CINXE.COM

Research and commentary | The Treasury New Zealand

<!DOCTYPE html> <html lang="en" dir="ltr" prefix="og: https://ogp.me/ns#"> <head> <meta charset="utf-8" /> <noscript><style>form.antibot * :not(.antibot-message) { display: none !important; }</style> </noscript><meta name="description" content="The Treasury has five active research paper and commentary series." /> <link rel="canonical" href="https://www.treasury.govt.nz/publications/research-and-commentary" /> <link rel="shortlink" href="https://www.treasury.govt.nz/node/1522" /> <meta property="og:site_name" content="The Treasury New Zealand" /> <meta property="og:type" content="article" /> <meta property="og:url" content="https://www.treasury.govt.nz/publications/research-and-commentary" /> <meta property="og:title" content="Research and commentary" /> <meta property="og:description" content="The Treasury has five active research paper and commentary series." /> <meta property="og:locale" content="en_NZ" /> <meta name="twitter:card" content="summary" /> <meta name="Generator" content="Drupal 10 (https://www.drupal.org)" /> <meta name="MobileOptimized" content="width" /> <meta name="HandheldFriendly" content="true" /> <meta name="viewport" content="width=device-width, initial-scale=1.0" /> <meta name="viewport" content="width=device-width, initial-scale=1.0" /> <link rel="icon" href="/themes/custom/tsy_theme/favicon.ico" type="image/vnd.microsoft.icon" /> <title>Research and commentary | The Treasury New Zealand</title> <link rel="stylesheet" media="all" href="/sites/default/files/css/css_NexHeOXOhiuL8F-skeZQYhTOsHiGE0aMy5WJyfq7E3o.css?delta=0&amp;language=en&amp;theme=tsy_theme&amp;include=eJyN0-FuhCAMAOAXwvORSJVO2SFlbbnp2w_J7ceSoSSEpPDRFhImVEW2QrOHYGUF9nGxU1alKKPoEUpsZhCxEwhaXXHDcQk0QTAzMY6Oc4LwgE_YDe5a_PN37R0aBuf3mgyN4KzEti5ZUeBSfpxgfg5KZaQGCHQKr60MAUSHnBwouv9FhJdfQD3Fu_1h2HCBMsV8TxP7Dfi4h1-59MaxyxZA0TVpYpLGOzAuNUM5rxj1Gn0QlfDarAju3jBdi0SitqunKnsaq7Cnu8TYWbrArsrFta8sARp1Xh6_jRyiuI3nZzIqx98PdQqpTh4buRzwB8K7b9c" /> <link rel="stylesheet" media="all" href="/sites/default/files/css/css_73MQ8T9Wy0J9LbrMEP76T4UPGnQdfLL9soNUkNOPXY0.css?delta=1&amp;language=en&amp;theme=tsy_theme&amp;include=eJyN0-FuhCAMAOAXwvORSJVO2SFlbbnp2w_J7ceSoSSEpPDRFhImVEW2QrOHYGUF9nGxU1alKKPoEUpsZhCxEwhaXXHDcQk0QTAzMY6Oc4LwgE_YDe5a_PN37R0aBuf3mgyN4KzEti5ZUeBSfpxgfg5KZaQGCHQKr60MAUSHnBwouv9FhJdfQD3Fu_1h2HCBMsV8TxP7Dfi4h1-59MaxyxZA0TVpYpLGOzAuNUM5rxj1Gn0QlfDarAju3jBdi0SitqunKnsaq7Cnu8TYWbrArsrFta8sARp1Xh6_jRyiuI3nZzIqx98PdQqpTh4buRzwB8K7b9c" /> <link rel="stylesheet" media="print" href="/sites/default/files/css/css_hoyBL0B89if_B8a7cAGeNU5BDrxhbQtTqLbZvhEMhqs.css?delta=2&amp;language=en&amp;theme=tsy_theme&amp;include=eJyN0-FuhCAMAOAXwvORSJVO2SFlbbnp2w_J7ceSoSSEpPDRFhImVEW2QrOHYGUF9nGxU1alKKPoEUpsZhCxEwhaXXHDcQk0QTAzMY6Oc4LwgE_YDe5a_PN37R0aBuf3mgyN4KzEti5ZUeBSfpxgfg5KZaQGCHQKr60MAUSHnBwouv9FhJdfQD3Fu_1h2HCBMsV8TxP7Dfi4h1-59MaxyxZA0TVpYpLGOzAuNUM5rxj1Gn0QlfDarAju3jBdi0SitqunKnsaq7Cnu8TYWbrArsrFta8sARp1Xh6_jRyiuI3nZzIqx98PdQqpTh4buRzwB8K7b9c" /> <link rel="stylesheet" media="all" href="/sites/default/files/css/css_77S9TEp1Xlk-jyN_niExAiPNA0bp0YPP-mNnwhk-4UY.css?delta=3&amp;language=en&amp;theme=tsy_theme&amp;include=eJyN0-FuhCAMAOAXwvORSJVO2SFlbbnp2w_J7ceSoSSEpPDRFhImVEW2QrOHYGUF9nGxU1alKKPoEUpsZhCxEwhaXXHDcQk0QTAzMY6Oc4LwgE_YDe5a_PN37R0aBuf3mgyN4KzEti5ZUeBSfpxgfg5KZaQGCHQKr60MAUSHnBwouv9FhJdfQD3Fu_1h2HCBMsV8TxP7Dfi4h1-59MaxyxZA0TVpYpLGOzAuNUM5rxj1Gn0QlfDarAju3jBdi0SitqunKnsaq7Cnu8TYWbrArsrFta8sARp1Xh6_jRyiuI3nZzIqx98PdQqpTh4buRzwB8K7b9c" /> <script type="application/json" data-drupal-selector="drupal-settings-json">{"path":{"baseUrl":"\/","pathPrefix":"","currentPath":"node\/1522","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"gtag":{"tagId":"","consentMode":false,"otherIds":[],"events":[],"additionalConfigInfo":[]},"ajaxPageState":{"libraries":"eJyNWAuS4ygMvVDo7OzuzHUo2Sg20xjcfDrJnn4FdmJnKgJXdXUF60kIJD3J7jBG9DK4XoORYQSv7SC7FKOz4Rzi3dD61EMIsoOAMo444XkwrgNzwlsk8edZ-TSD-ViXp8G5wRAUhvNA__5cf8BvuL0-nE4elL6dO-diiB7mdZ33x1PAPjovyyMZInjy-AwxQj9OaGNLLuBCD5qoDi_OM5t10H-K6Ohv5gBB94zIuKysI3eSApC9s5E9TBaCttwpstg7I8TF3IVLUQQE348NsMcwU5D1Nwq6gPQercRMGRGFdZZx_6LRqHIGTn5DJQ8ccoQgJvCDtvmeRU63Q0DlUsfd7R_Q6PXMQhEU-spVjFoptMt9VBFhqopv4b1YB0G_BoyCEjGHMkeSd0dHnITRgfHlNx0cBygGRHDJ98y5X4BXqr2ZSzNCusulN5ry-TrS_vzuBkIUaVYQUTEInRG2VDgDmTrxLysxg_jFCOkgspKQkxGQomOEkd0z5j3_YoR3Vu0uJsW5auFbDxC1sy252ILUhlKKUtLf28CvRAHy9hCWAM6qQ1BaR30EObuQs92x_GydQikr5Gn_k4P7jtK4gYnoDAMuFmpJMXs3OT4QT7EQ1Apzs6TEFs4PYHWoBHCnV7jvFhOYUrWiJxOD4y5pp6jwAskwhbbDZeYoPJc46t-BM3Akxsm4I97vg1bLrp3Kitur1kK907yOQF3boyAKFMa5T5pBMimyilynmNmyJMnNiJ_vhR6HLWQc2T9AtTM9MEtvaWE8k8EPRK6Wegt9QR5xrACPeDd7PLg1AQ_tTLj2kYNW2AFr6jHAyML562TDtFfvru8FtWFpkeVymVPpy0xrf-DCBMbUIFJh-KRRRFJ_l9TgH04zOgaY684SKXN_rcnpF-fw24G_xpDhHmjikJ0Hq4rKASglVu_T1B0ATzTfHoFhCEToVU9juO_ZdqKxXuQXEyYxCL681sg85keXo_N3E1p7b2oqr3fYxj0uMLQ9WquzjOPyBzOnbHC8Ue2jyim9IgNNdFeqN7lkaumbP9r7HjX0T8vQwhr8hLMhF8KSR6AlrQo71EjpFX_UbjHbvJ8nkulEO-Sa2y1cvtBloGmaXMSlVsJGl9mdOlm-t7DEc2Ww5QWlSl-blfzr2eDXUEinQXr8Shhi041XA3R-SXGtjDqvms-MbIx5r1rrBWz8dEDpK9HbUSGbQ-n5rfG6cpkse1KQyrtaWWwkJvPIKOsjY7bFS-rDTPFDoMHyKaTxuWEFL3VfaYq7wzUBy-lD6pZinTeO5ypsUV69kBdtckqtm5WQncsXhOddPz5aFb1F-2NyKhn8H2Q0nhA","theme":"tsy_theme","theme_token":null},"ajaxTrustedUrl":{"\/search":true},"gtm":{"tagId":null,"settings":{"data_layer":"dataLayer","include_classes":false,"include_environment":false},"tagIds":["GTM-N3XLKN9"]},"data":{"extlink":{"extTarget":true,"extTargetAppendNewWindowLabel":"(opens in a new window)","extTargetNoOverride":true,"extNofollow":false,"extTitleNoOverride":false,"extNoreferrer":true,"extFollowNoOverride":false,"extClass":"ext","extLabel":"(link is external)","extImgClass":false,"extSubdomains":false,"extExclude":"","extInclude":"","extCssExclude":".prose\r\n.slat__body\r\n[rel=\u0022external\u0022]","extCssInclude":"","extCssExplicit":"","extAlert":false,"extAlertText":"This link will take you to an external web site. We are not responsible for their content.","extHideIcons":false,"mailtoClass":"0","telClass":"","mailtoLabel":"(link sends email)","telLabel":"(link is a phone number)","extUseFontAwesome":false,"extIconPlacement":"append","extPreventOrphan":false,"extFaLinkClasses":"fa fa-external-link","extFaMailtoClasses":"fa fa-envelope-o","extAdditionalLinkClasses":"","extAdditionalMailtoClasses":"","extAdditionalTelClasses":"","extFaTelClasses":"fa fa-phone","whitelistedDomains":[],"extExcludeNoreferrer":""}},"breakpoints":{"xs":"(max-width: 575px)","sm":"(min-width: 576px) and (max-width: 834px)","md":"(min-width: 835px) and (max-width: 991px)","lg":"(min-width: 992px) and (max-width: 1199px)","xl":"(min-width: 1200px)","xxl":"all and (min-width: 1260px)","mg":"all and (min-width: 1360px)","xmg":"all and (min-width: 1760px)"},"field_group":{"html_element":{"mode":"default","context":"view","settings":{"classes":"related has-margin-top-double","show_empty_fields":false,"id":"","element":"div","show_label":true,"label_element":"h2","label_element_classes":"mb-0 h4","attributes":"","effect":"none","speed":"fast"}}},"user":{"uid":0,"permissionsHash":"8a2c255ef2792889769fdaaece680953d1ba4f136a385bc3c264d7ca8bf14a58"}}</script> <script src="/sites/default/files/js/js_bd1NQ0ovFNQos-K0ln3yy9B0o3ksn958Jf1UFf9s2nw.js?scope=header&amp;delta=0&amp;language=en&amp;theme=tsy_theme&amp;include=eJxtj0sOwyAQQy8E4UjIkNGUhp-GSUVuXxbdpIpkWbL9No4YwwcM8vqiQo5zC8iGpuZUD7fL2ZG3XzTcGueFgh0v-88b3pj3sphBUZt4wZ6mHwpREhcQD6ttqT8DhRi2UD2f54pPYmhq1douqUAuo-O6nfgCqOtVmg"></script> <script src="/modules/contrib/google_tag/js/gtag.js?srjbr8"></script> <script src="/modules/contrib/google_tag/js/gtm.js?srjbr8"></script> </head> <body class="page-node-1522 page-node-type-page page-variant--standard-page path-node"> <div class="skip-link"> <a href="#content" class="btn btn-dark visually-hidden focusable"> Skip to main content </a> <a href="#navigation" class="btn btn-dark visually-hidden focusable"> Skip to navigation </a> </div> <noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-N3XLKN9" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript> <div class="dialog-off-canvas-main-canvas" data-off-canvas-main-canvas> <div class="site page is-published"> <div class="site-wrapper__row"> <!--[if IE 8 ]> <div class="site"> <div class="site__inner alert alert-warning text-center" role="alert" aria-hidden="true"> <p>This website may not work correctly because your browser is out of date. <a href="https://www.microsoft.com/en-us/WindowsForBusiness/End-of-IE-support" target="_blank">Please update your browser</a>.</p> </div> </div> <![endif]--> <!--[if IE 9 ]> <div class="site"> <div class="site__inner alert alert-warning text-center" role="alert" aria-hidden="true"> <p>This website may not work correctly because your browser is out of date. <a href="https://www.microsoft.com/en-us/WindowsForBusiness/End-of-IE-support" target="_blank">Please update your browser</a>.</p> </div> </div> <![endif]--> <span class="sr-only" id="back-to-top-anchor" aria-hidden="true" aria-disabled="true">Back to top anchor</span> <div class="header-regions-wrapper"> <header class="site header" role="banner"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-header"> <div class="promotion promotion--brand"> <div class="logo logo--primary"> <a class="logo__link" href="/" rel="home" aria-label="Go home"> <img src="/themes/custom/tsy_theme/logo.svg" alt="Home" /> <span class="sr-only"> The Treasury New Zealand </span> </a> </div> </div> <a class="page-full-url" href="https://www.treasury.govt.nz/publications/research-and-commentary" aria-label="Page url for print media"><span class="sr-only">Page url</span></a> <nav role="navigation" id="block-tsy-theme-header-menu" class="header-menu navigation navigation--tertiary" aria-label="Header menu"> <ul class="menu nav"> <li data-id="10f0a4be" class="menu__item"> <a href="/" class="menu__link" data-drupal-link-system-path="&lt;front&gt;">Home</a> </li> <li data-id="b078f5f1" class="menu__item"> <a href="/publications/research-and-commentary/rangitaki-blog" class="menu__link" data-drupal-link-system-path="node/11832">Blog</a> </li> <li data-id="e58415b1" class="menu__item"> <a href="/about-treasury/careers-treasury" class="menu__link" data-drupal-link-system-path="node/36">Careers</a> </li> <li data-id="fc24fc09" class="menu__item"> <a href="/contact-us" class="menu__link" data-drupal-link-system-path="node/350">Contact Us</a> </li> <li data-id="61ae90c9" class="menu__item"> <a href="/media-centre" class="menu__link" data-drupal-link-system-path="node/38">Media</a> </li> </ul> </nav> <section id="block-tsy-theme-sectorblocksresponsivemenucontrols" class="control control--responsive-menu js-offclick-whitelist block block-sector-blocks block-responsive-menu-controls clearfix"> <div class="control__menu" aria-hidden="true"> <button type="button" class="toggle toggle--navigation js-toggle-navigation"> <span class="icon--inline icon--menu"> <span class="sr-only sr-only-focusable">Open main menu</span> </span> <span class="icon--inline icon--close"> <span class="sr-only sr-only-focusable">Close main menu</span> </span> </button> </div> </section> <section id="block-tsy-theme-sectorblockssearchdesktopflyoutcontrol" class="control control--fly-out-search js-offclick-whitelist d-print-none block block-sector-blocks block-search-desktop-fly-out-control clearfix"> <a href="/search" role="button" aria-label="Open search" aria-pressed="false" class="toggle toggle--search js-toggle-flyout-search" tabindex="0"> <span class="icon--inline icon--search"> <span class="sr-only sr-only-focusable">Open search</span> </span> <span class="icon--inline icon--close"> <span class="sr-only sr-only-focusable">Close search</span> </span> </a> </section> <section class="views-exposed-form search search--flyout d-print-none block block-views block-views-exposed-filter-blocksector-sitewide-search-page-1 clearfix" data-drupal-selector="views-exposed-form-sector-sitewide-search-page-1" id="block-tsy-theme-exposedformsector-sitewide-searchpage-1-2"> <form action="/search" method="get" id="views-exposed-form-sector-sitewide-search-page-1" accept-charset="UTF-8"> <div class="js-form-item form-item js-form-type-textfield form-item-query js-form-item-query form-group"> <label for="edit-query">Search by keyword</label> <input type="text" inputmode="search" autocomplete="off" autocorrect="off" autocapitalize="off" placeholder="Search" data-drupal-selector="edit-query" id="edit-query" name="query" value="" size="30" maxlength="128" class="form-control" /> </div> <div data-drupal-selector="edit-actions" class="form-actions js-form-wrapper form-wrapper" id="edit-actions"> <input data-drupal-selector="edit-submit-sector-sitewide-search" type="submit" id="edit-submit-sector-sitewide-search" value="Search" class="button js-form-submit form-submit btn btn-primary" /> </div> </form> </section> <section class="views-exposed-form search search--input-form search--small hidden-print block block-views block-views-exposed-filter-blocksector-sitewide-search-page-1 clearfix" data-drupal-selector="views-exposed-form-sector-sitewide-search-page-1-desktop" id="block-tsy-theme-exposedformsector-sitewide-searchpage-1-3"> <form action="/search" method="get" id="views-exposed-form-sector-sitewide-search-page-1-desktop" accept-charset="UTF-8"> <div class="js-form-item form-item js-form-type-textfield form-item-query js-form-item-query form-group"> <label for="edit-query--2">Search by keyword</label> <input type="text" inputmode="search" autocomplete="off" autocorrect="off" autocapitalize="off" placeholder="Search" data-drupal-selector="edit-query" id="edit-query--2" name="query" value="" size="30" maxlength="128" class="form-control" /> </div> <div data-drupal-selector="edit-actions" class="form-actions js-form-wrapper form-wrapper" id="edit-actions--2"> <input data-drupal-selector="edit-submit-sector-sitewide-search-2" type="submit" id="edit-submit-sector-sitewide-search--2" value="Search" class="button js-form-submit form-submit btn btn-primary" /> </div> </form> </section> </div> </div> </div> </header> <div class="site post-header" role="region"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-post-header"> <nav role="navigation" id="navigation" class="navigation navigation--primary promotion--navigation-primary is-target-for-flyout-menu d-print-none js-mega-menu-source" aria-label="Main menu"> <ul class="menu nav"> <li data-id="680d9da2" class="menu__item is-expanded"> <a href="/about-treasury" class="menu__link" data-drupal-link-system-path="node/32">About the Treasury</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/about-treasury/who-we-are" class="menu__link" data-drupal-link-system-path="node/365">Who we are</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-story" class="menu__link" data-drupal-link-system-path="node/1954">Our story</a> </li> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-objectives-and-functions" class="menu__link" data-drupal-link-system-path="node/1955">Our objectives and functions</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/who-we-are/our-strategy" class="menu__link" data-drupal-link-system-path="node/347">Our strategy</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/about-treasury/who-we-are/our-strategy/our-key-documents" class="menu__link" data-drupal-link-system-path="node/1960">Our key documents</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-strategy/our-key-documents/performance-improvement-framework-treasury-participation-reviews" class="menu__link" data-drupal-link-system-path="node/1519">Performance Improvement Framework</a> </li> </ul> </li> </ul> </li> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-ministers" class="menu__link" data-drupal-link-system-path="node/344">Our Ministers</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/who-we-are/our-history" class="menu__link" data-drupal-link-system-path="node/346">Our history</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-history/list-secretaries-treasury" class="menu__link" data-drupal-link-system-path="node/369">List of Secretaries to the Treasury</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-team" class="menu__link" data-drupal-link-system-path="node/364">Our team</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-team/our-governance" class="menu__link" data-drupal-link-system-path="node/1956">Our governance</a> </li> <li class="menu__item"> <a href="/about-treasury/our-team/our-leadership-team" class="menu__link" data-drupal-link-system-path="node/85">Our leadership team</a> </li> <li class="menu__item"> <a href="/about-treasury/our-team/our-structure" class="menu__link" data-drupal-link-system-path="node/330">Our structure</a> </li> <li class="menu__item"> <a href="/about-treasury/our-team/treasury-alumni" class="menu__link" data-drupal-link-system-path="node/362">Alumni</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work" class="menu__link" data-drupal-link-system-path="node/370">Our work</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-work/how-we-support-government" class="menu__link" data-drupal-link-system-path="node/1958">Supporting the government</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/legislation-we-administer" class="menu__link" data-drupal-link-system-path="node/345">Legislation we administer</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/portfolio-companies-and-entities" class="menu__link" data-drupal-link-system-path="node/1957">Portfolio of companies and entities</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/academic-linkages-bringing-research-and-evidence-policy" class="menu__link" data-drupal-link-system-path="node/13420">Academic linkages and research</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/education-community" class="menu__link" data-drupal-link-system-path="node/368">Education &amp; community</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/education-community/tertiary-challenge" class="menu__link" data-drupal-link-system-path="node/324">Tertiary Challenge</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/tertiary-challenge/tertiary-challenge-2018" class="menu__link" data-drupal-link-system-path="node/366">Tertiary Challenge 2018</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/tertiary-challenge/task" class="menu__link" data-drupal-link-system-path="node/325">The task</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/tertiary-challenge/timeline" class="menu__link" data-drupal-link-system-path="node/326">Timeline</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/tertiary-challenge/prizes" class="menu__link" data-drupal-link-system-path="node/327">Prizes</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/tertiary-challenge/terms-and-conditions-entry" class="menu__link" data-drupal-link-system-path="node/348">Terms and conditions of entry</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/tertiary-challenge/entry-criteria" class="menu__link" data-drupal-link-system-path="node/328">Entry criteria</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/education-community/tertiary-challenge/winner-and-finalists" class="menu__link" data-drupal-link-system-path="node/287">Winner and finalists</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/tertiary-challenge/winner-and-finalists/previous-winners-tertiary-challenge" class="menu__link" data-drupal-link-system-path="node/322">Previous winners of the Tertiary Challenge</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/education-community/schools-challenge" class="menu__link" data-drupal-link-system-path="node/367">Schools challenge</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/schools-challenge/schools-challenge-2018" class="menu__link" data-drupal-link-system-path="node/8391">Schools challenge 2018</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/schools-challenge/terms-and-conditions-2018" class="menu__link" data-drupal-link-system-path="node/8395">Terms and conditions 2018</a> </li> </ul> </li> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/school-visits" class="menu__link" data-drupal-link-system-path="node/11485">School visits</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/key-relationships" class="menu__link" data-drupal-link-system-path="node/6074">Key relationships</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec" class="menu__link" data-drupal-link-system-path="node/1032">Asia-Pacific Economic Cooperation (APEC)</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/apec-2006-viet-nam-public-sector-governance-seminar-furama-hotel-da-nang-10-september-2006" class="menu__link" data-drupal-link-system-path="node/1030">APEC 2006 Viet Nam: Public Sector Governance Seminar Furama Hotel, Da Nang, 10 September 2006</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/apec-pensions-annuities-markets-8-9-nov-2007-singapore-treasury-seminars-asia-pacific-economic-cooperation-apec" class="menu__link" data-drupal-link-system-path="node/1027">APEC Pensions &amp; Annuities Markets - 8-9 Nov 2007 - Singapore - Treasury Seminars - Asia-Pacific Economic Cooperation (APEC)</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/draft-agenda-apec-pensions-annuities-markets-8-9-nov-2007-singapore" class="menu__link" data-drupal-link-system-path="node/1028">Draft Agenda - APEC Pensions &amp; Annuities Markets 8-9 Nov 2007 - Singapore</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/economic-committee" class="menu__link" data-drupal-link-system-path="node/1023">Economic Committee</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/economic-committee/new-zealand-chair-2007-08" class="menu__link" data-drupal-link-system-path="node/1381">New Zealand Chair 2007/08</a> </li> </ul> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/finance-ministers-process" class="menu__link" data-drupal-link-system-path="node/1022">Finance Ministers&#039; Process</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/investment-experts-group" class="menu__link" data-drupal-link-system-path="node/1024">Investment Experts Group</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/savings-policy-workshop-dialogue-savings-and-capital-market-development-melia-hotel-hanoi-1-september-2006" class="menu__link" data-drupal-link-system-path="node/1031">Savings Policy Workshop: A Dialogue on Savings and Capital Market Development Melia Hotel, Hanoi, 1 September 2006 </a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/speakers-biographies-apec-pensions-annuities-markets-8-9-nov-2007-singapore" class="menu__link" data-drupal-link-system-path="node/1029">Speakers&#039; Biographies - APEC Pensions &amp; Annuities Markets 8-9 Nov 2007 - Singapore</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/strengthening-economic-and-legal-infrastructural-coordinating-group" class="menu__link" data-drupal-link-system-path="node/1025">Strengthening Economic and Legal Infrastructural Coordinating Group</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec/treasury-seminars-apec" class="menu__link" data-drupal-link-system-path="node/1026">Treasury Seminars at APEC</a> </li> </ul> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/trans-tasman-council-banking-supervision" class="menu__link" data-drupal-link-system-path="node/1333">Trans-Tasman Council on Banking Supervision</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/relationship-reserve-bank-new-zealand" class="menu__link" data-drupal-link-system-path="node/288">Relationship with the RBNZ</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/council-financial-regulators" class="menu__link" data-drupal-link-system-path="node/12819">Council of Financial Regulators</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/careers-treasury" class="menu__link" data-drupal-link-system-path="node/36">Careers</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/careers/why-treasury" class="menu__link" data-drupal-link-system-path="node/16536">Why the Treasury?