Independent public-opinion data2026 election cycle / Public beta
CAMPAIGN GUIDE · NEW ZEALAND 2026

Compare the parties.

See the proposals, follow the funding and read the evidence.

7 parties67 selected policy summariesChecked

Proposals and forecasts are party claims. Our checks trace the sources and arithmetic; coalition agreements may change delivery.

FOLLOW THE FUNDING

How would they pay for it?

Read the funding plans alongside the promises. Coverage labels describe the documents we could check, rather than rating a party’s economic credibility.

Reviewed
What these checks tell you

We check published documents and arithmetic. A matching sum does not independently validate growth, tax yields or savings. Amounts retain their stated periods, and unresolved source differences stay visible.

New: National’s 12 October fiscal plan review ↓Read TOP’s $68m figure check ↓
ACTPlan tables reviewed

Spending cuts and retirement reform

The plan forecasts debt $12.433bn below PREFU in June 2031. Its separate $9.5bn annual savings claim applies once fully implemented; a reconciliation to the forecast tables was not supplied.

Our assessment & checks

Our assessment

Analysis
Strengths
  • Annual cash and debt tables make the projected reduction traceable: the $12.433bn debt comparison reconciles. The plan identifies spending cuts and retirement changes rather than treating them as costless.Evidence 1Evidence 2
Trade-offs & risks
  • Cuts and a later superannuation age shift costs and support between groups. Savings depend on implementation; describing cuts as outside frontline services does not itself establish that services are protected.Evidence 1Evidence 2
Open questions
  • Bridge the $9.5bn annual headline to its different forecast horizon, explain the $376m KiwiSaver costing difference, and supply agency savings models and implementation costs. The difference is not an established funding error.Evidence 1Evidence 2Evidence 3

Plan details

Party’s funding approach
Spending reductions, fewer departments and ministers, and gradually raising the NZ Super age to 67 by 2035. The summary also funds KiwiSaver tax relief and health commitments.
Budget balance
Forecast OBEGALx surplus $79m in 2027/28; OBEGAL surplus $5.148bn in 2028/29. These use different ACC treatment.
Debt measure and target
June 2031 net core Crown debt excluding NZ Super Fund: $217.336bn versus $229.769bn PREFU. The difference is a relative reduction, not total debt.
What this review establishes
Full plan pp. 7 and 10 reviewed. The non-welfare/non-frontline savings row is $1.502bn, $2.776bn, $3.216bn and $2.433bn in 2027/28–2030/31: $9.927bn across four years. The summary claims $9.5bn annually once fully implemented, a different horizon that needs a reconciliation rather than a direct annual comparison. Examples of ministry/aid cuts are included within the headline programme, not additional savings.
Still to resolve
Explain the annual summary claim; reconcile the KiwiSaver paper with the consolidated plan; provide agency modelling and implementation costs. The plan includes unannounced initiatives and no external assurance.

Published arithmetic

All figures are NZ dollars. A matching sum does not validate the forecast assumptions.

Debt reduction against PREFUJune 2031; net core Crown debt excluding NZ Super Fund

The plan’s $217.336bn debt level is $12.433bn below the $229.769bn PREFU comparator. This checks the relative reduction, not whether the forecasts will occur.

Calculated $12,433m · Published $12,433m · Matches or is within rounding
Cash improvements across the plan2027/28–2030/31

The four displayed cash improvements sum to the $12.433bn reduction in the plan’s debt comparator.

Calculated $12,433m · Published $12,433m · Matches or is within rounding
Two KiwiSaver costings need reconciliation.

The 4 October paper’s net cost is $2.396bn over 2027/28–2030/31. The consolidated plan’s tax-loss lines less subsidy savings imply $2.772bn: $376m more. Scope or assumptions may have changed; this is not an established funding error.

Sources reviewed
ACT: Fiscal Plan 2026 summary Official summary; compare its savings claim with the full plan
ACT: Fiscal Plan 2026 (PDF) PDF pp. 7, 9–10: savings scope, capital and fiscal forecastsOriginal party-linked PDF recovered and tables visually checked. The underlying agency model and external assurance are not supplied.
ACT: retirement-fund earnings policy Dated 4 October 2026; PDF pp. 1–2: scope and costing
ACT: closing the medicines gap Dated 26 July 2026; PDF p. 3: forecast allocation path
Treasury: PREFU 2026 Published 29 September 2026; printed pp. 8, 70, 101, 120, 130: baseline, risks, allowances and debt; PDF p. 50: transport
Green PartyTax package reviewed

Tax reform to fund public services

The 2026 tax paper estimates $5.147 billion net in 2027/28 after income-tax cuts and Inland Revenue funding. This is available for other commitments; it is not a costing of the entire manifesto.

