” Patena says.

These focus areas have been informed by ICAO's global and regional priorities, alongside an understanding of New Zealand's unique aviation environment and domestic context. The CAA intends to review these periodically to ensure they remain fit for purpose and to ensure our regulatory efforts continue to be directed towards the areas where they can have the greatest impact on aviation safety and security outcomes.

Patena says the documents provide a clear line of sight between the organisation’s strategy, delivery and Government expectations.

“The SOI and SPE outline what matters most for aviation safety and security right now, and how we will demonstrate progress against our deliverables with practical actions and measurable results.”

“Our intent is on being a safety-focused, efficient, and responsive regulator to support the aviation sector, align with Government expectations and facilitate a safe and secure aviation system for New Zealand.”

The SOI outlines the CAA’s medium-term direction for the next four financial years from 2026 to 2030, including how it will track progress against its vision and purpose.

The SPE is published annually and focuses on delivery in 2026-27. It sets out the five activities the CAA is funded to deliver, the results it is aiming to achieve, and how performance will be measured. These activities are:

• Policy and rule settings
• Education and engagement
• Certification and licensing
• Monitoring and investigation
• Security delivery.

Together, the SOI and SPE meet the CAA’s statutory reporting requirements under the Crown Entities Act 2004 and provide transparency about its priorities, performance, and use of public resources.

The performance measures in these documents also support quarterly and annual reporting, providing a clearer picture of progress and impact. The SPE includes financial statements and estimated costs for 2026-27, outlining the resources required to deliver work programmes.

Performance measures for 2026-27 have been refreshed to ensure they remain relevant, clear, and useful for tracking performance over time.

Overall, the SOI and SPE link the CAA’s strategic direction with its day-to-day activities, showing how priorities translate into measurable results and public value.

CAA’s focus over the next 18-24 months also includes work to modernise CAA’s regulatory certification and decision-making processes, continue its progress with the Rules Update Programme, and deliver a new Business Transformation Programme which will make targeted investments across technology, capability and systems to drive CAA’s performance.

As New Zealand’s aviation regulator, the CAA’s primary focus is maintaining aviation safety and security. This focus underpins all decisions and actions, helping ensure the aviation system remains safe and secure for those who work in, and rely on it. Over time, this has contributed to a sustained reduction in aviation accidents and fatalities.