</a> </li> <li class="menu__item"> <a href="/about-treasury/careers/who-are-we-looking" class="menu__link" data-drupal-link-system-path="node/16537">Who are we looking for?</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/careers/graduate-and-intern-opportunities" class="menu__link" data-drupal-link-system-path="node/353">Graduate and intern opportunities</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/graduate-programme-key-dates" class="menu__link" data-drupal-link-system-path="node/16539">Graduate programme key dates</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/join-our-graduate-programme" class="menu__link" data-drupal-link-system-path="node/6113">Join our graduate programme</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/join-our-graduate-programme/graduate-programme-streams" class="menu__link" data-drupal-link-system-path="node/15521">Graduate programme streams</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/join-our-graduate-programme/graduate-programme-streams/policy-performance-and-advisory-stream" class="menu__link" data-drupal-link-system-path="node/11903">The Policy, Performance and Advisory Stream</a> </li> <li class="menu__item"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/join-our-graduate-programme/graduate-programme-streams/macroeconomic-stream" class="menu__link" data-drupal-link-system-path="node/11904">The Macroeconomic Stream</a> </li> <li class="menu__item"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/join-our-graduate-programme/graduate-programme-streams/capital-and-commercial-stream" class="menu__link" data-drupal-link-system-path="node/11902">The Capital and Commercial Stream</a> </li> </ul> </li> <li class="menu__item"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/join-our-graduate-programme/how-apply-our-graduate-programme" class="menu__link" data-drupal-link-system-path="node/6521">How to apply for our Graduate Programme</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/intern-opportunities" class="menu__link" data-drupal-link-system-path="node/334">Intern opportunities</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/intern-opportunities/how-apply-be-summer-intern" class="menu__link" data-drupal-link-system-path="node/16540">How to apply to be a Summer Intern</a> </li> <li class="menu__item"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/intern-opportunities/our-interns" class="menu__link" data-drupal-link-system-path="node/6524">Our interns</a> </li> </ul> </li> </ul> </li> <li class="menu__item"> <a href="/about-treasury/careers/moving-aotearoa-new-zealand" class="menu__link" data-drupal-link-system-path="node/16538">Moving to Aotearoa/New Zealand</a> </li> </ul> </li> </ul> </li> <li data-id="378e8548" class="menu__item is-expanded"> <a href="/information-and-services" class="menu__link" data-drupal-link-system-path="node/33">Information and services</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice" class="menu__link" data-drupal-link-system-path="node/43">Financial management and advice</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/budgets-and-forecasts" class="menu__link" data-drupal-link-system-path="node/1365">Budgets &amp; forecasts</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/budgets-forecasts/matai-treasurys-new-macroeconomic-forecasting-model" class="menu__link" data-drupal-link-system-path="node/11394">Matai - the Treasury&#039;s new macroeconomic forecasting model</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/fiscal-strategy" class="menu__link" data-drupal-link-system-path="node/1172">Fiscal strategy</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/fiscal-strategy/fiscal-strategy-model" class="menu__link" data-drupal-link-system-path="node/1145">Fiscal strategy model</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/revenue-and-expenditure" class="menu__link" data-drupal-link-system-path="node/1167">Revenue &amp; expenditure</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/government-2018-revenue-strategy" class="menu__link" data-drupal-link-system-path="node/1248">Government 2018 Revenue Strategy</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/estimates-revenue-effects-small-tax-rate-and-tax-base-changes" class="menu__link" data-drupal-link-system-path="node/1142">Revenue effects of tax changes</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/revenue-effects-tax-changes/revenue-effect-changes-key-tax-rates-bases-and-thresholds-2019-20" class="menu__link" data-drupal-link-system-path="node/1141">Revenue Effect of Changes to Key Tax Rates, Bases and Thresholds for 2019/20</a> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/revenue-effects-tax-changes/who-pays-income-tax" class="menu__link" data-drupal-link-system-path="node/11058">Who pays income tax… and how much?</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/tax-outturn-data" class="menu__link" data-drupal-link-system-path="node/10841">Tax Outturn Data</a> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/what-we-earn" class="menu__link" data-drupal-link-system-path="node/1144">What We Earn</a> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/tax-and-welfare-analysis-tawa-model" class="menu__link" data-drupal-link-system-path="node/11505">Tax and Welfare Analysis (TAWA) Model</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/investment" class="menu__link" data-drupal-link-system-path="node/1092">Investment</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/assets-and-liabilities" class="menu__link" data-drupal-link-system-path="node/1170">Assets &amp; liabilities</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/assets-liabilities/new-zealand-superannuation-nzs" class="menu__link" data-drupal-link-system-path="node/1155">New Zealand Superannuation (NZS)</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/assets-liabilities/what-we-own" class="menu__link" data-drupal-link-system-path="node/1166">What We Own</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/assets-liabilities/what-we-own/income-state-asset-sales-may-2014" class="menu__link" data-drupal-link-system-path="node/1046">Asset Sales - Historical Information</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/assets-liabilities/what-we-own/asset-sales-historical-information/new-zealand-government-asset-sales-30-september-1999-completed-sales" class="menu__link" data-drupal-link-system-path="node/1153">Notes on Each Sale</a> </li> </ul> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/assets-liabilities/debt-management" class="menu__link" data-drupal-link-system-path="node/991">Debt management</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/supporting-exporters" class="menu__link" data-drupal-link-system-path="node/294">Supporting exporters</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership" class="menu__link" data-drupal-link-system-path="node/46">Public sector leadership</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/public-sector-performance" class="menu__link" data-drupal-link-system-path="node/1033">Public sector performance</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership/guidance" class="menu__link" data-drupal-link-system-path="node/1523">Guidance</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/strategic-thinking-and-planning" class="menu__link" data-drupal-link-system-path="node/1516">Strategic thinking and planning</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/guidance/planning-guidance-public-sector-performance-and-financial-management-system" class="menu__link" data-drupal-link-system-path="node/1147">Planning</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/guidance/planning/appropriations-and-reportable-outputs" class="menu__link" data-drupal-link-system-path="node/1149">Appropriations and Reportable Outputs</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/planning/appropriations-and-reportable-outputs/public-finance-act-provisions-establishing-multi-category-appropriation" class="menu__link" data-drupal-link-system-path="node/11118">Public Finance Act provisions for establishing a multi-category appropriation</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/planning/appropriations-and-reportable-outputs/overview-guidance-administration-and-use-appropriations" class="menu__link" data-drupal-link-system-path="node/11119">Overview guidance on the administration and use of appropriations</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/planning/appropriations-and-reportable-outputs/administration-and-use-appropriations-technical-guidance-departments" class="menu__link" data-drupal-link-system-path="node/11120">Administration and Use of Appropriations: Technical Guidance for Departments</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/planning/appropriations-and-reportable-outputs/who-reports-against-appropriations" class="menu__link" data-drupal-link-system-path="node/11121">Who reports against appropriations?</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/planning/better-business-cases-investing-change-better-value" class="menu__link" data-drupal-link-system-path="node/1275">Better Business Cases - Investing for Change for Better Value</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/planning/costing-political-party-policies-during-government-formation" class="menu__link" data-drupal-link-system-path="node/1150">Costing Political Party Policies During Government Formation</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/planning/developing-cost-recovery-proposal" class="menu__link" data-drupal-link-system-path="node/1242">Developing a Cost Recovery Proposal</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/guidance/implementation-management-monitoring" class="menu__link" data-drupal-link-system-path="node/1216">Implementation, management, monitoring</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/implementation-management-monitoring/guidance-entities" class="menu__link" data-drupal-link-system-path="node/1128">Guidance for Entities</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/implementation-management-monitoring/reporting-crowns-commercial-portfolio" class="menu__link" data-drupal-link-system-path="node/1424">Monitoring SOE&#039;s and Crown entities and departments</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/implementation-management-monitoring/policy-advice-measurement" class="menu__link" data-drupal-link-system-path="node/1497">Policy advice</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial" class="menu__link" data-drupal-link-system-path="node/1146">Reporting: Financial</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/guidance/reporting-financial/accounting-policies" class="menu__link" data-drupal-link-system-path="node/1235">Accounting Policies</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/crown-reporting-requirements" class="menu__link" data-drupal-link-system-path="node/11100">Crown Reporting Requirements</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-guidance" class="menu__link" data-drupal-link-system-path="node/11102">Accounting Guidance</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-guidance/capital-charge-financial-instrument-or-expense" class="menu__link" data-drupal-link-system-path="node/1271">Capital Charge</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership/guidance/reporting-financial/discount-rates" class="menu__link" data-drupal-link-system-path="node/1277">Discount Rates</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/guidance/reporting-financial/discount-rates/discount-rates-and-cpi-assumptions-accounting-valuation-purposes" class="menu__link" data-drupal-link-system-path="node/1231">Risk-free Discount Rates and CPI Assumptions</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-standards" class="menu__link" data-drupal-link-system-path="node/11101">Accounting Standards</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/guidance/reporting-financial/accounting-standards/new-zealand-international-financial-reporting-standards-2007-2014" class="menu__link" data-drupal-link-system-path="node/1430">New Zealand International Financial Reporting Standards 2007-2014</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-standards/public-sector-pbe-standards-comparison-nz-ifrs-pbe" class="menu__link" data-drupal-link-system-path="node/1330">Public Sector PBE Standards - Comparison to NZ IFRS (PBE)</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/guidance/pbe-accounting-standards-public-sector" class="menu__link" data-drupal-link-system-path="node/1329">Transition to Public Benefit Entity (PBE) Standards</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-standards/transition-public-benefit-entity-pbe-standards/draft-disclosure-frs-41" class="menu__link" data-drupal-link-system-path="node/1050">Draft Disclosure for FRS 41</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-standards/transition-public-benefit-entity-pbe-standards/guidance-profit-entities-reporting-under-crown-accounting-policies-and-pbe-standards" class="menu__link" data-drupal-link-system-path="node/1206">Guidance for For-Profit Entities</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-standards/transition-public-benefit-entity-pbe-standards/guidance-public-benefit-entities-reporting-under-crown-accounting-policies-and-pbe-standards" class="menu__link" data-drupal-link-system-path="node/1203">Guidance for Public Benefit Entities Reporting Under Crown Accounting Policies and PBE Standards</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-standards/transition-public-benefit-entity-pbe-standards/overview-public-sector-pbe-standards" class="menu__link" data-drupal-link-system-path="node/1259">Overview of the Public Sector PBE Standards</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-standards/transition-public-benefit-entity-pbe-standards/project-timetable-transition-public-sector-pbe-standards" class="menu__link" data-drupal-link-system-path="node/1331">Project Timetable</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/accounting-standards/transition-public-benefit-entity-pbe-standards/public-benefit-entities-pbe" class="menu__link" data-drupal-link-system-path="node/1236">Public Benefit Entities (PBE)</a> </li> </ul> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/cfisnet-registration" class="menu__link" data-drupal-link-system-path="node/1339">CFISnet Registration</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/tadaa-access" class="menu__link" data-drupal-link-system-path="node/18902">Treasury Data and Analytics (Tadaa) registration</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial/applying-wellbeing-approach-agency-planning-and-performance-reporting" class="menu__link" data-drupal-link-system-path="node/13100">Applying a wellbeing approach to agency planning and performance reporting</a> </li> <li class="menu__item"> <a href="/publications/guidance/treasury-instructions" class="menu__link" data-drupal-link-system-path="node/1419">Treasury instructions</a> </li> <li class="menu__item"> <a href="/publications/guidance/treasury-circulars" class="menu__link" data-drupal-link-system-path="node/1506">Treasury circulars</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/guidance/reporting-performance" class="menu__link" data-drupal-link-system-path="node/14335">Reporting: Performance</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/departments-and-offices-parliament" class="menu__link" data-drupal-link-system-path="node/1220">Departments and Offices of Parliament</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/guidance/internal-controls" class="menu__link" data-drupal-link-system-path="node/1034">Internal Controls</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/internal-controls/history-internal-control-assurance" class="menu__link" data-drupal-link-system-path="node/1035">History of Internal Control Assurance</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/guidance/funding-and-financing-framework" class="menu__link" data-drupal-link-system-path="node/19158">Funding and Financing Framework</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/investment-management-system" class="menu__link" data-drupal-link-system-path="node/6225">Investment management</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-roles-and-requirements" class="menu__link" data-drupal-link-system-path="node/17518">Investment Management System roles and requirements</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-intentions" class="menu__link" data-drupal-link-system-path="node/17519">Investment intentions</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-planning" class="menu__link" data-drupal-link-system-path="node/17520">Investment planning</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-planning/risk-profile-assessment-and-strategic-assessment" class="menu__link" data-drupal-link-system-path="node/17547">Risk Profile Assessment and Strategic Assessment</a> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/investment-management/investment-planning/treasurys-cbax-tool" class="menu__link" data-drupal-link-system-path="node/1066">The Treasury&#039;s CBAx Tool</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-planning/expediting-business-cases" class="menu__link" data-drupal-link-system-path="node/18036">Expediting business cases</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-delivery" class="menu__link" data-drupal-link-system-path="node/17521">Investment delivery</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-realisation" class="menu__link" data-drupal-link-system-path="node/17522">Investment realisation</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/investment-management/gateway-reviews" class="menu__link" data-drupal-link-system-path="node/17523">Gateway Reviews</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/gateway-reviews/types-investment-review" class="menu__link" data-drupal-link-system-path="node/17548">Types of investment review</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/gateway-reviews/gateway-training" class="menu__link" data-drupal-link-system-path="node/17549">Gateway training</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/gateway-reviews/becoming-gateway-reviewer" class="menu__link" data-drupal-link-system-path="node/17550">Becoming a Gateway reviewer</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases" class="menu__link" data-drupal-link-system-path="node/17524">Better Business Cases</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/indicative-and-programme-business-cases" class="menu__link" data-drupal-link-system-path="node/17551">Indicative and Programme Business Cases</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/detailed-business-case" class="menu__link" data-drupal-link-system-path="node/17552">Detailed Business Case</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/single-stage-business-case" class="menu__link" data-drupal-link-system-path="node/17553">Single-stage Business Case</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/implementation-business-case" class="menu__link" data-drupal-link-system-path="node/17554">Implementation Business