Our assessment & checks

Our assessment

Analysis
Strengths
  • Rates, thresholds and itemised revenue estimates make the tax package inspectable. The modelling explicitly allows for wealth-tax avoidance and evasion, rather than assuming every dollar of assessed tax is collected.Evidence
Trade-offs & risks
  • Higher taxes on qualifying wealth, large companies and inheritances fund relief and services. Receipts depend on valuation, compliance and behaviour; most behavioural responses are excluded from the reviewed model.Evidence
Open questions
  • Update the pre-PREFU inputs, test revenue sensitivity and show all manifesto spending against annual revenue and borrowing. The $5.147bn tax-package estimate for 2027/28 does not establish the full manifesto’s affordability.Evidence 1Evidence 2

Plan details

Party’s funding approach
Wealth and large inheritance taxes, higher tax for large companies, a bank levy, withholding-tax enforcement and reversing landlord tax changes.
Budget balance
No consolidated government-wide annual spending and surplus track was located in the reviewed manifesto and tax paper.
Debt measure and target
No quantified debt trajectory was located in those documents.
What this review establishes
Models are attributed to the Parliamentary Library and other named sources. The paper excludes most behavioural responses, allows 28.5% revenue loss for wealth-tax avoidance/evasion, and uses pre-PREFU data. This is not independent assurance on the full manifesto.
Still to resolve
Cost all spending commitments against the remaining revenue, update the baseline and test revenue sensitivity.

Published arithmetic

All figures are NZ dollars. A matching sum does not validate the forecast assumptions.

Tax-package net revenue2027/28, before other manifesto spending

The listed lines add to $5.148bn versus $5.147bn printed. The $1m difference is consistent with rounding; unrounded model values were not supplied. It is not evidence of a material funding shortfall.

Calculated $5,148m · Published $5,147m · Matches or is within rounding
Sources reviewed
Greens: A tax system for all of us PDF pp. 7–10 / printed pp. 6–9: rates, estimates and modelling assumptions
Greens: 2026 manifesto Manifesto and linked accessible edition
Greens: Kiwipower and household energy package 20 July 2026 announcement: $200m community and $80m Māori-housing allocations; no fiscal period stated
LabourPlan tables reviewed

Commitments within Budget allowances

The plan’s $13.517bn net operating commitments leave $10.483bn within its $24bn allowance envelope. That envelope accumulates four new Budget rounds, rather than being annual funding.

Our assessment & checks

Our assessment

Analysis
Strengths
  • Operating and capital schedules show commitments against Budget allowances, including health cost pressures. A published conditional appraisal makes the limits of the external review available for readers to inspect.Evidence 1Evidence 2
Trade-offs & risks
  • New services compete for remaining allowances with actual cost pressures. Funding depends partly on capital-gains-tax receipts and repealing Investment Boost; neither a matching table nor the appraisal validates those forecasts.Evidence
Open questions
  • Reconcile standalone Medicard costs with the fiscal line, quantify future pay-equity settlements and test tax yields and delivery capacity. The immediate care/support pay rise is separately costed; future negotiated settlements remain uncertain.Evidence 1Evidence 2Evidence 3

Plan details

Party’s funding approach
Budget allowances, capital-gains-tax revenue, repealing Investment Boost and other savings. The fare cap uses 1% of the National Land Transport Fund.
Budget balance
The plan forecasts an OBEGAL surplus in 2028/29. This measure includes ACC.
Debt measure and target
Net debt below 20% of GDP over time; includes NZ Super Fund assets. This is a different measure from National’s net core Crown debt.
What this review establishes
Headline operating and listed capital arithmetic checked. The plan includes $13.020bn health cost pressures, so they are not simply absent. Treasury’s underlying pressures are indicative and non-binding. Hall Chadwick’s conditional appraisal gives no assurance on forecast assumptions or unannounced policies.
Still to resolve
Future negotiated pay-equity settlements have no quantified provision; the immediate $4/hour care/support rise is costed separately. Standalone Medicard costs differ from the fiscal-plan line and need reconciliation. Test tax yields, growth and actual service pressures.