Case</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/additional-better-business-case-guidance" class="menu__link" data-drupal-link-system-path="node/17555">Additional Better Business Case guidance</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/additional-better-business-case-guidance/better-business-cases-agile-projects" class="menu__link" data-drupal-link-system-path="node/17557">Better Business Cases for Agile projects</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/additional-better-business-case-guidance/investment-logic-mapping" class="menu__link" data-drupal-link-system-path="node/17558">Investment Logic Mapping</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/additional-better-business-case-guidance/approaches-sensitivity-analysis" class="menu__link" data-drupal-link-system-path="node/17559">Approaches to sensitivity analysis</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/additional-better-business-case-guidance/techniques-quantify-risk-and-uncertainty" class="menu__link" data-drupal-link-system-path="node/17560">Techniques to quantify risk and uncertainty</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases/additional-better-business-case-guidance/better-business-cases-training" class="menu__link" data-drupal-link-system-path="node/17561">Better Business Cases training</a> </li> </ul> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/review-update-bbc-gateway-frameworks" class="menu__link" data-drupal-link-system-path="node/19155">Review of BBC and Gateway Frameworks</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-reporting" class="menu__link" data-drupal-link-system-path="node/17525">Investment Management System reporting</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-reporting/quarterly-investment-reporting" class="menu__link" data-drupal-link-system-path="node/17562">Quarterly Investment Reporting</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-reporting/gateway-review-findings" class="menu__link" data-drupal-link-system-path="node/17563">Gateway review findings</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-reporting/investor-confidence-rating" class="menu__link" data-drupal-link-system-path="node/17564">Investor Confidence Rating</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-reporting/major-projects-performance-reports" class="menu__link" data-drupal-link-system-path="node/17565">Major Projects Performance Reports</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-reporting/chief-executive-annual-attestations" class="menu__link" data-drupal-link-system-path="node/18389">Chief Executive Annual Attestations</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership/cross-agency-initiatives" class="menu__link" data-drupal-link-system-path="node/2606">Cross-agency initiatives</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/social-investment" class="menu__link" data-drupal-link-system-path="node/1061">Social investment</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/social-investment/how-social-investment-works" class="menu__link" data-drupal-link-system-path="node/1063">How Social Investment Works</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/social-investment/role-data" class="menu__link" data-drupal-link-system-path="node/1064">The Role of Data in Social Investment</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/social-investment/role-data-social-investment/request-information-budget-2015" class="menu__link" data-drupal-link-system-path="node/1245">Budget 2015 Request for Information</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/social-investment/cost-benefit-analysis-social-investments" class="menu__link" data-drupal-link-system-path="node/1065">Cost Benefit Analysis for Social Investments</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/social-investment/case-studies-social-investment" class="menu__link" data-drupal-link-system-path="node/1062">Case Studies</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/better-public-services" class="menu__link" data-drupal-link-system-path="node/1211">Better Public Services</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/better-public-services/better-public-services-bps-seed-fund" class="menu__link" data-drupal-link-system-path="node/1079">Better Public Services (BPS) Seed Fund</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/better-public-services/cross-agency-funding-framework" class="menu__link" data-drupal-link-system-path="node/1418">Cross-Agency Funding Framework</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/asset-performance-reporting" class="menu__link" data-drupal-link-system-path="node/1126">Asset performance reporting</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/departmental-internal-control-evaluation-dice" class="menu__link" data-drupal-link-system-path="node/1218">Departmental Internal Control Evaluation (DICE)</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/review-policy-expenditure-and-advice" class="menu__link" data-drupal-link-system-path="node/1422">Policy Advice</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/2013-amendments-public-finance-act-1989-and-crown-entities-act-2004" class="menu__link" data-drupal-link-system-path="node/1391">Public Finance Reform</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/baseline-reviews" class="menu__link" data-drupal-link-system-path="node/12803">Baseline Reviews</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/office-government-accountant" class="menu__link" data-drupal-link-system-path="node/2605">Office of the Government Accountant</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/office-government-accountant/government-finance-profession" class="menu__link" data-drupal-link-system-path="node/16583">Government Finance Profession</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/office-government-accountant/government-finance-profession/rokia-te-putea-tagata-moana-finance-networks" class="menu__link" data-drupal-link-system-path="node/17721">Rokia te Pūtea &amp; Tagata Moana Finance Networks</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/office-government-accountant/government-finance-profession/rokia-te-putea-tagata-moana-finance-networks/rokia-te-putea-maori-finance-network" class="menu__link" data-drupal-link-system-path="node/17723">Rokia te Pūtea - Māori Finance Network</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/office-government-accountant/government-finance-profession/rokia-te-putea-tagata-moana-finance-networks/tagata-moana-pacific-finance-network" class="menu__link" data-drupal-link-system-path="node/17724">Tagata Moana - Pacific Finance Network</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/office-government-accountant/government-finance-profession/finance-capability-framework-government-finance-professionals" class="menu__link" data-drupal-link-system-path="node/17236">The Finance Capability Framework</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards" class="menu__link" data-drupal-link-system-path="node/16524">Interdepartmental executive boards</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards/border-executive-board" class="menu__link" data-drupal-link-system-path="node/16527">Border Executive Board</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards/climate-change-chief-executives-board" class="menu__link" data-drupal-link-system-path="node/16528">Climate Change Chief Executives Board</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards/digital-executive-board" class="menu__link" data-drupal-link-system-path="node/16529">Digital Executive Board</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards/executive-board-elimination-family-violence-and-sexual-violence" class="menu__link" data-drupal-link-system-path="node/16530">Executive Board for the Elimination of Family Violence and Sexual Violence</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/public-finance-system" class="menu__link" data-drupal-link-system-path="node/11439">Public Finance System</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership/partnerships" class="menu__link" data-drupal-link-system-path="node/19159">Partnerships</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/partnerships/market-led-proposals" class="menu__link" data-drupal-link-system-path="node/19160">Market-led Proposals</a> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/partnerships/strategic-leasing-guidance" class="menu__link" data-drupal-link-system-path="node/19161">Strategic Leasing Guidance</a> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/partnerships/public-private-partnerships" class="menu__link" data-drupal-link-system-path="node/19162">Public Private Partnerships</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/new-zealand-economy" class="menu__link" data-drupal-link-system-path="node/1366">NZ economy</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/higher-living-standards" class="menu__link" data-drupal-link-system-path="node/349">Higher living standards</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/higher-living-standards/our-living-standards-framework" class="menu__link" data-drupal-link-system-path="node/7613">Our Living Standards Framework</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/our-living-standards-framework/sharing-our-experience-using-living-standards-framework" class="menu__link" data-drupal-link-system-path="node/12705">Sharing our experience of using the LSF</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/our-living-standards-framework/wellbeing-approach-cost-benefit-analysis" class="menu__link" data-drupal-link-system-path="node/11815">A wellbeing approach to cost benefit analysis</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/he-ara-waiora" class="menu__link" data-drupal-link-system-path="node/14604">He Ara Waiora</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/using-lsf-and-he-ara-waiora" class="menu__link" data-drupal-link-system-path="node/11816">Using the LSF and He Ara Waiora</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/measuring-wellbeing-lsf-dashboard" class="menu__link" data-drupal-link-system-path="node/11814">Measuring wellbeing: the LSF Dashboard</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/history-lsf" class="menu__link" data-drupal-link-system-path="node/1962">History of the LSF</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/productivity" class="menu__link" data-drupal-link-system-path="node/1651">Productivity</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/productivity/productivity-commission-2011-2024" class="menu__link" data-drupal-link-system-path="node/18128">Productivity Commission (2011 - 2024)</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/infrastructure" class="menu__link" data-drupal-link-system-path="node/87">Infrastructure</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/infrastructure-ministers" class="menu__link" data-drupal-link-system-path="node/88">Infrastructure Ministers</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/infrastructure-system-reform" class="menu__link" data-drupal-link-system-path="node/18828">Infrastructure System Reform</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/new-infrastructure-funding-tool" class="menu__link" data-drupal-link-system-path="node/13244">New Infrastructure Funding Tool</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/other-government-agencies" class="menu__link" data-drupal-link-system-path="node/89">Other Government Agencies</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/infrastructure/infrastructure-agencies" class="menu__link" data-drupal-link-system-path="node/11543">Infrastructure agencies</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/infrastructure-agencies/background-documents" class="menu__link" data-drupal-link-system-path="node/11544">NZ Infrastructure Commission - Background Documents</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/new-zealand-infrastructure-plan/media-statements-speeches" class="menu__link" data-drupal-link-system-path="node/92">Media Statements &amp; Speeches</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/historical-infrastructure-documents" class="menu__link" data-drupal-link-system-path="node/13079">Historical infrastructure documents</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/improving-infrastructure-funding-and-financing" class="menu__link" data-drupal-link-system-path="node/19163">Improving Infrastructure Funding and Financing</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/reviewing-new-zealands-macroeconomic-frameworks" class="menu__link" data-drupal-link-system-path="node/14812">Reviewing New Zealand&#039;s macroeconomic frameworks</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/reviewing-new-zealands-macroeconomic-frameworks/macroeconomic-workshop-fiscal-and-monetary-policy-wake-covid-19" class="menu__link" data-drupal-link-system-path="node/14813">Macroeconomic Workshop: Fiscal and Monetary Policy in the wake of COVID-19</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/climate-change" class="menu__link" data-drupal-link-system-path="node/16586">Climate Change</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/climate-change/climate-emergency-response-fund" class="menu__link" data-drupal-link-system-path="node/16587">The Climate Emergency Response Fund</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/climate-change/north-island-weather-events-response-and-recovery-funding" class="menu__link" data-drupal-link-system-path="node/17199">North Island Weather Event Response and Recovery Funding</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/depositor-compensation-scheme" class="menu__link" data-drupal-link-system-path="node/18570">Depositor Compensation Scheme</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/pacific-contribution-economy" class="menu__link" data-drupal-link-system-path="node/11735">Pacific contribution to the economy</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/future-work-tripartite-forum" class="menu__link" data-drupal-link-system-path="node/11908">Future of Work Tripartite Forum</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/covid-19-economic-response" class="menu__link" data-drupal-link-system-path="node/13499">COVID-19 economic response</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/new-zealand-economy/covid-19-economic-response/commentary" class="menu__link" data-drupal-link-system-path="node/13501">Commentary from the Treasury</a> </li> <li class="menu__item"> <a href="/information-and-services/new-zealand-economy/covid-19-economic-response/information-releases" class="menu__link" data-drupal-link-system-path="node/13503">COVID-19 information releases</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/new-zealand-economy/covid-19-economic-response/measures" class="menu__link" data-drupal-link-system-path="node/13504">COVID-19 economic response measures</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/new-zealand-economy/covid-19-economic-response/measures/bfg" class="menu__link" data-drupal-link-system-path="node/14053">Business Finance Guarantee scheme</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/covid-19-economic-response/overview-covid-19-response-and-recovery-fund-crrf" class="menu__link" data-drupal-link-system-path="node/17178">Overview of the COVID-19 Response and Recovery Fund (CRRF)</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/covid-19-economic-response/overview-covid-19-response-and-recovery-fund-crrf/covid-19-response-and-recovery-funding-key-terms" class="menu__link" data-drupal-link-system-path="node/17183">COVID-19 Response and Recovery Funding - Key terms</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/covid-19-economic-response/overview-covid-19-response-and-recovery-fund-crrf/covid-19-response-and-recovery-funding-allocation" class="menu__link" data-drupal-link-system-path="node/17188">COVID-19 Response and Recovery Funding - Allocation</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/covid-19-economic-response/overview-covid-19-response-and-recovery-fund-crrf/covid-19-response-and-recovery-funding-expenditure" class="menu__link" data-drupal-link-system-path="node/17194">COVID-19 Response and Recovery Funding - Expenditure</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/covid-19-economic-response/overview-covid-19-response-and-recovery-fund-crrf/covid-19-response-and-recovery-what-has-been-achieved" class="menu__link" data-drupal-link-system-path="node/17197">COVID-19 Response and Recovery - What has been achieved?</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/budgets/business-finance-guarantee-data" class="menu__link" data-drupal-link-system-path="node/14196">Business Finance Guarantee Dashboards</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/commercial-portfolio-and-advice" class="menu__link" data-drupal-link-system-path="node/1313">Company and entity performance advice</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/commercial-portfolio-and-advice/commercial-portfolio" class="menu__link" data-drupal-link-system-path="node/1323">Portfolio of companies and entities</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/commercial-portfolio/current-directors" class="menu__link" data-drupal-link-system-path="node/1138">Current directors</a> </li> <li class="menu__item"> <a href="/information-and-services/company-and-entity-performance-advice/portfolio-companies-and-entities/types-companies-and-entities" class="menu__link" data-drupal-link-system-path="node/1322">Types of companies and entities</a> </li> <li class="menu__item"> <a href="/information-and-services/company-and-entity-performance-advice/portfolio-companies-and-entities/independent-oversight-committee" class="menu__link" data-drupal-link-system-path="node/15528">Southern Response Independent Oversight Committee</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments" class="menu__link" data-drupal-link-system-path="node/1129">Board appointments</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments/what-we-look" class="menu__link" data-drupal-link-system-path="node/1130">What we look for</a> </li> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments/application-process" class="menu__link" data-drupal-link-system-path="node/1133">Application process</a> </li> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments/terms-appointment" class="menu__link" data-drupal-link-system-path="node/1131">Terms of appointment</a> </li> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments/appointment-only-entities" class="menu__link" data-drupal-link-system-path="node/1132">Appointment-only entities</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/company-and-entity-performance-advice/how-treasury-provides-performance-advice" class="menu__link" data-drupal-link-system-path="node/1314">How the Treasury provides performance advice</a> </li> <li class="menu__item"> <a href="/information-and-services/company-and-entity-performance-advice/framework-commercial-and-policy-functions" class="menu__link" data-drupal-link-system-path="node/16430">Framework for commercial and policy functions</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation" class="menu__link" data-drupal-link-system-path="node/1278">Regulation</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/regulatory-management-system-overview" class="menu__link" data-drupal-link-system-path="node/1279">Regulatory Management System Overview</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-management-system-overview/regulatory-management-strategy" class="menu__link" data-drupal-link-system-path="node/1205">Regulatory management strategy</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-management-system-overview/new-zealand-productivity-commission-report-regulatory-institutions-and-practices" class="menu__link" data-drupal-link-system-path="node/1282">Regulatory Institutions and Practices Report</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-management-system-overview/regulatory-timeline" class="menu__link" data-drupal-link-system-path="node/1280">Regulatory timeline</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/regulatory-stewardship" class="menu__link" data-drupal-link-system-path="node/1281">Regulatory stewardship</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/good-regulatory-practice" class="menu__link" data-drupal-link-system-path="node/1007">Good regulatory practice</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/regulatory-stewardship/keeping-regulation-fit-purpose" class="menu__link" data-drupal-link-system-path="node/1297">Keeping regulation fit for purpose</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/keeping-regulation-fit-purpose/best-practice-regulation" class="menu__link" data-drupal-link-system-path="node/1398">Best practice regulation</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/keeping-regulation-fit-purpose/regulatory-system-reporting" class="menu__link" data-drupal-link-system-path="node/1654">Regulatory System Reporting</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/keeping-regulation-fit-purpose/statutes-repeal" class="menu__link" data-drupal-link-system-path="node/1202">Statutes repeal</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/information-regulators" class="menu__link" data-drupal-link-system-path="node/1298">Information for regulators</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/ipanz-award-regulatory-excellence" class="menu__link" data-drupal-link-system-path="node/1299">Regulatory