Published arithmetic

All figures are NZ dollars. A matching sum does not validate the forecast assumptions.

Operating allowance remaining2026/27–2030/31: five fiscal columns, four new Budget rounds

Four Budget rounds in 2027–2030 add recurring $2.4bn increments: annual allowance totals of $2.4bn, $4.8bn, $7.2bn and $9.6bn sum to $24bn. Subtracting $13.517bn net spending leaves $10.483bn. This is not a single-year allowance.

Calculated $10,483m · Published $10,483m · Matches or is within rounding
Capital allowance remainingFuture capital allowances; housing commitment spread over four years

The listed commitments add to $4.127 billion, leaving $7.873 billion of the $12 billion envelope. These are capital amounts, not annual operating spending.

Calculated $7,873m · Published $7,873m · Matches or is within rounding
Sources reviewed
Labour: Fiscal Plan 2026 Official summary and capital commitments
Labour: Fiscal Plan 2026 (PDF) PDF pp. 3–5: funding; pp. 7–10: forecasts and appraisalParty-authored document hosted by Interest.co.nz. The reviewed copy may differ from later revisions.
Labour: standalone Medicard paper PDF p. 11: free-doctor visit costing; differs from the fiscal-plan line
Labour: pay-equity commitment Immediate care/support pay rise; future negotiated settlements
Treasury: PREFU 2026 Published 29 September 2026; printed pp. 8, 70, 101, 120, 130: baseline, risks, allowances and debt; PDF p. 50: transport
NationalPlan tables reviewed

New fiscal plan: commitments within allowances

The 12 October plan’s tables reconcile: $16.4507bn net operating commitments leave $7.5493bn for other pressures. Its surplus and debt headlines use Treasury’s existing forecast.

Our assessment & checks

Our assessment

Analysis
Strengths
  • The new consolidated operating and capital schedules reconcile and distinguish new commitments from existing baselines. They make the proposed use of Budget allowances easier to scrutinise, with no arithmetic error found.Evidence
Trade-offs & risks
  • The remaining $7.5493bn operating and $14.1565bn capital allowances must cover other needs. Welfare and aid reductions affect recipients; the $506.1m net KiwiSaver tax offset also depends on forecast assumptions.Evidence 1Evidence 2
Open questions
  • Explain the included $140.2m KiwiSaver employer-cost revision, test the tax-offset model and bridge the $296m student-loan valuation charge to the unchanged Treasury forecast. No confirmed funding hole was identified; forecast assumptions still need evidence.Evidence 1Evidence 2Evidence 3

Plan details

Party’s funding approach
Recurring $2.4bn operating Budget additions, $17bn base capital allowances, $431.2m net aid savings, $583m net welfare savings and a $506.1m net KiwiSaver tax offset. Existing-baseline commitments are not all additional costs.
Budget balance
The launch’s $4.0bn surplus in 2028/29 and $11.7bn in 2030/31 match PREFU’s OBEGALx, excluding ACC. The paper does not supply a new whole-government forecast; ordinary OBEGAL is lower.
Debt measure and target
PREFU net core Crown debt excluding NZ Super Fund: 43.9% of GDP in 2027/28, falling to 39.5% in 2030/31. Dollar debt rises until $232.763bn in 2029/30 before falling; a lower ratio is not an immediate dollar reduction.
What this review establishes
All operating rows, annual columns and capital allocations checked: no addition or subtraction error found. Matching arithmetic does not validate delivery. “No new taxes” does not freeze all existing taxes or levies; PREFU includes planned fuel-excise and road-user-charge increases from 1 January 2028. Tax relief is conditional, without a funded cut or indexation schedule.
Still to resolve
Explain the $140.2m Crown-employer KiwiSaver revision and tax-offset model; bridge the current-year student-loan cost to PREFU; allocate remaining service pressures and capital needs; test savings and health assumptions. No confirmed funding hole was identified in the checked documents.

Published arithmetic

All figures are NZ dollars. A matching sum does not validate the forecast assumptions.

Medicines package: net operating cost2027/28–2030/31; capital reported separately

Pharmac and bowel-screening costs less the aid reduction equal $351.1m net operating cost; $41.5m capital is separate. A further $45.6m MFAT saving in the narrative is not shown in this net-cost table and needs reconciliation.

Calculated $351.1m · Published $351.1m · Matches or is within rounding
Visitor-levy reset operating cost2027/28–2030/31; reset starts 1 July 2027

The four annual amounts add to $105.1m. This is the net operating effect of the levy reset, not a new annual tax cost.

Calculated $105.1m · Published $105.1m · Matches or is within rounding
Net operating commitments2026/27–2030/31: five fiscal columns

All eighteen policy rows and five annual-column totals were checked separately and reconcile to $16.4507bn. Negative tax offsets and savings remain signed; matching arithmetic does not verify their assumptions.

Calculated $16,450.7m · Published $16,450.7m · Matches or is within rounding
Unallocated operating envelopeFour new Budget rounds; includes the current-year student-loan charge

Recurring $2.4bn Budget additions create a $24bn envelope. Deducting all five columns leaves $7.5493bn for other service pressures and initiatives. The current-year $296m cost needs an accounting and forecast bridge; it is not an equivalent cash payment.

Calculated $7,549.3m · Published $7,549.3m · Matches or is within rounding
Unallocated capital envelopeAllocations per Budget 2027–2030, not annual construction expenditure

The $17bn base allowances less $2.8435bn listed commitments leave $14.1565bn, matching the rounded $14.2bn headline. All nine capital entries were checked. Treasury’s extra $100m Chorus proceeds in Budget 2027 are a scope difference requiring reconciliation, not missing funding.

Calculated $14,156.5m · Published $14,200m · Matches or is within rounding
Health spending headline2027/28–2030/31; operating only

Health cost pressures, Pharmac and bowel screening total $15.3523bn, matching the rounded $15.4bn headline. Most maintains services against cost pressures. The 88% comparison excludes capital and uses commitments after the KiwiSaver tax offset but before aid and welfare savings.

Calculated $15,352.3m · Published $15,400m · Matches or is within rounding
Sources reviewed
National: fiscal plan released 12 October 2026 PDF p. 1: allowances; p. 2: operating schedule; p. 3: capital and tax assumptionsAll three pages and both tables visually checked. The paper allocates forecast allowances; it does not provide a revised whole-government cash/debt model or independent assurance.
National: 12 October fiscal-plan launch Dated 12 October 2026: $470m average, health share and forecast claims
National: Budget Responsibility Rules PDF pp. 1–3: fiscal rules and financing approach
National: no-new-taxes commitment General election commitment
National: International Visitor Levy Specific commitment to no increase for at least three years
National: visitor-levy reset (PDF) PDF p. 2: 1 July 2027 start and four-year operating costs
National: medicines and earlier care (PDF) PDF pp. 4–5: existing funding, aid offsets and cost table
National: original KiwiSaver policy paper PDF pp. 1–2: original costs, exceptions and uncertain tax receipts; pp. 3–4: family and over-65 contributions
National: paid parental leave paper PDF pp. 1–3: staged extension, costs and explained KiwiSaver top-up revision
National: student-loan policy paper PDF p. 3: valuation versus cash; pp. 4–5: collections and five-year net cost
National: welfare policy paper PDF pp. 2–3: eligibility and baseline costs; p. 4: net savings and model assumptions
National: First Home Loan expansion paper PDF p. 2: $4–6m within existing baselines; no clear fiscal period
National: Mill Road paper PDF p. 2: Stage One, route protection and additional NLTF costs
National: Belfast–Pegasus and Woodend paper PDF p. 2: $800m Budget allocation and additional NLTF costs
Treasury: PREFU 2026 Published 29 September 2026; printed pp. 8, 70, 101, 120, 130: baseline, risks, allowances and debt; PDF p. 50: transport
NZ FirstPolicy costs reviewed

Selected costings, with growth assumptions

Selected costings include $1bn initially each year for SME tax cuts and $500–600m annually for Working for Families. Other commitments use term-wide or unspecified periods.