excellence award</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/systems-we-steward" class="menu__link" data-drupal-link-system-path="node/15026">Systems we steward</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/systems-we-steward/overseas-investment-regulatory-system" class="menu__link" data-drupal-link-system-path="node/15027">The Overseas Investment Regulatory System</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/systems-we-steward/overseas-investment-regulatory-system/regulated-parties-and-key-stakeholders" class="menu__link" data-drupal-link-system-path="node/15028">Regulated parties and key stakeholders</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/systems-we-steward/overseas-investment-regulatory-system/system-monitoring-and-evaluation" class="menu__link" data-drupal-link-system-path="node/15030">System monitoring and evaluation</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/systems-we-steward/natural-hazards-commission-regulatory-system" class="menu__link" data-drupal-link-system-path="node/15031">Natural Hazards Commission Regulatory System</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/systems-we-steward/natural-hazards-commission-regulatory-system/regulated-parties-and-key-stakeholders" class="menu__link" data-drupal-link-system-path="node/15032">Regulated parties and key stakeholders</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/systems-we-steward/natural-hazards-commission-regulatory-system/system-monitoring-and-evaluation" class="menu__link" data-drupal-link-system-path="node/15033">System monitoring and evaluation</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/systems-we-steward/reserve-banks-institutional-regime" class="menu__link" data-drupal-link-system-path="node/15034">The Reserve Bank&#039;s Institutional Regime</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/systems-we-steward/reserve-banks-institutional-regime/regulated-parties-and-key-stakeholders" class="menu__link" data-drupal-link-system-path="node/15035">Regulated parties and key stakeholders</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/systems-we-steward/reserve-banks-institutional-regime/system-monitoring-and-evaluation" class="menu__link" data-drupal-link-system-path="node/15036">System monitoring and evaluation</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/impact-analysis-requirements-regulatory-proposals" class="menu__link" data-drupal-link-system-path="node/1207">Impact analysis</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/impact-analysis/quality-assurance-ris" class="menu__link" data-drupal-link-system-path="node/1208">Quality assurance of RIA</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/impact-analysis/ris-review" class="menu__link" data-drupal-link-system-path="node/1303">RIA review</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/impact-analysis/ria-review/quality-ris" class="menu__link" data-drupal-link-system-path="node/1293">Quality of RIS</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/regulation/impact-analysis/regulatory-standards-bill" class="menu__link" data-drupal-link-system-path="node/1302">Regulatory standards bill</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/regulation/turning-policy-legislation" class="menu__link" data-drupal-link-system-path="node/1295">Turning Policy Into Legislation</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/treasurys-role-regulatory-management" class="menu__link" data-drupal-link-system-path="node/1300">Treasury’s Role in Regulatory Management</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/other-services" class="menu__link" data-drupal-link-system-path="node/49">Other services</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/other-services/north-island-weather-events-loan-guarantee-scheme" class="menu__link" data-drupal-link-system-path="node/17247">North Island Weather Events Loan Guarantee Scheme</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/other-services/unclaimed-money" class="menu__link" data-drupal-link-system-path="node/291">Unclaimed money</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/other-services/unclaimed-money/trust-money-transferred-crown" class="menu__link" data-drupal-link-system-path="node/14496">Trust money transferred to the Crown</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property" class="menu__link" data-drupal-link-system-path="node/292">Bona vacantia (ownerless) property</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/frequently-asked-questions" class="menu__link" data-drupal-link-system-path="node/11060">Frequently asked questions</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/how-deal-property-company-removed-companies-register" class="menu__link" data-drupal-link-system-path="node/307">Property of a company removed from the Companies Register</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements-applications-about-ownerless-property" class="menu__link" data-drupal-link-system-path="node/308">Standard Requirements</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/bona-vacantia-money" class="menu__link" data-drupal-link-system-path="node/314">Bona Vacantia Money</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/easements" class="menu__link" data-drupal-link-system-path="node/310">Easements</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/encumbrances" class="menu__link" data-drupal-link-system-path="node/312">Encumbrances</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/land" class="menu__link" data-drupal-link-system-path="node/317">Land</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/leases" class="menu__link" data-drupal-link-system-path="node/315">Leases</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/liens" class="menu__link" data-drupal-link-system-path="node/311">Liens</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/mortgages" class="menu__link" data-drupal-link-system-path="node/309">Mortgages</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/resource-consents" class="menu__link" data-drupal-link-system-path="node/329">Resource Consents</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/shares" class="menu__link" data-drupal-link-system-path="node/313">Shares</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements/trade-marks-and-other-intellectual-property" class="menu__link" data-drupal-link-system-path="node/316">Trade Marks and Other Intellectual Property</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/notices-vesting" class="menu__link" data-drupal-link-system-path="node/13101">Notices of vesting</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/other-services/information-requests" class="menu__link" data-drupal-link-system-path="node/295">Make an official information request</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/engage-us-social-media" class="menu__link" data-drupal-link-system-path="node/14232">Engage with us on social media</a> </li> </ul> </li> </ul> </li> <li data-id="17940aa2" class="menu__item is-expanded"> <a href="/news-and-events" class="menu__link" data-drupal-link-system-path="node/13">News and events</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/news-and-events/news" class="menu__link" data-drupal-link-system-path="node/493">News</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/news/media-statements" class="menu__link" data-drupal-link-system-path="node/489">Media statements</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/news-and-events/our-events" class="menu__link" data-drupal-link-system-path="node/487">Our events</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/news-and-events/our-events/guest-lectures" class="menu__link" data-drupal-link-system-path="node/484">Guest lectures</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/our-events/guest-lectures/guide-invited-lecturers" class="menu__link" data-drupal-link-system-path="node/485">Guide for invited lecturers</a> </li> </ul> </li> <li class="menu__item"> <a href="/news-and-events/our-events/lockups-technical-briefings" class="menu__link" data-drupal-link-system-path="node/492">Lockups &amp; technical briefings</a> </li> </ul> </li> <li class="menu__item"> <a href="/news-and-events/speeches" class="menu__link" data-drupal-link-system-path="node/488">Speeches</a> </li> <li class="menu__item is-expanded"> <a href="/news-and-events/reviews-consultation" class="menu__link" data-drupal-link-system-path="node/10643">Reviews &amp; consultation</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/financial-settings-levy-settings-natural-hazard-insurance-scheme" class="menu__link" data-drupal-link-system-path="node/19237">Consultation on Financial and Levy Settings for NHI Scheme</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/proposed-partial-cancellation-public-access-easements-hira-forest-nelson" class="menu__link" data-drupal-link-system-path="node/18706">Hira Forest consultation</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/long-term-insights-briefing" class="menu__link" data-drupal-link-system-path="node/18441">Consultation on the Scope of the Treasury&#039;s Long-Term Insights Briefing</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/second-stage-consultation-statement-funding-approach-funding-strategy-depositor-compensation-scheme" class="menu__link" data-drupal-link-system-path="node/18085">Second Stage Consultation on Statement of Funding Approach</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/proposed-reg-related-independent-review-complaint-procedure-decisions-eqc-breaches-code-insured-persons-rights" class="menu__link" data-drupal-link-system-path="node/17944">Consultation on review of complaint procedure decisions made by EQC</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/funding-strategy-depositor-compensation-scheme" class="menu__link" data-drupal-link-system-path="node/17312">Funding strategy for Depositor Compensation Scheme</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/residential-insurance-and-climate-related-hazards" class="menu__link" data-drupal-link-system-path="node/16553">Residential insurance and climate-related hazards</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/overseas-investment-act-2005-forestry-review" class="menu__link" data-drupal-link-system-path="node/14582">Overseas Investment Act 2005 Forestry Review</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/long-term-fiscal-challenges" class="menu__link" data-drupal-link-system-path="node/14458">Consulting on long-term fiscal challenges</a> </li> <li class="menu__item is-expanded"> <a href="/news-and-events/reviews-consultation/review-earthquake-commission-act" class="menu__link" data-drupal-link-system-path="node/1641">Earthquake Commission Act 1993</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/earthquake-commission-act-1993/earthquake-commission-act-submissions-received" class="menu__link" data-drupal-link-system-path="node/1606">Earthquake Commission Act - Submissions Received</a> </li> </ul> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/establishing-independent-fiscal-institution" class="menu__link" data-drupal-link-system-path="node/11503">Establishing an Independent Fiscal Institution</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/embedding-wellbeing-public-finance-act-1989" class="menu__link" data-drupal-link-system-path="node/11510">Public Finance Act 1989</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/overseas-investment-consultation" class="menu__link" data-drupal-link-system-path="node/12056">Reform of Overseas Investment Act</a> </li> <li class="menu__item is-expanded"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act" class="menu__link" data-drupal-link-system-path="node/10646">Reviewing the Reserve Bank Act</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act/deposit-takers-bill" class="menu__link" data-drupal-link-system-path="node/14794">Deposit Takers Bill</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act/reserve-bank-new-zealand-act-2021" class="menu__link" data-drupal-link-system-path="node/14798">Reserve Bank of New Zealand Act 2021</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act/reserve-bank-new-zealand-amendment-act" class="menu__link" data-drupal-link-system-path="node/14800">RBNZ Amendment Act</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act/proactive-releases" class="menu__link" data-drupal-link-system-path="node/10650">Proactive releases, speeches and announcements</a> </li> </ul> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/weather-forecasting-system-review" class="menu__link" data-drupal-link-system-path="node/17220">Weather Forecasting System Review</a> </li> </ul> </li> </ul> </li> <li data-id="c5054063" class="menu__item is-expanded active-trail"> <a href="/publications" class="menu__link" data-drupal-link-system-path="node/1364">Publications</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/publications/budgets" class="menu__link" data-drupal-link-system-path="node/1140">Budgets</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/budgets/budget-2025" class="menu__link" data-drupal-link-system-path="node/19235">Budget 2025</a> </li> <li class="menu__item"> <a href="/publications/budgets/budget-2024" class="menu__link" data-drupal-link-system-path="node/17873">Budget 2024</a> </li> <li class="menu__item"> <a href="/publications/budgets/current-and-past-budgets" class="menu__link" data-drupal-link-system-path="node/5550">Current and past Budgets</a> </li> <li class="menu__item"> <a href="/publications/budgets/forecasts" class="menu__link" data-drupal-link-system-path="node/1263">Forecasts</a> </li> <li class="menu__item is-expanded"> <a href="/publications/budgets/vote-information" class="menu__link" data-drupal-link-system-path="publications/budgets/vote-information">Vote information 1998 to 2024</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/budgets/vote-information/notes-historical-vote-information" class="menu__link" data-drupal-link-system-path="node/8332">Notes to the Historical Vote Information</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/budgets/budget-information-releases" class="menu__link" data-drupal-link-system-path="node/10707">Budget information releases</a> </li> <li class="menu__item"> <a href="/publications/budgets/reporting-major-spending-decisions" class="menu__link" data-drupal-link-system-path="node/19299">Reporting on major spending decisions</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/financial-statements-government" class="menu__link" data-drupal-link-system-path="node/1169">Financial statements of the Government</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/financial-statements-government/month-end-financial-statements" class="menu__link" data-drupal-link-system-path="node/1088">Month end financial statements</a> </li> <li class="menu__item"> <a href="/publications/financial-statements-government/year-end-financial-statements" class="menu__link" data-drupal-link-system-path="node/1505">Year end financial statements</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/treasurys-stewardship-reports" class="menu__link" data-drupal-link-system-path="node/2604">The Treasury’s stewardship reports</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/investment-statements" class="menu__link" data-drupal-link-system-path="node/1392">Investment statements</a> </li> <li class="menu__item is-expanded"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position" class="menu__link" data-drupal-link-system-path="node/1171">Long-term fiscal position</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position/he-tirohanga-mokopuna-2021" class="menu__link" data-drupal-link-system-path="node/1328">He Tirohanga Mokopuna (2021)</a> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position/he-tirohanga-mokopuna-2016" class="menu__link" data-drupal-link-system-path="node/17624">He Tirohanga Mokopuna (2016)</a> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position/affording-our-future-2013" class="menu__link" data-drupal-link-system-path="node/17625">Affording Our Future (2013)</a> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position/long-term-fiscal-model" class="menu__link" data-drupal-link-system-path="node/1044">Long-term fiscal model</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-insights-briefings" class="menu__link" data-drupal-link-system-path="node/15163">Long-term insights briefings</a> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/wellbeing-reports" class="menu__link" data-drupal-link-system-path="node/15164">Wellbeing reports</a> </li> </ul> </li> <li class="menu__item is-expanded active-trail"> <a href="/publications/research-and-commentary" class="menu__link is-active" data-drupal-link-system-path="node/1522" aria-current="page">Research and commentary</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/publications/research-and-commentary/a-z" class="menu__link" data-drupal-link-system-path="node/8339">Research papers A-Z</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/research-and-commentary/a-z/jel" class="menu__link" data-drupal-link-system-path="publications/research-and-commentary/a-z/jel">JEL classification A-Z</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/a-z/sonz" class="menu__link" data-drupal-link-system-path="publications/research-and-commentary/a-z/sonz">Subject A-Z</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/a-z/author" class="menu__link" data-drupal-link-system-path="publications/research-and-commentary/a-z/author">Author A-Z</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/fortnightly-economic-updates" class="menu__link" data-drupal-link-system-path="node/11921">Fortnightly Economic Updates</a> </li> <li class="menu__item is-expanded"> <a href="/publications/research-and-commentary/rangitaki-blog" class="menu__link" data-drupal-link-system-path="node/11832">Rangitaki: Staff Insights Blog</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/research-and-commentary/rangitaki-staff-insights-blog/contacting-authors" class="menu__link" data-drupal-link-system-path="node/11877">Contacting authors</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/analytical-notes" class="menu__link" data-drupal-link-system-path="node/15274">Analytical Notes</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/working-papers" class="menu__link" data-drupal-link-system-path="node/1647">Working Papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/treasury-papers" class="menu__link" data-drupal-link-system-path="node/1646">Treasury Papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/modelling-and-data-tools" class="menu__link" data-drupal-link-system-path="node/18907">Modelling and data tools</a> </li> <li class="menu__item is-expanded"> <a href="/publications/research-and-commentary/discontinued-series" class="menu__link" data-drupal-link-system-path="node/19208">Discontinued series</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/productivity-commission-working-papers-and-research-papers-2013-2024" class="menu__link" data-drupal-link-system-path="node/18129">Productivity Commission working papers and research papers (2013-2024)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/analytical-papers-2015-2023" class="menu__link" data-drupal-link-system-path="node/1648">Analytical Papers (2015-2023)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/discussion-papers-living-standards-framework-2018-2021" class="menu__link" data-drupal-link-system-path="node/7271">Discussion Papers (Living Standards Framework series) (2018-2021)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/productivity-papers-2008-2010" class="menu__link" data-drupal-link-system-path="node/7273">Productivity Papers (2008-2010)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/policy-perspectives-papers-2005-2009" class="menu__link" data-drupal-link-system-path="node/1649">Policy Perspectives Papers (2005-2009)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/monthly-economic-indicators-2008-2020" class="menu__link" data-drupal-link-system-path="node/1273">Monthly Economic Indicators (2008-2020)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/new-zealand-economic-and-financial-overviews-1997-2016" class="menu__link" data-drupal-link-system-path="node/17528">New Zealand Economic and Financial Overviews (1997-2016)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/new-zealand-activity-index-2020-2021" class="menu__link" data-drupal-link-system-path="node/13997">New Zealand Activity Index (2020-2021)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/regional-activity-indices-2021" class="menu__link" data-drupal-link-system-path="node/14451">Regional Activity Indices (2021)</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/email-alerts-new-research-papers" class="menu__link" data-drupal-link-system-path="node/1653">Email alerts for new research papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/other-paper-series-and-details/disclaimer-research-and-commentary-publications" class="menu__link" data-drupal-link-system-path="node/1644">Disclaimer for research and commentary publications</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/corporate-documents" class="menu__link" data-drupal-link-system-path="node/2598">Corporate documents</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/corporate-documents/annual-reports" class="menu__link" data-drupal-link-system-path="node/1518">Annual reports</a> </li> <li class="menu__item"> <a href="/publications/corporate-documents/strategic-intentions" class="menu__link" data-drupal-link-system-path="node/5616">Strategic intentions</a> </li> <li class="menu__item"> <a href="/publications/corporate-documents/four-year-plan" class="menu__link" data-drupal-link-system-path="node/1961">Four-year plan</a> </li> <li class="menu__item"> <a href="/news-and-events/speeches" class="menu__link" data-drupal-link-system-path="node/488">Speeches</a> </li> <li class="menu__item"> <a href="/news-and-events/news/media-statements" class="menu__link" data-drupal-link-system-path="node/489">Media statements</a> </li> <li class="menu__item"> <a href="/publications/corporate-documents/briefings-incoming-ministers" class="menu__link" data-drupal-link-system-path="node/1525">Briefings to incoming ministers</a> </li> <li class="menu__item"> <a href="/publications/corporate-documents/inclusion-diversity-and-equity-plan" class="menu__link" data-drupal-link-system-path="node/17859">Inclusion, diversity, and equity plan</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/guidance" class="menu__link" data-drupal-link-system-path="node/6520">Guidance</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/guidance/treasury-instructions" class="menu__link" data-drupal-link-system-path="node/1419">Treasury instructions</a> </li> <li class="menu__item"> <a href="/publications/guidance/treasury-circulars" class="menu__link" data-drupal-link-system-path="node/1506">Treasury circulars</a> </li> <li class="menu__item"> <a href="/publications/guidance/glossary" class="menu__link" data-drupal-link-system-path="node/1188">Glossary</a> </li> <li class="menu__item"> <a href="/publications/guidance/view-points" class="menu__link" data-drupal-link-system-path="node/3260">View points</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/legislation" class="menu__link" data-drupal-link-system-path="node/2602">Legislation</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/legislation/regulatory-impact-assessments" class="menu__link" data-drupal-link-system-path="node/2603">Regulatory impact statements</a> </li> <li class="menu__item"> <a href="/publications/legislation/departmental-disclosure-statements" class="menu__link" data-drupal-link-system-path="node/1296">Departmental disclosure statements</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/other-official-information" class="menu__link" data-drupal-link-system-path="node/2600">Other official information</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/publications/other-official-information/responses-official-information-act-requests" class="menu__link" data-drupal-link-system-path="node/1394">Responses to OIA requests</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/other-official-information/responses-oia-requests/official-information-act-oia-statistics" class="menu__link" data-drupal-link-system-path="node/10633">Official Information Act (OIA) Statistics</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/other-official-information/information-releases" class="menu__link" data-drupal-link-system-path="node/1528">Information releases</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/guarantees-information-collection" class="menu__link" data-drupal-link-system-path="node/10714">Guarantees information collection</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers" class="menu__link" data-drupal-link-system-path="node/12012">Cabinet material released by Treasury Ministers</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2025" class="menu__link" data-drupal-link-system-path="node/19246">2025 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2024" class="menu__link" data-drupal-link-system-path="node/17937">2024 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2023" class="menu__link" data-drupal-link-system-path="node/16680">2023 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2022" class="menu__link" data-drupal-link-system-path="node/16664">2022 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2021" class="menu__link" data-drupal-link-system-path="node/16663">2021 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2020" class="menu__link" data-drupal-link-system-path="node/16662">2020 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2019" class="menu__link" data-drupal-link-system-path="node/16661">2019 Cabinet material</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/budgets/titles-advice-minister-responsible-earthquake-commission" class="menu__link" data-drupal-link-system-path="node/14365">Titles of advice to the Minister Responsible for the Earthquake Commission</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/titles-advice-minister-finance-treasury-inland-revenue-and-reserve-bank" class="menu__link" data-drupal-link-system-path="node/11997">Titles of advice to the Minister of Finance</a> </li> <li class="menu__item"> <a href="/publications/information-release/upcoming-issues-briefings" class="menu__link" data-drupal-link-system-path="node/15485">Upcoming issues briefings</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/calendar-upcoming-releases" class="menu__link" data-drupal-link-system-path="node/10688">Calendar of upcoming releases</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/summary-economic-data" class="menu__link" data-drupal-link-system-path="node/48">Summary economy data</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/search" class="menu__link" data-drupal-link-system-path="publications/search">Publication search</a> </li> </ul> </li> <li data-id="494401aa" class="menu__item"> <a href="/a-z" class="menu__link" data-drupal-link-system-path="a-z">Treasury A-Z</a> </li> </ul> </nav> </div> </div> </div> </div> <div class="site pre-hero" role="region" aria-label="Pre-hero"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-pre-hero"> <nav role="navigation" id="block-tsy-theme-mainmenu" class="navigation navigation--mega-menu py-4 py-xl-5 js-mega-menu-wrapper" aria-label="Main menu"> <ul class="menu nav"> <li data-id="680d9da2" class="menu__item is-expanded"> <a href="/about-treasury" class="menu__link" data-drupal-link-system-path="node/32">About the Treasury</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/about-treasury/who-we-are" class="menu__link" data-drupal-link-system-path="node/365">Who we are</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-story" class="menu__link" data-drupal-link-system-path="node/1954">Our story</a> </li> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-objectives-and-functions" class="menu__link" data-drupal-link-system-path="node/1955">Our objectives and functions</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/who-we-are/our-strategy" class="menu__link" data-drupal-link-system-path="node/347">Our strategy</a> <ul class="menu nav"> <li class="menu__item is-collapsed"> <a href="/about-treasury/who-we-are/our-strategy/our-key-documents" class="menu__link" data-drupal-link-system-path="node/1960">Our key documents</a> </li> </ul> </li> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-ministers" class="menu__link" data-drupal-link-system-path="node/344">Our Ministers</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/who-we-are/our-history" class="menu__link" data-drupal-link-system-path="node/346">Our history</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/who-we-are/our-history/list-secretaries-treasury" class="menu__link" data-drupal-link-system-path="node/369">List of Secretaries to the Treasury</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-team" class="menu__link" data-drupal-link-system-path="node/364">Our team</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-team/our-governance" class="menu__link" data-drupal-link-system-path="node/1956">Our governance</a> </li> <li class="menu__item"> <a href="/about-treasury/our-team/our-leadership-team" class="menu__link" data-drupal-link-system-path="node/85">Our leadership team</a> </li> <li class="menu__item"> <a href="/about-treasury/our-team/our-structure" class="menu__link" data-drupal-link-system-path="node/330">Our structure</a> </li> <li class="menu__item"> <a href="/about-treasury/our-team/treasury-alumni" class="menu__link" data-drupal-link-system-path="node/362">Alumni</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work" class="menu__link" data-drupal-link-system-path="node/370">Our work</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/our-work/how-we-support-government" class="menu__link" data-drupal-link-system-path="node/1958">Supporting the government</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/legislation-we-administer" class="menu__link" data-drupal-link-system-path="node/345">Legislation we administer</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/portfolio-companies-and-entities" class="menu__link" data-drupal-link-system-path="node/1957">Portfolio of companies and entities</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/academic-linkages-bringing-research-and-evidence-policy" class="menu__link" data-drupal-link-system-path="node/13420">Academic linkages and research</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/education-community" class="menu__link" data-drupal-link-system-path="node/368">Education &amp; community</a> <ul class="menu nav"> <li class="menu__item is-collapsed"> <a href="/about-treasury/our-work/education-community/tertiary-challenge" class="menu__link" data-drupal-link-system-path="node/324">Tertiary Challenge</a> </li> <li class="menu__item is-collapsed"> <a href="/about-treasury/our-work/education-community/schools-challenge" class="menu__link" data-drupal-link-system-path="node/367">Schools challenge</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/education-community/school-visits" class="menu__link" data-drupal-link-system-path="node/11485">School visits</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/our-work/key-relationships" class="menu__link" data-drupal-link-system-path="node/6074">Key relationships</a> <ul class="menu nav"> <li class="menu__item is-collapsed"> <a href="/about-treasury/our-work/key-relationships/asia-pacific-economic-cooperation-apec" class="menu__link" data-drupal-link-system-path="node/1032">Asia-Pacific Economic Cooperation (APEC)</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/trans-tasman-council-banking-supervision" class="menu__link" data-drupal-link-system-path="node/1333">Trans-Tasman Council on Banking Supervision</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/relationship-reserve-bank-new-zealand" class="menu__link" data-drupal-link-system-path="node/288">Relationship with the RBNZ</a> </li> <li class="menu__item"> <a href="/about-treasury/our-work/key-relationships/council-financial-regulators" class="menu__link" data-drupal-link-system-path="node/12819">Council of Financial Regulators</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/careers-treasury" class="menu__link" data-drupal-link-system-path="node/36">Careers</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/careers/why-treasury" class="menu__link" data-drupal-link-system-path="node/16536">Why the Treasury?</a> </li> <li class="menu__item"> <a href="/about-treasury/careers/who-are-we-looking" class="menu__link" data-drupal-link-system-path="node/16537">Who are we looking for?</a> </li> <li class="menu__item is-expanded"> <a href="/about-treasury/careers/graduate-and-intern-opportunities" class="menu__link" data-drupal-link-system-path="node/353">Graduate and intern opportunities</a> <ul class="menu nav"> <li class="menu__item"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/graduate-programme-key-dates" class="menu__link" data-drupal-link-system-path="node/16539">Graduate programme key dates</a> </li> <li class="menu__item is-collapsed"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/join-our-graduate-programme" class="menu__link" data-drupal-link-system-path="node/6113">Join our graduate programme</a> </li> <li class="menu__item is-collapsed"> <a href="/about-treasury/careers/graduate-and-intern-opportunities/intern-opportunities" class="menu__link" data-drupal-link-system-path="node/334">Intern opportunities</a> </li> </ul> </li> <li class="menu__item"> <a href="/about-treasury/careers/moving-aotearoa-new-zealand" class="menu__link" data-drupal-link-system-path="node/16538">Moving to Aotearoa/New Zealand</a> </li> </ul> </li> </ul> </li> <li data-id="378e8548" class="menu__item is-expanded"> <a href="/information-and-services" class="menu__link" data-drupal-link-system-path="node/33">Information and services</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice" class="menu__link" data-drupal-link-system-path="node/43">Financial management and advice</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/budgets-and-forecasts" class="menu__link" data-drupal-link-system-path="node/1365">Budgets &amp; forecasts</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/budgets-forecasts/matai-treasurys-new-macroeconomic-forecasting-model" class="menu__link" data-drupal-link-system-path="node/11394">Matai - the Treasury&#039;s new macroeconomic forecasting model</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/fiscal-strategy" class="menu__link" data-drupal-link-system-path="node/1172">Fiscal strategy</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/fiscal-strategy/fiscal-strategy-model" class="menu__link" data-drupal-link-system-path="node/1145">Fiscal strategy model</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/revenue-and-expenditure" class="menu__link" data-drupal-link-system-path="node/1167">Revenue &amp; expenditure</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/government-2018-revenue-strategy" class="menu__link" data-drupal-link-system-path="node/1248">Government 2018 Revenue Strategy</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/estimates-revenue-effects-small-tax-rate-and-tax-base-changes" class="menu__link" data-drupal-link-system-path="node/1142">Revenue effects of tax changes</a> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/tax-outturn-data" class="menu__link" data-drupal-link-system-path="node/10841">Tax Outturn Data</a> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/what-we-earn" class="menu__link" data-drupal-link-system-path="node/1144">What We Earn</a> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-expenditure/tax-and-welfare-analysis-tawa-model" class="menu__link" data-drupal-link-system-path="node/11505">Tax and Welfare Analysis (TAWA) Model</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/investment" class="menu__link" data-drupal-link-system-path="node/1092">Investment</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/financial-management-and-advice/assets-and-liabilities" class="menu__link" data-drupal-link-system-path="node/1170">Assets &amp; liabilities</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/assets-liabilities/new-zealand-superannuation-nzs" class="menu__link" data-drupal-link-system-path="node/1155">New Zealand Superannuation (NZS)</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/financial-management-and-advice/assets-liabilities/what-we-own" class="menu__link" data-drupal-link-system-path="node/1166">What We Own</a> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/assets-liabilities/debt-management" class="menu__link" data-drupal-link-system-path="node/991">Debt management</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/financial-management-and-advice/supporting-exporters" class="menu__link" data-drupal-link-system-path="node/294">Supporting exporters</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership" class="menu__link" data-drupal-link-system-path="node/46">Public sector leadership</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/public-sector-performance" class="menu__link" data-drupal-link-system-path="node/1033">Public sector performance</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership/guidance" class="menu__link" data-drupal-link-system-path="node/1523">Guidance</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/strategic-thinking-and-planning" class="menu__link" data-drupal-link-system-path="node/1516">Strategic thinking and planning</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/guidance/planning-guidance-public-sector-performance-and-financial-management-system" class="menu__link" data-drupal-link-system-path="node/1147">Planning</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/guidance/implementation-management-monitoring" class="menu__link" data-drupal-link-system-path="node/1216">Implementation, management, monitoring</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/guidance/reporting-financial" class="menu__link" data-drupal-link-system-path="node/1146">Reporting: Financial</a> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/guidance/reporting-performance" class="menu__link" data-drupal-link-system-path="node/14335">Reporting: Performance</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/guidance/departments-and-offices-parliament" class="menu__link" data-drupal-link-system-path="node/1220">Departments and Offices of Parliament</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/guidance/internal-controls" class="menu__link" data-drupal-link-system-path="node/1034">Internal Controls</a> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/guidance/funding-and-financing-framework" class="menu__link" data-drupal-link-system-path="node/19158">Funding and Financing Framework</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/investment-management-system" class="menu__link" data-drupal-link-system-path="node/6225">Investment management</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-roles-and-requirements" class="menu__link" data-drupal-link-system-path="node/17518">Investment Management System roles and requirements</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-intentions" class="menu__link" data-drupal-link-system-path="node/17519">Investment intentions</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-planning" class="menu__link" data-drupal-link-system-path="node/17520">Investment planning</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-delivery" class="menu__link" data-drupal-link-system-path="node/17521">Investment delivery</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-realisation" class="menu__link" data-drupal-link-system-path="node/17522">Investment realisation</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/investment-management/gateway-reviews" class="menu__link" data-drupal-link-system-path="node/17523">Gateway Reviews</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/investment-management/better-business-cases" class="menu__link" data-drupal-link-system-path="node/17524">Better Business Cases</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/investment-management/review-update-bbc-gateway-frameworks" class="menu__link" data-drupal-link-system-path="node/19155">Review of BBC and Gateway Frameworks</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/investment-management/investment-management-system-reporting" class="menu__link" data-drupal-link-system-path="node/17525">Investment Management System reporting</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership/cross-agency-initiatives" class="menu__link" data-drupal-link-system-path="node/2606">Cross-agency initiatives</a> <ul class="menu nav"> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/social-investment" class="menu__link" data-drupal-link-system-path="node/1061">Social investment</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/better-public-services" class="menu__link" data-drupal-link-system-path="node/1211">Better Public Services</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/asset-performance-reporting" class="menu__link" data-drupal-link-system-path="node/1126">Asset performance reporting</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/departmental-internal-control-evaluation-dice" class="menu__link" data-drupal-link-system-path="node/1218">Departmental Internal Control Evaluation (DICE)</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/review-policy-expenditure-and-advice" class="menu__link" data-drupal-link-system-path="node/1422">Policy Advice</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/2013-amendments-public-finance-act-1989-and-crown-entities-act-2004" class="menu__link" data-drupal-link-system-path="node/1391">Public Finance Reform</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/cross-agency-initiatives/baseline-reviews" class="menu__link" data-drupal-link-system-path="node/12803">Baseline Reviews</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/office-government-accountant" class="menu__link" data-drupal-link-system-path="node/2605">Office of the Government Accountant</a> <ul class="menu nav"> <li class="menu__item is-collapsed"> <a href="/information-and-services/state-sector-leadership/office-government-accountant/government-finance-profession" class="menu__link" data-drupal-link-system-path="node/16583">Government Finance Profession</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards" class="menu__link" data-drupal-link-system-path="node/16524">Interdepartmental executive boards</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards/border-executive-board" class="menu__link" data-drupal-link-system-path="node/16527">Border Executive Board</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards/climate-change-chief-executives-board" class="menu__link" data-drupal-link-system-path="node/16528">Climate