Our assessment & checks

Our assessment

Analysis
Strengths
  • Selected commitments publish identifiable costs, including the annual SME tax cut and Working for Families estimates, plus term-wide fuel-survey investment. This makes parts of the package easier to examine individually.Evidence 1Evidence 2Evidence 3
Trade-offs & risks
  • Tax cuts and spending need financing before any claimed growth receipts arrive. The proposed up-to-$100bn Future Fund is a multi-decade investment ambition, not secured funding for annual campaign promises.Evidence 1Evidence 2
Open questions
  • Publish consolidated annual spending, revenue and debt paths, explain fund financing, and clarify whether the Kids Grant’s $400m estimate by year three is annual or cumulative. These gaps refer to the reviewed documents.Evidence 1Evidence 2Evidence 3

Plan details

Party’s funding approach
The SME policy claims growth would more than offset its cost in the medium term, without a quantified path in the reviewed page. The proposed up-to-$100 billion Future Fund is multi-decade investment, not annual spending or secured funding.
Budget balance
No consolidated annual spending, revenue and surplus schedule was located in the reviewed current policy index and selected papers.
Debt measure and target
No package-wide quantified debt path was located in those sources.
What this review establishes
Individual estimates and periods reviewed. Fuel surveys have an initial $1bn allocation over a term. The Kids Grant’s $400m by year three is not explicitly labelled annual or cumulative. No overall reconciliation or external appraisal was located; older plans were not substituted.
Still to resolve
Funding before any growth offset arrives, the remaining policy costs, fund financing and the combined borrowing impact.
Sources reviewed
NZ First: company tax for SMEs Initial annual cost and claimed growth offset
NZ First: Kiwi Kids Grant Cost estimated by the third year
NZ First: New Zealand Future Fund Proposed multi-decade investment fund
NZ First: Working for Families and wages 10 October 2026 announcement: Working for Families cost estimate and next-term wage commitment
NZ First: fuel security Initial survey investment over a government term
OpportunityTax package reviewed

Land tax and income-support reform

Tax Reset printed totals imply $4.081bn extra annual net revenue at full implementation. The $68m subtotal difference needs explanation; it does not establish missing funding.

Our assessment & checks

Our assessment

Analysis
Strengths
  • Tax Reset publishes component costs and a transition proposal; Breakthrough Economy itemises annual investment consistent with its rounded $1.33bn headline. These documents let readers inspect assumptions and check the arithmetic.Evidence 1Evidence 2Evidence 3
Trade-offs & risks
  • Land tax, benefit replacement and compulsory saving redistribute costs over a long transition. The full-rollout revenue estimate uses 2024 inputs; exemptions, deferrals and administration savings require realistic implementation assumptions.Evidence 1Evidence 2
Open questions
  • Explain the $68m mismatch: listed revenue components are above the printed total, so it is not an identified funding shortfall. Resolve the separate $5.3m administration difference and show current modelling and transition funding.Evidence 1Evidence 2Evidence 3

Plan details

Party’s funding approach
Land-value tax, benefit replacement, income-tax changes and administration savings. The full paper specifies 1.75% on urban land and 0.5% on rural land, with exemptions and deferrals.
Budget balance
The Tax Reset net-revenue estimate is not a government-wide surplus forecast or an immediate first-term saving.
Debt measure and target
No government-wide debt trajectory was located in the reviewed tax and transition papers.
What this review establishes
The revenue components are $68m above the printed total: a table inconsistency, not an identified funding shortfall. Administration totals differ by $5.3m between pp. 8–9. The party reports external feedback but supplies no independent appraisal. Breakthrough Economy’s $1.33bn annual headline is consistent with its listed costs.
Still to resolve
Explain both table differences; update 2024 inputs; provide a year-by-year transition and KiwiSaver tax-exemption costing. Test savings and land-tax receipts, including deferrals. Reconcile other policies against remaining revenue.

Published arithmetic

All figures are NZ dollars. A matching sum does not validate the forecast assumptions.

Printed net annual revenueFull Tax Reset implementation, using 2024 inputs

The printed revenue and cost totals imply $4.081 billion net annually. This is a reform-package estimate, not a government-wide budget surplus.

Calculated $4,081m · Published $4,081m · Matches or is within rounding
Revenue components need reconciliationFull Tax Reset implementation, using 2024 inputs

The listed $24.323 billion land-tax revenue and $1.742 billion administration savings add to $26.065 billion, $68 million above the printed revenue total. No reconciliation is given in the reviewed paper; we have not determined which figure should change.

Calculated $26,065m · Published $25,997m · Unreconciled difference: $68m
Administration savings: detailed totalTax paper p. 9; model input period not separately stated

The department rows add to $1,747.3m, matching the detailed total. That is $5.3m higher than the $1,742m used on p. 8; the cross-table difference still needs an explanation.