Change Chief Executives Board</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards/digital-executive-board" class="menu__link" data-drupal-link-system-path="node/16529">Digital Executive Board</a> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/interdepartmental-executive-boards/executive-board-elimination-family-violence-and-sexual-violence" class="menu__link" data-drupal-link-system-path="node/16530">Executive Board for the Elimination of Family Violence and Sexual Violence</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/state-sector-leadership/public-finance-system" class="menu__link" data-drupal-link-system-path="node/11439">Public Finance System</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/public-sector-leadership/partnerships" class="menu__link" data-drupal-link-system-path="node/19159">Partnerships</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/partnerships/market-led-proposals" class="menu__link" data-drupal-link-system-path="node/19160">Market-led Proposals</a> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/partnerships/strategic-leasing-guidance" class="menu__link" data-drupal-link-system-path="node/19161">Strategic Leasing Guidance</a> </li> <li class="menu__item"> <a href="/information-and-services/public-sector-leadership/partnerships/public-private-partnerships" class="menu__link" data-drupal-link-system-path="node/19162">Public Private Partnerships</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/new-zealand-economy" class="menu__link" data-drupal-link-system-path="node/1366">NZ economy</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/higher-living-standards" class="menu__link" data-drupal-link-system-path="node/349">Higher living standards</a> <ul class="menu nav"> <li class="menu__item is-collapsed"> <a href="/information-and-services/nz-economy/higher-living-standards/our-living-standards-framework" class="menu__link" data-drupal-link-system-path="node/7613">Our Living Standards Framework</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/he-ara-waiora" class="menu__link" data-drupal-link-system-path="node/14604">He Ara Waiora</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/using-lsf-and-he-ara-waiora" class="menu__link" data-drupal-link-system-path="node/11816">Using the LSF and He Ara Waiora</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/measuring-wellbeing-lsf-dashboard" class="menu__link" data-drupal-link-system-path="node/11814">Measuring wellbeing: the LSF Dashboard</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards/history-lsf" class="menu__link" data-drupal-link-system-path="node/1962">History of the LSF</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/productivity" class="menu__link" data-drupal-link-system-path="node/1651">Productivity</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/productivity/productivity-commission-2011-2024" class="menu__link" data-drupal-link-system-path="node/18128">Productivity Commission (2011 - 2024)</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/infrastructure" class="menu__link" data-drupal-link-system-path="node/87">Infrastructure</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/infrastructure-ministers" class="menu__link" data-drupal-link-system-path="node/88">Infrastructure Ministers</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/infrastructure-system-reform" class="menu__link" data-drupal-link-system-path="node/18828">Infrastructure System Reform</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/new-infrastructure-funding-tool" class="menu__link" data-drupal-link-system-path="node/13244">New Infrastructure Funding Tool</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/other-government-agencies" class="menu__link" data-drupal-link-system-path="node/89">Other Government Agencies</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/nz-economy/infrastructure/infrastructure-agencies" class="menu__link" data-drupal-link-system-path="node/11543">Infrastructure agencies</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/new-zealand-infrastructure-plan/media-statements-speeches" class="menu__link" data-drupal-link-system-path="node/92">Media Statements &amp; Speeches</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/historical-infrastructure-documents" class="menu__link" data-drupal-link-system-path="node/13079">Historical infrastructure documents</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/infrastructure/improving-infrastructure-funding-and-financing" class="menu__link" data-drupal-link-system-path="node/19163">Improving Infrastructure Funding and Financing</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/reviewing-new-zealands-macroeconomic-frameworks" class="menu__link" data-drupal-link-system-path="node/14812">Reviewing New Zealand&#039;s macroeconomic frameworks</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/reviewing-new-zealands-macroeconomic-frameworks/macroeconomic-workshop-fiscal-and-monetary-policy-wake-covid-19" class="menu__link" data-drupal-link-system-path="node/14813">Macroeconomic Workshop: Fiscal and Monetary Policy in the wake of COVID-19</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/climate-change" class="menu__link" data-drupal-link-system-path="node/16586">Climate Change</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/nz-economy/climate-change/climate-emergency-response-fund" class="menu__link" data-drupal-link-system-path="node/16587">The Climate Emergency Response Fund</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/climate-change/north-island-weather-events-response-and-recovery-funding" class="menu__link" data-drupal-link-system-path="node/17199">North Island Weather Event Response and Recovery Funding</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/depositor-compensation-scheme" class="menu__link" data-drupal-link-system-path="node/18570">Depositor Compensation Scheme</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/pacific-contribution-economy" class="menu__link" data-drupal-link-system-path="node/11735">Pacific contribution to the economy</a> </li> <li class="menu__item"> <a href="/information-and-services/nz-economy/future-work-tripartite-forum" class="menu__link" data-drupal-link-system-path="node/11908">Future of Work Tripartite Forum</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/nz-economy/covid-19-economic-response" class="menu__link" data-drupal-link-system-path="node/13499">COVID-19 economic response</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/new-zealand-economy/covid-19-economic-response/commentary" class="menu__link" data-drupal-link-system-path="node/13501">Commentary from the Treasury</a> </li> <li class="menu__item"> <a href="/information-and-services/new-zealand-economy/covid-19-economic-response/information-releases" class="menu__link" data-drupal-link-system-path="node/13503">COVID-19 information releases</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/new-zealand-economy/covid-19-economic-response/measures" class="menu__link" data-drupal-link-system-path="node/13504">COVID-19 economic response measures</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/nz-economy/covid-19-economic-response/overview-covid-19-response-and-recovery-fund-crrf" class="menu__link" data-drupal-link-system-path="node/17178">Overview of the COVID-19 Response and Recovery Fund (CRRF)</a> </li> <li class="menu__item"> <a href="/publications/budgets/business-finance-guarantee-data" class="menu__link" data-drupal-link-system-path="node/14196">Business Finance Guarantee Dashboards</a> </li> </ul> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/commercial-portfolio-and-advice" class="menu__link" data-drupal-link-system-path="node/1313">Company and entity performance advice</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/commercial-portfolio-and-advice/commercial-portfolio" class="menu__link" data-drupal-link-system-path="node/1323">Portfolio of companies and entities</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/commercial-portfolio/current-directors" class="menu__link" data-drupal-link-system-path="node/1138">Current directors</a> </li> <li class="menu__item"> <a href="/information-and-services/company-and-entity-performance-advice/portfolio-companies-and-entities/types-companies-and-entities" class="menu__link" data-drupal-link-system-path="node/1322">Types of companies and entities</a> </li> <li class="menu__item"> <a href="/information-and-services/company-and-entity-performance-advice/portfolio-companies-and-entities/independent-oversight-committee" class="menu__link" data-drupal-link-system-path="node/15528">Southern Response Independent Oversight Committee</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments" class="menu__link" data-drupal-link-system-path="node/1129">Board appointments</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments/what-we-look" class="menu__link" data-drupal-link-system-path="node/1130">What we look for</a> </li> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments/application-process" class="menu__link" data-drupal-link-system-path="node/1133">Application process</a> </li> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments/terms-appointment" class="menu__link" data-drupal-link-system-path="node/1131">Terms of appointment</a> </li> <li class="menu__item"> <a href="/information-and-services/commercial-portfolio-and-advice/board-appointments/appointment-only-entities" class="menu__link" data-drupal-link-system-path="node/1132">Appointment-only entities</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/company-and-entity-performance-advice/how-treasury-provides-performance-advice" class="menu__link" data-drupal-link-system-path="node/1314">How the Treasury provides performance advice</a> </li> <li class="menu__item"> <a href="/information-and-services/company-and-entity-performance-advice/framework-commercial-and-policy-functions" class="menu__link" data-drupal-link-system-path="node/16430">Framework for commercial and policy functions</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation" class="menu__link" data-drupal-link-system-path="node/1278">Regulation</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/regulatory-management-system-overview" class="menu__link" data-drupal-link-system-path="node/1279">Regulatory Management System Overview</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-management-system-overview/regulatory-management-strategy" class="menu__link" data-drupal-link-system-path="node/1205">Regulatory management strategy</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-management-system-overview/new-zealand-productivity-commission-report-regulatory-institutions-and-practices" class="menu__link" data-drupal-link-system-path="node/1282">Regulatory Institutions and Practices Report</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-management-system-overview/regulatory-timeline" class="menu__link" data-drupal-link-system-path="node/1280">Regulatory timeline</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/regulatory-stewardship" class="menu__link" data-drupal-link-system-path="node/1281">Regulatory stewardship</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/good-regulatory-practice" class="menu__link" data-drupal-link-system-path="node/1007">Good regulatory practice</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/regulation/regulatory-stewardship/keeping-regulation-fit-purpose" class="menu__link" data-drupal-link-system-path="node/1297">Keeping regulation fit for purpose</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/information-regulators" class="menu__link" data-drupal-link-system-path="node/1298">Information for regulators</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/regulatory-stewardship/ipanz-award-regulatory-excellence" class="menu__link" data-drupal-link-system-path="node/1299">Regulatory excellence award</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/systems-we-steward" class="menu__link" data-drupal-link-system-path="node/15026">Systems we steward</a> <ul class="menu nav"> <li class="menu__item is-collapsed"> <a href="/information-and-services/regulation/systems-we-steward/overseas-investment-regulatory-system" class="menu__link" data-drupal-link-system-path="node/15027">The Overseas Investment Regulatory System</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/regulation/systems-we-steward/natural-hazards-commission-regulatory-system" class="menu__link" data-drupal-link-system-path="node/15031">Natural Hazards Commission Regulatory System</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/regulation/systems-we-steward/reserve-banks-institutional-regime" class="menu__link" data-drupal-link-system-path="node/15034">The Reserve Bank&#039;s Institutional Regime</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/regulation/impact-analysis-requirements-regulatory-proposals" class="menu__link" data-drupal-link-system-path="node/1207">Impact analysis</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/regulation/impact-analysis/quality-assurance-ris" class="menu__link" data-drupal-link-system-path="node/1208">Quality assurance of RIA</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/regulation/impact-analysis/ris-review" class="menu__link" data-drupal-link-system-path="node/1303">RIA review</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/impact-analysis/regulatory-standards-bill" class="menu__link" data-drupal-link-system-path="node/1302">Regulatory standards bill</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/regulation/turning-policy-legislation" class="menu__link" data-drupal-link-system-path="node/1295">Turning Policy Into Legislation</a> </li> <li class="menu__item"> <a href="/information-and-services/regulation/treasurys-role-regulatory-management" class="menu__link" data-drupal-link-system-path="node/1300">Treasury’s Role in Regulatory Management</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/other-services" class="menu__link" data-drupal-link-system-path="node/49">Other services</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/other-services/north-island-weather-events-loan-guarantee-scheme" class="menu__link" data-drupal-link-system-path="node/17247">North Island Weather Events Loan Guarantee Scheme</a> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/other-services/unclaimed-money" class="menu__link" data-drupal-link-system-path="node/291">Unclaimed money</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/other-services/unclaimed-money/trust-money-transferred-crown" class="menu__link" data-drupal-link-system-path="node/14496">Trust money transferred to the Crown</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property" class="menu__link" data-drupal-link-system-path="node/292">Bona vacantia (ownerless) property</a> <ul class="menu nav"> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/frequently-asked-questions" class="menu__link" data-drupal-link-system-path="node/11060">Frequently asked questions</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/how-deal-property-company-removed-companies-register" class="menu__link" data-drupal-link-system-path="node/307">Property of a company removed from the Companies Register</a> </li> <li class="menu__item is-collapsed"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/standard-requirements-applications-about-ownerless-property" class="menu__link" data-drupal-link-system-path="node/308">Standard Requirements</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/bona-vacantia-ownerless-property/notices-vesting" class="menu__link" data-drupal-link-system-path="node/13101">Notices of vesting</a> </li> </ul> </li> <li class="menu__item"> <a href="/information-and-services/other-services/information-requests" class="menu__link" data-drupal-link-system-path="node/295">Make an official information request</a> </li> <li class="menu__item"> <a href="/information-and-services/other-services/engage-us-social-media" class="menu__link" data-drupal-link-system-path="node/14232">Engage with us on social media</a> </li> </ul> </li> </ul> </li> <li data-id="17940aa2" class="menu__item is-expanded"> <a href="/news-and-events" class="menu__link" data-drupal-link-system-path="node/13">News and events</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/news-and-events/news" class="menu__link" data-drupal-link-system-path="node/493">News</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/news/media-statements" class="menu__link" data-drupal-link-system-path="node/489">Media statements</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/news-and-events/our-events" class="menu__link" data-drupal-link-system-path="node/487">Our events</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/news-and-events/our-events/guest-lectures" class="menu__link" data-drupal-link-system-path="node/484">Guest lectures</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/our-events/guest-lectures/guide-invited-lecturers" class="menu__link" data-drupal-link-system-path="node/485">Guide for invited lecturers</a> </li> </ul> </li> <li class="menu__item"> <a href="/news-and-events/our-events/lockups-technical-briefings" class="menu__link" data-drupal-link-system-path="node/492">Lockups &amp; technical briefings</a> </li> </ul> </li> <li class="menu__item"> <a href="/news-and-events/speeches" class="menu__link" data-drupal-link-system-path="node/488">Speeches</a> </li> <li class="menu__item is-expanded"> <a href="/news-and-events/reviews-consultation" class="menu__link" data-drupal-link-system-path="node/10643">Reviews &amp; consultation</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/financial-settings-levy-settings-natural-hazard-insurance-scheme" class="menu__link" data-drupal-link-system-path="node/19237">Consultation on Financial and Levy Settings for NHI Scheme</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/proposed-partial-cancellation-public-access-easements-hira-forest-nelson" class="menu__link" data-drupal-link-system-path="node/18706">Hira Forest consultation</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/long-term-insights-briefing" class="menu__link" data-drupal-link-system-path="node/18441">Consultation on the Scope of the Treasury&#039;s Long-Term Insights Briefing</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/second-stage-consultation-statement-funding-approach-funding-strategy-depositor-compensation-scheme" class="menu__link" data-drupal-link-system-path="node/18085">Second Stage Consultation on Statement of Funding Approach</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/proposed-reg-related-independent-review-complaint-procedure-decisions-eqc-breaches-code-insured-persons-rights" class="menu__link" data-drupal-link-system-path="node/17944">Consultation on review of complaint procedure decisions made by EQC</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/funding-strategy-depositor-compensation-scheme" class="menu__link" data-drupal-link-system-path="node/17312">Funding strategy for Depositor Compensation Scheme</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/residential-insurance-and-climate-related-hazards" class="menu__link" data-drupal-link-system-path="node/16553">Residential insurance and climate-related hazards</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/overseas-investment-act-2005-forestry-review" class="menu__link" data-drupal-link-system-path="node/14582">Overseas Investment Act 2005 Forestry Review</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/long-term-fiscal-challenges" class="menu__link" data-drupal-link-system-path="node/14458">Consulting on long-term fiscal challenges</a> </li> <li class="menu__item is-expanded"> <a href="/news-and-events/reviews-consultation/review-earthquake-commission-act" class="menu__link" data-drupal-link-system-path="node/1641">Earthquake Commission Act 1993</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/earthquake-commission-act-1993/earthquake-commission-act-submissions-received" class="menu__link" data-drupal-link-system-path="node/1606">Earthquake Commission Act - Submissions Received</a> </li> </ul> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/establishing-independent-fiscal-institution" class="menu__link" data-drupal-link-system-path="node/11503">Establishing an Independent Fiscal Institution</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/embedding-wellbeing-public-finance-act-1989" class="menu__link" data-drupal-link-system-path="node/11510">Public Finance Act 1989</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/overseas-investment-consultation" class="menu__link" data-drupal-link-system-path="node/12056">Reform of Overseas Investment Act</a> </li> <li class="menu__item is-expanded"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act" class="menu__link" data-drupal-link-system-path="node/10646">Reviewing the Reserve Bank Act</a> <ul class="menu nav"> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act/deposit-takers-bill" class="menu__link" data-drupal-link-system-path="node/14794">Deposit Takers Bill</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act/reserve-bank-new-zealand-act-2021" class="menu__link" data-drupal-link-system-path="node/14798">Reserve Bank of New Zealand Act 2021</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act/reserve-bank-new-zealand-amendment-act" class="menu__link" data-drupal-link-system-path="node/14800">RBNZ Amendment Act</a> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/reviewing-reserve-bank-act/proactive-releases" class="menu__link" data-drupal-link-system-path="node/10650">Proactive releases, speeches and announcements</a> </li> </ul> </li> <li class="menu__item"> <a href="/news-and-events/reviews-consultation/weather-forecasting-system-review" class="menu__link" data-drupal-link-system-path="node/17220">Weather Forecasting System Review</a> </li> </ul> </li> </ul> </li> <li data-id="c5054063" class="menu__item is-expanded active-trail"> <a href="/publications" class="menu__link" data-drupal-link-system-path="node/1364">Publications</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/publications/budgets" class="menu__link" data-drupal-link-system-path="node/1140">Budgets</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/budgets/budget-2025" class="menu__link" data-drupal-link-system-path="node/19235">Budget 2025</a> </li> <li class="menu__item"> <a href="/publications/budgets/budget-2024" class="menu__link" data-drupal-link-system-path="node/17873">Budget 2024</a> </li> <li class="menu__item"> <a href="/publications/budgets/current-and-past-budgets" class="menu__link" data-drupal-link-system-path="node/5550">Current and past Budgets</a> </li> <li class="menu__item"> <a href="/publications/budgets/forecasts" class="menu__link" data-drupal-link-system-path="node/1263">Forecasts</a> </li> <li class="menu__item is-expanded"> <a href="/publications/budgets/vote-information" class="menu__link" data-drupal-link-system-path="publications/budgets/vote-information">Vote information 1998 to 2024</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/budgets/vote-information/notes-historical-vote-information" class="menu__link" data-drupal-link-system-path="node/8332">Notes to the Historical Vote Information</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/budgets/budget-information-releases" class="menu__link" data-drupal-link-system-path="node/10707">Budget information releases</a> </li> <li class="menu__item"> <a href="/publications/budgets/reporting-major-spending-decisions" class="menu__link" data-drupal-link-system-path="node/19299">Reporting on major spending decisions</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/financial-statements-government" class="menu__link" data-drupal-link-system-path="node/1169">Financial statements of the Government</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/financial-statements-government/month-end-financial-statements" class="menu__link" data-drupal-link-system-path="node/1088">Month end financial statements</a> </li> <li class="menu__item"> <a href="/publications/financial-statements-government/year-end-financial-statements" class="menu__link" data-drupal-link-system-path="node/1505">Year end financial statements</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/treasurys-stewardship-reports" class="menu__link" data-drupal-link-system-path="node/2604">The Treasury’s stewardship reports</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/investment-statements" class="menu__link" data-drupal-link-system-path="node/1392">Investment statements</a> </li> <li class="menu__item is-expanded"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position" class="menu__link" data-drupal-link-system-path="node/1171">Long-term fiscal position</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position/he-tirohanga-mokopuna-2021" class="menu__link" data-drupal-link-system-path="node/1328">He Tirohanga Mokopuna (2021)</a> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position/he-tirohanga-mokopuna-2016" class="menu__link" data-drupal-link-system-path="node/17624">He Tirohanga Mokopuna (2016)</a> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position/affording-our-future-2013" class="menu__link" data-drupal-link-system-path="node/17625">Affording Our Future (2013)</a> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-fiscal-position/long-term-fiscal-model" class="menu__link" data-drupal-link-system-path="node/1044">Long-term fiscal model</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/long-term-insights-briefings" class="menu__link" data-drupal-link-system-path="node/15163">Long-term insights briefings</a> </li> <li class="menu__item"> <a href="/publications/treasurys-stewardship-reports/wellbeing-reports" class="menu__link" data-drupal-link-system-path="node/15164">Wellbeing reports</a> </li> </ul> </li> <li class="menu__item is-expanded active-trail"> <a href="/publications/research-and-commentary" class="menu__link is-active" data-drupal-link-system-path="node/1522" aria-current="page">Research and commentary</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/publications/research-and-commentary/a-z" class="menu__link" data-drupal-link-system-path="node/8339">Research papers A-Z</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/research-and-commentary/a-z/jel" class="menu__link" data-drupal-link-system-path="publications/research-and-commentary/a-z/jel">JEL classification A-Z</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/a-z/sonz" class="menu__link" data-drupal-link-system-path="publications/research-and-commentary/a-z/sonz">Subject A-Z</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/a-z/author" class="menu__link" data-drupal-link-system-path="publications/research-and-commentary/a-z/author">Author A-Z</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/fortnightly-economic-updates" class="menu__link" data-drupal-link-system-path="node/11921">Fortnightly Economic Updates</a> </li> <li class="menu__item is-expanded"> <a href="/publications/research-and-commentary/rangitaki-blog" class="menu__link" data-drupal-link-system-path="node/11832">Rangitaki: Staff Insights Blog</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/research-and-commentary/rangitaki-staff-insights-blog/contacting-authors" class="menu__link" data-drupal-link-system-path="node/11877">Contacting authors</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/analytical-notes" class="menu__link" data-drupal-link-system-path="node/15274">Analytical Notes</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/working-papers" class="menu__link" data-drupal-link-system-path="node/1647">Working Papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/treasury-papers" class="menu__link" data-drupal-link-system-path="node/1646">Treasury Papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/modelling-and-data-tools" class="menu__link" data-drupal-link-system-path="node/18907">Modelling and data tools</a> </li> <li class="menu__item is-expanded"> <a href="/publications/research-and-commentary/discontinued-series" class="menu__link" data-drupal-link-system-path="node/19208">Discontinued series</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/productivity-commission-working-papers-and-research-papers-2013-2024" class="menu__link" data-drupal-link-system-path="node/18129">Productivity Commission working papers and research papers (2013-2024)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/analytical-papers-2015-2023" class="menu__link" data-drupal-link-system-path="node/1648">Analytical Papers (2015-2023)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/discussion-papers-living-standards-framework-2018-2021" class="menu__link" data-drupal-link-system-path="node/7271">Discussion Papers (Living Standards Framework series) (2018-2021)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/productivity-papers-2008-2010" class="menu__link" data-drupal-link-system-path="node/7273">Productivity Papers (2008-2010)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/policy-perspectives-papers-2005-2009" class="menu__link" data-drupal-link-system-path="node/1649">Policy Perspectives Papers (2005-2009)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/monthly-economic-indicators-2008-2020" class="menu__link" data-drupal-link-system-path="node/1273">Monthly Economic Indicators (2008-2020)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/new-zealand-economic-and-financial-overviews-1997-2016" class="menu__link" data-drupal-link-system-path="node/17528">New Zealand Economic and Financial Overviews (1997-2016)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/new-zealand-activity-index-2020-2021" class="menu__link" data-drupal-link-system-path="node/13997">New Zealand Activity Index (2020-2021)</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/discontinued-series/regional-activity-indices-2021" class="menu__link" data-drupal-link-system-path="node/14451">Regional Activity Indices (2021)</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/email-alerts-new-research-papers" class="menu__link" data-drupal-link-system-path="node/1653">Email alerts for new research papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/other-paper-series-and-details/disclaimer-research-and-commentary-publications" class="menu__link" data-drupal-link-system-path="node/1644">Disclaimer for research and commentary publications</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/corporate-documents" class="menu__link" data-drupal-link-system-path="node/2598">Corporate documents</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/corporate-documents/annual-reports" class="menu__link" data-drupal-link-system-path="node/1518">Annual reports</a> </li> <li class="menu__item"> <a href="/publications/corporate-documents/strategic-intentions" class="menu__link" data-drupal-link-system-path="node/5616">Strategic intentions</a> </li> <li class="menu__item"> <a href="/publications/corporate-documents/four-year-plan" class="menu__link" data-drupal-link-system-path="node/1961">Four-year plan</a> </li> <li class="menu__item"> <a href="/news-and-events/speeches" class="menu__link" data-drupal-link-system-path="node/488">Speeches</a> </li> <li class="menu__item"> <a href="/news-and-events/news/media-statements" class="menu__link" data-drupal-link-system-path="node/489">Media statements</a> </li> <li class="menu__item"> <a href="/publications/corporate-documents/briefings-incoming-ministers" class="menu__link" data-drupal-link-system-path="node/1525">Briefings to incoming ministers</a> </li> <li class="menu__item"> <a href="/publications/corporate-documents/inclusion-diversity-and-equity-plan" class="menu__link" data-drupal-link-system-path="node/17859">Inclusion, diversity, and equity plan</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/guidance" class="menu__link" data-drupal-link-system-path="node/6520">Guidance</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/guidance/treasury-instructions" class="menu__link" data-drupal-link-system-path="node/1419">Treasury instructions</a> </li> <li class="menu__item"> <a href="/publications/guidance/treasury-circulars" class="menu__link" data-drupal-link-system-path="node/1506">Treasury circulars</a> </li> <li class="menu__item"> <a href="/publications/guidance/glossary" class="menu__link" data-drupal-link-system-path="node/1188">Glossary</a> </li> <li class="menu__item"> <a href="/publications/guidance/view-points" class="menu__link" data-drupal-link-system-path="node/3260">View points</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/legislation" class="menu__link" data-drupal-link-system-path="node/2602">Legislation</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/legislation/regulatory-impact-assessments" class="menu__link" data-drupal-link-system-path="node/2603">Regulatory impact statements</a> </li> <li class="menu__item"> <a href="/publications/legislation/departmental-disclosure-statements" class="menu__link" data-drupal-link-system-path="node/1296">Departmental disclosure statements</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/other-official-information" class="menu__link" data-drupal-link-system-path="node/2600">Other official information</a> <ul class="menu nav"> <li class="menu__item is-expanded"> <a href="/publications/other-official-information/responses-official-information-act-requests" class="menu__link" data-drupal-link-system-path="node/1394">Responses to OIA requests</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/other-official-information/responses-oia-requests/official-information-act-oia-statistics" class="menu__link" data-drupal-link-system-path="node/10633">Official Information Act (OIA) Statistics</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/other-official-information/information-releases" class="menu__link" data-drupal-link-system-path="node/1528">Information releases</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/guarantees-information-collection" class="menu__link" data-drupal-link-system-path="node/10714">Guarantees information collection</a> </li> </ul> </li> <li class="menu__item is-expanded"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers" class="menu__link" data-drupal-link-system-path="node/12012">Cabinet material released by Treasury Ministers</a> <ul class="menu nav"> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2025" class="menu__link" data-drupal-link-system-path="node/19246">2025 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2024" class="menu__link" data-drupal-link-system-path="node/17937">2024 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2023" class="menu__link" data-drupal-link-system-path="node/16680">2023 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2022" class="menu__link" data-drupal-link-system-path="node/16664">2022 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2021" class="menu__link" data-drupal-link-system-path="node/16663">2021 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2020" class="menu__link" data-drupal-link-system-path="node/16662">2020 Cabinet material</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/cabinet-material-treasury-ministers/2019" class="menu__link" data-drupal-link-system-path="node/16661">2019 Cabinet material</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/budgets/titles-advice-minister-responsible-earthquake-commission" class="menu__link" data-drupal-link-system-path="node/14365">Titles of advice to the Minister Responsible for the Earthquake Commission</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/titles-advice-minister-finance-treasury-inland-revenue-and-reserve-bank" class="menu__link" data-drupal-link-system-path="node/11997">Titles of advice to the Minister of Finance</a> </li> <li class="menu__item"> <a href="/publications/information-release/upcoming-issues-briefings" class="menu__link" data-drupal-link-system-path="node/15485">Upcoming issues briefings</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/calendar-upcoming-releases" class="menu__link" data-drupal-link-system-path="node/10688">Calendar of upcoming releases</a> </li> <li class="menu__item"> <a href="/publications/other-official-information/summary-economic-data" class="menu__link" data-drupal-link-system-path="node/48">Summary economy data</a> </li> </ul> </li> <li class="menu__item"> <a href="/publications/search" class="menu__link" data-drupal-link-system-path="publications/search">Publication search</a> </li> </ul> </li> <li data-id="494401aa" class="menu__item"> <a href="/a-z" class="menu__link" data-drupal-link-system-path="a-z">Treasury A-Z</a> </li> </ul> </nav> </div> </div> </div> </div> <div class="site hero" role="region" aria-label="Hero"> <div class="hero__inner"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-hero"> <section id="block-tsy-theme-breadcrumbs-2" class="hidden-print block block-system block-system-breadcrumb-block clearfix"> <nav role="navigation" aria-label="Breadcrumb"> <ol class="breadcrumb"> <li> <a href="/" >Home</a> </li> <li> <a href="/publications" >Publications</a> </li> <li> Research and commentary </li> </ol> </nav> </section> </div> </div> </div> </div> </div> </div> <main class="main-regions-wrapper"> <div class="site pre-content" role="region" aria-label="Pre-content"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-pre-content"> <section id="block-tsy-theme-pagetitle-4" class="node__title block block-core block-page-title-block clearfix"> <h1 class="page-header mb-0"> <span>Research and commentary</span> </h1> </section> </div> </div> </div> </div> <div class="site content"> <div class="site__inner container"> <div class="site__row row"> <div class="site__content col-12 has-sidebar" id="content"> <div class="region region-content"> <div data-drupal-messages-fallback class="hidden"></div> <section id="block-tsy-theme-better-social-sharing-buttons" class="block block-better-social-sharing-buttons block-social-sharing-buttons-block clearfix"> <div style="display: none"><link rel="preload" href="/modules/contrib/better_social_sharing_buttons/assets/dist/sprites/social-icons--no-color.svg" as="image" type="image/svg+xml" crossorigin="anonymous" /></div> <div class="social-sharing-buttons"> <a href="https://www.facebook.com/sharer/sharer.php?u=https://www.treasury.govt.nz/publications/research-and-commentary&amp;title=Research%20and%20commentary" target="_blank" title="Share to Facebook" aria-label="Share to Facebook" class="social-sharing-buttons-button share-facebook" rel="noopener"> <svg aria-hidden="true" width="40px" height="40px" style="border-radius:0px;"> <use href="/modules/contrib/better_social_sharing_buttons/assets/dist/sprites/social-icons--no-color.svg#facebook" /> </svg> </a> <a href="https://twitter.com/intent/tweet?text=Research%20and%20commentary+https://www.treasury.govt.nz/publications/research-and-commentary" target="_blank" title="Share to X" aria-label="Share to X" class="social-sharing-buttons-button share-x" rel="noopener"> <svg aria-hidden="true" width="40px" height="40px" style="border-radius:0px;"> <use href="/modules/contrib/better_social_sharing_buttons/assets/dist/sprites/social-icons--no-color.svg#x" /> </svg> </a> <a href="https://www.linkedin.com/sharing/share-offsite/?url=https://www.treasury.govt.nz/publications/research-and-commentary" target="_blank" title="Share to Linkedin" aria-label="Share to Linkedin" class="social-sharing-buttons-button share-linkedin" rel="noopener"> <svg aria-hidden="true" width="40px" height="40px" style="border-radius:0px;"> <use href="/modules/contrib/better_social_sharing_buttons/assets/dist/sprites/social-icons--no-color.svg#linkedin" /> </svg> </a> </div> </section> <section id="block-tsy-theme-tsy-theme-system-main" class="block block-system block-system-main-block clearfix"> <div class="node node--type-page node--view-mode-full ds-1col clearfix"> <div class="prose page__body"><p class="lead">The Treasury has five active research paper and commentary series.</p><p>The active research series are:</p><ul><li><a href="/publications/research-and-commentary/working-papers" data-entity-type="node" data-entity-uuid="3773a02e-3c9e-4677-950d-729e7bef9f7d" data-entity-substitution="canonical">Working Papers</a></li><li><a href="/publications/research-and-commentary/analytical-notes" data-entity-type="node" data-entity-uuid="237591a5-a4fc-4392-9e8a-381ac02028ad" data-entity-substitution="canonical">Analytical Notes</a></li><li><a href="/publications/research-and-commentary/treasury-papers" data-entity-type="node" data-entity-uuid="07c1a336-c6bb-4c58-8415-65df4a608990" data-entity-substitution="canonical">Treasury Papers</a>.</li></ul><p>The active commentary series are:</p><ul><li><a href="/publications/research-and-commentary/fortnightly-economic-updates" data-entity-type="node" data-entity-uuid="95e32d82-6cdb-4105-b49c-4db373b0afae" data-entity-substitution="canonical">Fortnightly Economic Updates</a>, and</li><li><a href=" Staff Insghts Blog">Rangitaki: Staff Insghts Blog</a>.</li></ul><p>The research series (Working Papers, Treasury Papers and Analytical Notes), as well as other <a href="/publications/research-and-commentary/discontinued-series" data-entity-type="node" data-entity-uuid="c313076b-8275-4891-9135-104d5c461f9a" data-entity-substitution="canonical">discontinued series</a> are included in scope of the <a href="/publications/research-and-commentary/a-z" data-entity-type="node" data-entity-uuid="ac961ba4-e96a-47a8-bc2d-dae5a139b4bf" data-entity-substitution="canonical">Research papers A-Z</a> finding aids <a href="/publications/research-and-commentary/a-z/author">by author</a>, <a href="/publications/research-and-commentary/a-z/sonz">by subject keyword</a> and <a href="/publications/research-and-commentary/a-z/jel">by JEL (Journal of Economic Literature) classification</a>.</p><div class="chunker-section"><h2 id="email-alerts">Email alerts</h2><p>The Treasury offers an <a href="/publications/research-and-commentary/email-alerts-new-research-papers" data-entity-type="node" data-entity-uuid="a9eb2c7e-bc8e-4f63-a036-1c085cc7d858" data-entity-substitution="canonical">email alert service</a> for notification of its newly published research papers.</p><p>There are separate alert services for <a href="/publications/research-and-commentary/fortnightly-economic-updates" data-entity-type="node" data-entity-uuid="95e32d82-6cdb-4105-b49c-4db373b0afae" data-entity-substitution="canonical">Fortnightly Economic Updates</a> and for <a href="/news-and-events/our-events/guest-lectures" data-entity-type="node" data-entity-uuid="093a2842-6eb6-4d67-a89f-65a6babbb12f" data-entity-substitution="canonical">Guest lectures</a>.</p></div><div class="chunker-section"><h2 id="editorial-oversight-of-research-papers">Editorial oversight of research papers</h2><p>The Treasury's Technical Publications Editorial Committee oversees the publication of <a href="/publications/research-and-commentary/working-papers" data-entity-type="node" data-entity-uuid="3773a02e-3c9e-4677-950d-729e7bef9f7d" data-entity-substitution="canonical">Working Papers</a>, which includes coordinating the peer review of papers and other editorial matters.