Calculated $1,747.3m · Published $1,747.3m · Matches or is within rounding
Breakthrough Economy annual costsAdditional annual operating investment, before growth benefits

The thirteen amounts add to $1,330.5m, consistent with the rounded $1.33bn headline. The party proposes Tax Reset revenue or a future Budget allocation; neither establishes the entire programme’s transition funding.

Calculated $1,330.5m · Published $1,330m · Matches or is within rounding
Sources reviewed
Opportunity: Tax Reset paper PDF pp. 8–9: annual costing and administration savingsMay 2026 paper; costing table notes a 7 August 2026 revision and uses 2024 inputs.
Opportunity: Tax Reset transition PDF pp. 1–2: proposed implementation over a decade
Opportunity: Breakthrough Economy paper July 2026 paper; additional operating investment and funding options
Opportunity: Breakthrough Economy summary Annual $1.33bn headline, thirteen listed costs and funding explanation
Te Pāti MāoriTax package reviewed

Tax changes and Māori-led services

The tax table nets to +$4.1bn without a stated fiscal period. Further papers specify a $4.5bn economic fund over three years and $220m for Mātike Mai over four years, without a consolidated budget track.

Our assessment & checks

Our assessment

Analysis
Strengths
  • The papers specify tax rates and commitments with distinct periods, including a $4.5bn economic fund over three years and $220m for Mātike Mai over four years. Fund documents distinguish loans, investments and grants.Evidence 1Evidence 2Evidence 3
Trade-offs & risks
  • Income relief relies on tax receipts. Revolving loans and Crown investments create repayment and return risks; fund allocations cannot all be treated as new annual grant spending. Health reallocations also need continuity planning.Evidence 1Evidence 2Evidence 3
Open questions
  • Specify the +$4.1bn tax figure’s period and model, consolidate programmes into annual spending and debt schedules, and cost the Commission and other institutions. Tax arithmetic matches; package-wide affordability remains unestablished.Evidence 1Evidence 2Evidence 3

Plan details

Party’s funding approach
Tax changes and enforcement fund income and kai relief. Half the proposed $4.5bn economic fund would be NZ Super Fund revolving loans; half Crown investments and grants. It is not all new grant expenditure. A separate $1bn energy fund, health commitments and $220m constitutional fund also need reconciliation.
Budget balance
The +$4.1bn tax-table figure has no stated period. It is not a verified annual surplus or a whole-manifesto balance.
Debt measure and target
No government-wide debt trajectory was located in these papers.
What this review establishes
Six full Manifesto 2026 papers reviewed. The tax arithmetic matches. Within the economic fund, $90m is allocated to establishment/year-one delivery, then $45m annually from year two. The fund mixes loans, investments and grants. The Tiriti paper specifies a four-year fund, but no separate Commission cost. Detailed tax modelling and an annual package-wide schedule are not supplied.
Still to resolve
Specify the tax table’s period and model, then reconcile all programmes and financing annually. Clarify economic-fund returns, loan risk, other institution costs and the Commission budget. The 25% health/ACC transfer is not wholly new spending; capital, loans and grants must not be added as if they were identical annual expenses.

Published arithmetic

All figures are NZ dollars. A matching sum does not validate the forecast assumptions.

Tax-package printed balanceNo fiscal period specified in the table

The seven increases and two reductions shown in the table net to +$4.1bn. Its period and detailed modelling are not stated. This must not be presented as an annual government surplus.

Calculated $4,100m · Published $4,100m · Matches or is within rounding
Sources reviewed
Te Pāti Māori: 2026 tax manifesto paper PDF pp. 1–5 / printed pp. 3–7; fiscal table on PDF p. 3Publicly linked paper recovered. It identifies itself as Manifesto 2026; no publication date or fiscal period is stated.
Te Pāti Māori: 2026 health manifesto paper PDF pp. 1–3 / printed pp. 54–56; annual commitments on p. 3
Te Pāti Māori: 2026 housing manifesto paper PDF pp. 1–4 / printed pp. 19–22; timing and revenue proposal
Te Pāti Māori: Energy Sovereignty Selected funding commitment
Te Pāti Māori: 2026 energy manifesto paper PDF pp. 1–6 / printed pp. 75–80; fund and 2035 objective
Te Pāti Māori: 2026 Economic Rangatiratanga paper Full four-page paper: $4.5bn over three years, loans/investments/grants and $90m initial establishment cost
Te Pāti Māori: 2026 Te Tiriti Entrenchment paper Full paper: $220m Mātike Mai Fund over four years; executive accountability and 2040 constitutional objective
NEW DOCUMENT REVIEW · RELEASED 12 OCTOBER 2026

National’s fiscal plan, checked.

The published tables add up. The main questions concern delivery within tight allowances, revised KiwiSaver assumptions and the bridge to Treasury’s forecast.

Read the three-page plan
$16.45bnNet operating commitments2026/27–2030/31 · five fiscal columns
$7.55bnUnallocated operating envelopeStill needed for other service pressures
$14.16bnUnallocated capital envelopeFour Budget allocations · not annual spending

No confirmed funding hole was identified in the checked documents. A matching sum does not independently validate tax receipts, savings or delivery.

See the arithmetic and headline definitions

We checked 18 operating rows, all five annual columns and 9 capital entries against the displayed table. Blank cells count as zero; tax offsets and savings stay negative.

Our sums of annual operating cells · NZ$ million · 2026/27–2030/31 · each matches its printed row total
ItemOur sum
Health service cost pressures14,570
Additional Pharmac funding604
Earlier bowel screening178.3
KiwiSaver payment at birth360
KiwiSaver during parental leave121.9
Extra government KiwiSaver contributions385.2
Crown employer contribution costs423
Net KiwiSaver tax offset-506.1
Student-loan package, after recoveries372.6
Longer paid parental leave327.5
DOC funding after visitor-levy changes105.1
School-lunch programme extension451.8
Auckland transport policing28
Additional QEII Trust funding17.2
Election-costing unit1.2
Provision for future announcements25.2
Foreign-aid reduction-431.2
Welfare package, including initial costs-583
Net policy commitments16,450.7
Cumulative Budget envelope24,000
Unallocated operating7,549.3

Four new Budgets add recurring $2.4bn increments: $2.4bn + $4.8bn + $7.2bn + $9.6bn = $24bn across the plan. Capital allowances total $17bn; listed allocations total $2,843.5m, leaving $14,156.5m, rounded to $14.2bn in the paper.

Headline checks · our calculations from the published entries
ClaimCalculation and scope
$15.4bn health$14,570m pressures + $604m Pharmac + $178.3m bowel screening = $15,352.3m. Most addresses existing service pressures.
88% for health87.9% of operating commitments after the KiwiSaver tax offset, before net aid/welfare savings. Capital is excluded.
$470m per year outside health pressures($16,450.7m − $14,570m) ÷ 4 = $470.175m. This includes $296m in the current year. The four future columns alone average $396.175m.
KiwiSaver package$1,290.1m gross costs − $506.1m net tax offset = $784m. The offset already allows for reduced income tax.

What still needs explaining?

Forecast scopeThe surplus figures are Treasury’s existing forecast.

The launch uses PREFU’s OBEGALx figures, which exclude ACC. The three-page plan allocates Budget allowances; it does not publish a revised whole-government cash and debt model.

Treasury shows OBEGALx of $4.016bn in 2028/29 and $11.693bn in 2030/31; OBEGAL including ACC is $2.062bn and $8.879bn. Staying within allowances can preserve that baseline, but the allocation arithmetic does not verify delivery. Debt’s GDP ratio peaks at 43.9% in 2027/28, while dollar debt rises until $232.763bn in 2029/30. The fall in the ratio is not an immediate fall in dollars.

Delivery riskUnallocated allowances still have work to do.

The remaining operating and capital envelopes must cover later service pressures and investments. They are not spare cash or an independently demonstrated surplus.

The first future year leaves $588.5m operating. National explicitly assigns later allowances to education, social services, police pay and infrastructure. PREFU also discloses defence pressure of around $4.8bn across expenses and capital over the next two Budgets, rather than solely capital. Treasury already assumes baseline savings and underspending. Health’s first three increases follow Treasury’s non-binding indication; the further $1.55bn increment in 2030/31 has no explained estimate in this plan.

Costing revisionKiwiSaver assumptions need a clearer reconciliation.

Crown-employer costs are $140.2m higher than the standalone paper. The new plan also counts a $506.1m net tax offset that the earlier paper deliberately excluded.

The original 2028/29–2030/31 employer costs are $84.3m/$94.2m/$104.3m; the plan uses $126m/$141m/$156m. The extra cost is included, so it is not missing funding. Page 3 identifies the tax offset as ESCT less reduced income tax, not gross ESCT receipts. The earlier paper warns that revenue depends heavily on new contributors’ income profiles. Ask for the changed employer assumptions and the tax model; double counting has not been established. The parental top-up’s separate $12.6m increase is explained in the later parental-leave paper by the longer entitlement.

Timing questionThe current-year student-loan charge needs a forecast bridge.

The table puts $296m in 2026/27 with no future-Budget allowance in that column. The printed remaining amount is therefore −$296m.

The student-loan paper describes this principally as a change in the loan book’s accounting value. It is not a $296m cash payment to borrowers; slower repayments also affect cash and debt on a different path. The plan deducts it from the overall allowance envelope, but supplies no explicit bridge to the unchanged Treasury forecast. The $470m annual headline divides costs across five fiscal columns by four Budget rounds. That arithmetic works; its period needs explaining.

Savings assumptionsAid and welfare savings are policy estimates.

The plan uses $431.2m net aid savings and $583m net welfare savings. The main welfare saving is lower payments to long-term Jobseekers, rather than predominantly employment exits.

The welfare paper estimates $572m from lower payments, using PREFU recipient numbers, inflation indexing and a one-fifth offset into other assistance. Its employment-support model scales an existing programme and assumes a lower success rate, without publishing that exact rate. Implementation, hardship effects, collection yields and the tax-offset assumptions still need testing. A matching table does not certify those outcomes.

Coverage and definitionsA missing separate row does not prove a policy is unfunded.

First Home Loan expansion, drug tests, some health services and other changes are explicitly assigned to existing baselines. Other pressures use future allowances.

The First Home Loan paper puts $4–6m within baselines, with no clear period; drug tests use around $1.5m annually from MSD baselines. Several screening commitments are already funded. The medicines narrative’s further $45.6m MFAT efficiency saving remains absent from the identifiable tables: they count fewer savings, not an unfunded expense. Road allocations partly rely on the National Land Transport Fund for additional costs; $100m for Mill Road route protection does not fund construction of Stages Two and Three. PREFU’s Budget 2027 capital total includes $100m of additional Chorus proceeds; National shows the $3.5bn base. That scope difference needs a bridge, not a missing-money allegation.

What if the net aid and welfare savings do not arrive?

Setting their combined $1,014.2m net saving to zero, with all other entries unchanged, reduces the unallocated operating envelope from $7,549.3m to $6,535.1m. This is an illustrative allowance calculation, not a forecast deficit.

Manual review . Original tables and relevant policy papers checked; underlying models and a party clarification were not supplied. Submit a source or correction.

FIGURE CHECK · OPPORTUNITY (TOP)

The $68m difference, explained.

The listed revenue and savings add to more than the printed total. This is an unresolved table mismatch. It does not establish a $68m funding hole.

$68mComponents above the stated total
About 0.26% of printed revenue
Check page 8
See the calculation, context and open questions
Tax Reset paper, page 8 · NZ$ million · full implementation
Published itemAmount
Land-tax revenue24,323
Administration savings1,742
Our sum of those two items26,065
Printed revenue total25,997
Difference+68

The printed totals themselves imply $4,081m net annually: revenue of $25,997m less costs of $21,916m. That is a reform-package estimate at full rollout using 2024 inputs, not an immediate government surplus.

The mismatch exceeds plausible rounding of two whole-million components. We cannot determine which component, total or omitted adjustment should change. Correcting the sum alone would not validate the revenue or savings assumptions.

What needs clarification?

  • Explain the $68m difference and the separate $5.3m difference between the administration tables on pages 8–9.
  • Show how projected administration savings would be achieved and how land-tax receipts, exemptions and deferrals were modelled.
  • Provide current inputs, transition cash flows and the cost of KiwiSaver tax exemptions. The transition paper proposes two years of preparation before the first rollout.

Paper dated May 2026; costing table records a 7 August revision. Checked 12 October 2026. No party clarification or underlying model was supplied to this review. We have not established whether this specific mismatch has been reported elsewhere.

Submit a source or correction
Before comparing budget and debt targets

Labour’s net debt includes NZ Super Fund assets; National’s and ACT’s net core Crown debt excludes them. OBEGAL includes ACC, while OBEGALx excludes ACC. Annual tax-package revenue, multi-year spending and capital investment also measure different things.

Treasury’s definitions and current baseline

A manual review as at . “Not located” refers to the sources checked, not proof that a document or policy does not exist. Coalition negotiations may change any party’s package.

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