</p><p>Publication of Analytical Notes and Treasury Papers is overseen by the manager of the team producing the paper and a Deputy Secretary of the Treasury.</p></div></div> <div class="related has-margin-top-double"> <h2 class="mb-0 h4">Related content</h2> <div class="page__field-cassbase-link-internal"> <div class="field__label font-weight-bold"> Related information: </div> <div class="field__items"> <div class="field__item"><a href="/publications/research-and-commentary/email-alerts-new-research-papers">Email alerts for new research papers</a></div> <div class="field__item"><a href="/publications/research-and-commentary/other-paper-series-and-details/disclaimer-research-and-commentary-publications">Disclaimer for research and commentary publications</a></div> </div> </div> <div class="page__field-cassbase-link-external"> <div class="field__label font-weight-bold"> Related external links: </div> <div class="field__items"> <div class="field__item"><a href="https://www.nzier.org.nz/hubfs/Public%20Publications/Client%20reports/Fairness%20Phase%201%20Report.pdf">NZIER: Perceptions of fairness in New Zealand - Phase 1 report</a></div> <div class="field__item"><a href="https://informedfutures.org/wp-content/uploads/2024/09/Fairness-report-Phase-2-FINAL-COVER.pdf">Koi Tū: Perceptions of fairness in New Zealand - Phase 2 report</a></div> <div class="field__item"><a href="https://ideas.repec.org/">Database of working papers and research on economics provided by RePEc (Research Papers in Economics)</a></div> <div class="field__item"><a href="https://www.rbnz.govt.nz/research/our-research-and-analysis/discussion-papers#sort=%40computedsortdate%20descending">Reserve Bank of New Zealand Discussion Papers</a></div> </div> </div> </div> </div> </section> <section class="views-element-container promotion promotion--contextual-list-category has-margin-top-triple block block-views block-views-blocktsy-resource-tsy-contextual-list-category-block clearfix" id="block-tsy-theme-views-block-tsy-resource-tsy-contextual-list-category"> <div><div class="js-view-dom-id-51041579bcf12c86a7afccf633b5c7b16c41c6a4b3a17a477be874fe282ebf90"> <div class="views-element-container"><div class="attachment attachment-before js-view-dom-id-702475708ce0bf4c366043ff97dde1c57fda57585a50b166c82f85ca18f03924"> <div class="views-row"><div class="views-field views-field-field-tsy-context-cont-title"><h2 class="field-content">Recent research papers and commentary publications</h2></div></div> </div> </div> <div class="view-content has-margin-top-base"> <ul class="list-unstyled"> <li class="mt-3 pt-3 border-top"><div class="slat node node--type-resource node--view-mode-short-teaser ds-1col clearfix"> <h3 class="slat__title"> <a href="/publications/feu/fortnightly-economic-update-7-february-2025" hreflang="en">Fortnightly Economic Update - 7 February 2025</a> </h3> <div class="slat__term resource__type">Fortnightly economic update</div> <div class="slat__date resource__field-issue-date"><time datetime="2025-02-11T12:00:00Z">11 Feb 2025</time> </div> </div> </li> <li class="mt-3 pt-3 border-top"><div class="slat node node--type-resource node--view-mode-short-teaser ds-1col clearfix"> <h3 class="slat__title"> <a href="/publications/wp/wp-25-01" hreflang="en">Deriving values of the social rate of time preference (WP 25/01)</a> </h3> <div class="slat__term resource__type">Working paper</div> <div class="slat__date resource__field-issue-date"><time datetime="2025-02-05T12:00:00Z">5 Feb 2025</time> </div> </div> </li> <li class="mt-3 pt-3 border-top"><div class="slat node node--type-resource node--view-mode-short-teaser ds-1col clearfix"> <h3 class="slat__title"> <a href="/publications/feu/fortnightly-economic-update-24-january-2025" hreflang="en">Fortnightly Economic Update - 24 January 2025</a> </h3> <div class="slat__term resource__type">Fortnightly economic update</div> <div class="slat__date resource__field-issue-date"><time datetime="2025-01-28T12:00:00Z">28 Jan 2025</time> </div> </div> </li> <li class="mt-3 pt-3 border-top"><div class="slat node node--type-resource node--view-mode-short-teaser ds-1col clearfix"> <h3 class="slat__title"> <a href="/publications/an/an-25-01" hreflang="en">The Cost of Working More: Understanding Effective Marginal Tax Rates in New Zealand&#039;s Tax and Transfer System (AN 25/01)</a> </h3> <div class="slat__term resource__type">Analytical note</div> <div class="slat__date resource__field-issue-date"><time datetime="2025-01-23T12:00:00Z">23 Jan 2025</time> </div> </div> </li> <li class="mt-3 pt-3 border-top"><div class="slat node node--type-resource node--view-mode-short-teaser ds-1col clearfix"> <h3 class="slat__title"> <a href="/publications/weu/fortnightly-economic-update-20-december-2024" hreflang="en">Fortnightly Economic Update - 20 December 2024</a> </h3> <div class="slat__term resource__type">Weekly economic update</div> <div class="slat__date resource__field-issue-date"><time datetime="2024-12-23T12:00:00Z">23 Dec 2024</time> </div> </div> </li> <li class="mt-3 pt-3 border-top"><div class="slat node node--type-resource node--view-mode-short-teaser ds-1col clearfix"> <h3 class="slat__title"> <a href="/publications/an/an-24-10" hreflang="en">Exploring trends in income inequality in New Zealand (2007–2023) (AN 24/10)</a> </h3> <div class="slat__term resource__type">Analytical note</div> <div class="slat__date resource__field-issue-date"><time datetime="2024-12-10T12:00:00Z">10 Dec 2024</time> </div> </div> </li> </ul> </div> <div class="views-element-container"><div class="attachment attachment-after tsy-contextual-more-links js-view-dom-id-ea420af355d98276e2db2be55a303e69152c27ffec18482fa29416647275df92"> <div class="views-row"><div class="views-field views-field-field-tsy-publication-category"><div class="field-content"><div class="more-link"> <a href="/publications/search?f%5B0%5D=publication_category%3A2709">View all in the Publication search</a> </div></div></div></div> </div> </div> </div> </div> </section> <section class="views-element-container promotion promotion--in-this-section prose has-margin-top-double block block-views block-views-blocktsy-sub-menu-pages-block-2 clearfix" id="block-views-block-tsy-sub-menu-pages-block-2"> <h2 class="block-title">In this section</h2> <div><div class="js-view-dom-id-4e78dd214df0104ea88b4dca32d43dfd1a7b4c105a74b68ff96c4814b4ca48a0"> <div> <ul class="list-unstyled container"> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/a-z" hreflang="und">Research papers A-Z</a></span></h3><div class="slat__content">Search for research papers published on the Treasury website by author, by subject keyword or by JEL classification.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-f42b33fdd025df220df76e98ca64876cee5aa192fd55a9075aa7bcc70bb1495c"> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/fortnightly-economic-updates" hreflang="und">Fortnightly Economic Updates</a></span></h3><div class="slat__content">The Fortnightly Economic Update (FEU) discusses recent domestic and international economic developments (eg, retail spending, business confidence, labour market developments and inflation) and their implications.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-b70feb50c47f7474b9d8372f5e2d143863984b758d7c4f9ac11aace3ff3d1b3f"> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/rangitaki-blog" hreflang="und">Rangitaki: Staff Insights Blog</a></span></h3><div class="slat__content">Rangitaki blogs are online articles about current issues prepared by individual staff members or teams in the Treasury. The aim of the blog series is to share our thinking less formally than in a research paper.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-2db50db3e5f6125dd4a28e09388aac34e35de4b781f93f3f1131c82c252db4c0"> <div class="item-list container"> <ul class="row"> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/rangitaki-staff-insights-blog/contacting-authors">Contacting authors</a></span></div></li> </ul> </div> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/analytical-notes" hreflang="und">Analytical Notes</a></span></h3><div class="slat__content">Analytical Notes are relatively short papers that explain interesting and stand-alone findings of analytical work by Treasury staff.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-d5f5388237ff1b68bb67d72164f95c5b5ad21f439d959dde675c812c492d7726"> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/working-papers" hreflang="und">Working Papers</a></span></h3><div class="slat__content">Working Papers published by the Treasury contain scholarly research on a variety of economic, financial, trade and social issues.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-4d54b422ff9da9d4b1b949cfc9bb547f7cb3db3bb4b70de8b45b42d813b4d0fc"> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/treasury-papers" hreflang="und">Treasury Papers</a></span></h3><div class="slat__content">Treasury Papers are usually authored by Treasury as an organisation and express its views on a specific issue or topic.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-1d8f6a070b22ae5502d04646e3413d1d3942cf7c4349cd00ac568bbe4f65f10a"> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/modelling-and-data-tools" hreflang="en">Modelling and data tools</a></span></h3><div class="slat__content">The Treasury releases a number of the spreadsheet-based or software modelling tools it uses to inform its economic and fiscal forecasts and its research and policy work.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-9d3d960f3a5193933bf526cb9ea3954436758872f14124f8fb861cb1f3ab34b7"> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series" hreflang="en">Discontinued series</a></span></h3><div class="slat__content">The Treasury has discontinued certain series and no new papers or publications will be issued.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-36609292b5d18b489f8608b3fee72eb4e6fc125a928e2454153f32da1497913d"> <div class="item-list container"> <ul class="row"> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series/productivity-commission-working-papers-and-research-papers-2013-2024">Productivity Commission working papers and research papers (2013-2024)</a></span></div></li> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series/analytical-papers-2015-2023">Analytical Papers (2015-2023)</a></span></div></li> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series/discussion-papers-living-standards-framework-2018-2021">Discussion Papers (Living Standards Framework series) (2018-2021)</a></span></div></li> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series/productivity-papers-2008-2010">Productivity Papers (2008-2010)</a></span></div></li> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series/policy-perspectives-papers-2005-2009">Policy Perspectives Papers (2005-2009)</a></span></div></li> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series/monthly-economic-indicators-2008-2020">Monthly Economic Indicators (2008-2020)</a></span></div></li> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/new-zealand-economic-and-financial-overviews-1997-2016">New Zealand Economic and Financial Overviews (1997-2016)</a></span></div></li> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series/new-zealand-activity-index-2020-2021">New Zealand Activity Index (2020-2021)</a></span></div></li> <li class="col-lg-6"><div class="views-field views-field-title-1"><span class="field-content"><a href="/publications/research-and-commentary/discontinued-series/regional-activity-indices-2021">Regional Activity Indices (2021)</a></span></div></li> </ul> </div> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/email-alerts-new-research-papers" hreflang="und">Email alerts for new research papers</a></span></h3><div class="slat__content">The Treasury offers an email alert service for when new research papers are published on the Treasury website.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-f42580022b78d311f19ae5aab00541f465ab2a2290d3e1a37e768c629c52c7a6"> </div> </span></div><div></div></div></li> <li class="promotion--inner has-border-top row mb-5 pt-4"><h3 class="views-field views-field-title slat__title"><span class="field-content"><a href="/publications/research-and-commentary/other-paper-series-and-details/disclaimer-research-and-commentary-publications" hreflang="und">Disclaimer for research and commentary publications</a></span></h3><div class="slat__content">A disclaimer applies to papers in three of the Treasury's research and commentary papers series - Working Papers, Analytical Papers and Policy Perspectives Papers - and to Treasury Staff Insights: Rangitaki articles.<div class="views-field views-field-view mt-4"><span class="field-content"><div class="js-view-dom-id-4263f99561549c237e763c4b7e838af196fedfa7c93130da62b88275d7e9029d"> </div> </span></div><div></div></div></li> </ul> </div> </div> </div> </section> </div> </div> <aside class="site__sidebar" role="complementary"> <span class="sr-only" id="sidebar-anchor" aria-hidden="true" aria-disabled="true">Sidebar anchor</span> <div class="site__sidebar-inner"> <div class="region region-sidebar"> <nav role="navigation" id="block-tsy-theme-mainmenu-4" class="navigation navigation--secondary hidden-sm hidden-xs hidden-print"> <strong class="block-title h2">In this section</strong> <ul class="menu nav"> <li data-id="424e5233" class="menu__item is-collapsed"> <a href="/publications/budgets" class="menu__link" data-drupal-link-system-path="node/1140">Budgets</a> </li> <li data-id="1d6eeca2" class="menu__item is-collapsed"> <a href="/publications/financial-statements-government" class="menu__link" data-drupal-link-system-path="node/1169">Financial statements of the Government</a> </li> <li data-id="56715481" class="menu__item is-collapsed"> <a href="/publications/treasurys-stewardship-reports" class="menu__link" data-drupal-link-system-path="node/2604">The Treasury’s stewardship reports</a> </li> <li data-id="39625cf1" class="menu__item is-expanded active-trail"> <a href="/publications/research-and-commentary" class="menu__link is-active" data-drupal-link-system-path="node/1522" aria-current="page">Research and commentary</a> <ul class="menu nav"> <li class="menu__item is-collapsed"> <a href="/publications/research-and-commentary/a-z" class="menu__link" data-drupal-link-system-path="node/8339">Research papers A-Z</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/fortnightly-economic-updates" class="menu__link" data-drupal-link-system-path="node/11921">Fortnightly Economic Updates</a> </li> <li class="menu__item is-collapsed"> <a href="/publications/research-and-commentary/rangitaki-blog" class="menu__link" data-drupal-link-system-path="node/11832">Rangitaki: Staff Insights Blog</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/analytical-notes" class="menu__link" data-drupal-link-system-path="node/15274">Analytical Notes</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/working-papers" class="menu__link" data-drupal-link-system-path="node/1647">Working Papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/treasury-papers" class="menu__link" data-drupal-link-system-path="node/1646">Treasury Papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/modelling-and-data-tools" class="menu__link" data-drupal-link-system-path="node/18907">Modelling and data tools</a> </li> <li class="menu__item is-collapsed"> <a href="/publications/research-and-commentary/discontinued-series" class="menu__link" data-drupal-link-system-path="node/19208">Discontinued series</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/email-alerts-new-research-papers" class="menu__link" data-drupal-link-system-path="node/1653">Email alerts for new research papers</a> </li> <li class="menu__item"> <a href="/publications/research-and-commentary/other-paper-series-and-details/disclaimer-research-and-commentary-publications" class="menu__link" data-drupal-link-system-path="node/1644">Disclaimer for research and commentary publications</a> </li> </ul> </li> <li data-id="1f01368b" class="menu__item is-collapsed"> <a href="/publications/corporate-documents" class="menu__link" data-drupal-link-system-path="node/2598">Corporate documents</a> </li> <li data-id="6cf2862d" class="menu__item is-collapsed"> <a href="/publications/guidance" class="menu__link" data-drupal-link-system-path="node/6520">Guidance</a> </li> <li data-id="e6ec7993" class="menu__item is-collapsed"> <a href="/publications/legislation" class="menu__link" data-drupal-link-system-path="node/2602">Legislation</a> </li> <li data-id="26a4b90b" class="menu__item is-collapsed"> <a href="/publications/other-official-information" class="menu__link" data-drupal-link-system-path="node/2600">Other official information</a> </li> <li data-id="5335ffdc" class="menu__item"> <a href="/publications/search" class="menu__link" data-drupal-link-system-path="publications/search">Publication search</a> </li> </ul> </nav> <section id="block-tsy-theme-tsy-sitewide-promotion" class="promotion promotion--default block block-fixed-block-content block-fixed-block-contenttsy-sitewide-promotion clearfix"> <h2 class="block-title">Stay up to date with our work</h2> <div class="basic__body"><p>Want our email newsletter?</p> <p><a class="btn btn-sm btn-primary" href="http://eepurl.com/grbaV1">Subscribe</a></p></div> </section> </div> </div> </aside> </div> </div> </div> <div class="site post-content" role="region" aria-label="Post-content"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-post-content"> <section id="block-tsy-theme-contentfield-10" class="last-updated my-4 my-md-6 block block-fieldblock block-fieldblocknode clearfix"> <h2 class="block-title">Last updated</h2> <div class="page__field-last-updated"><time datetime="2024-12-05T12:00:00Z">Thursday, 5 December 2024</time> </div> </section> </div> </div> </div> </div> </main> <hr class="footer-divide" /> <footer class="footer-regions-wrapper"> <span class="footer-regions-wrapper__anchor sr-only" id="footer-anchor" aria-hidden="true" aria-disabled="true">More menu anchor</span> <div class="site pre-footer"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-pre-footer"> <section id="block-tsy-theme-backtotop-2" class="back-to-top mt-4 mt-lg-0 mb-4 mb-lg-6 ml-auto d-print-none basic block block-block-content block-block-content79af5eed-a1cb-4da7-aeec-56d650fb196d clearfix"> <div class="basic__body"><p><a aria-disabled="true" class="action action--back-to-top" href="#back-to-top-anchor">Back to top</a></p> </div> </section> </div> </div> </div> </div> <div class="site footer"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-footer"> <nav role="navigation" id="block-tsy-theme-main-menu-footer" class="promotion promotion--primary-navigation-footer" aria-label="TSY Primary navigation (Menu block)"> <ul class="menu nav"> <li data-id="680d9da2" class="menu__item is-collapsed"> <a href="/about-treasury" class="menu__link" data-drupal-link-system-path="node/32">About the Treasury</a> </li> <li data-id="378e8548" class="menu__item is-collapsed"> <a href="/information-and-services" class="menu__link" data-drupal-link-system-path="node/33">Information and services</a> </li> <li data-id="17940aa2" class="menu__item is-collapsed"> <a href="/news-and-events" class="menu__link" data-drupal-link-system-path="node/13">News and events</a> </li> <li data-id="c5054063" class="menu__item is-collapsed active-trail"> <a href="/publications" class="menu__link" data-drupal-link-system-path="node/1364">Publications</a> </li> <li data-id="494401aa" class="menu__item"> <a href="/a-z" class="menu__link" data-drupal-link-system-path="a-z">Treasury A-Z</a> </li> </ul> </nav> <nav role="navigation" id="block-tsy-theme-tsyquicklinks-menu" class="promotion promotion--what-are-you-looking-for"> <strong class="block-title h2">What are you looking for?</strong> <ul class="menu nav"> <li data-id="70388612" class="menu__item"> <a href="/about-treasury/who-we-are" class="menu__link" data-drupal-link-system-path="node/365">What is the Treasury</a> </li> <li data-id="807ab308" class="menu__item"> <a href="/about-treasury/our-team/our-structure" class="menu__link" data-drupal-link-system-path="node/330">Our structure</a> </li> <li data-id="f7323a76" class="menu__item"> <a href="/publications/search" class="menu__link" data-drupal-link-system-path="publications/search">Find a publication</a> </li> <li data-id="2f896f19" class="menu__item"> <a href="/search" class="menu__link" data-drupal-link-system-path="search">Search our site</a> </li> <li data-id="10780d4d" class="menu__item"> <a href="/publications/financial-statements-government" class="menu__link" data-drupal-link-system-path="node/1169">Financial statements</a> </li> <li data-id="fb9a99d0" class="menu__item"> <a href="/publications/budgets" class="menu__link" data-drupal-link-system-path="node/1140">Latest Budget</a> </li> <li data-id="bd04dcf5" class="menu__item"> <a href="/information-and-services/financial-management-and-advice/revenue-and-expenditure" class="menu__link" data-drupal-link-system-path="node/1167">Revenue and expenditure</a> </li> <li data-id="2bd7ad83" class="menu__item"> <a href="/publications/budgets/forecasts" class="menu__link" data-drupal-link-system-path="node/1263">Forecasts</a> </li> <li data-id="8161defd" class="menu__item"> <a href="/information-and-services/nz-economy/higher-living-standards" class="menu__link" data-drupal-link-system-path="node/349">Living Standards Framework</a> </li> <li data-id="2c493f95" class="menu__item"> <a href="/staff-update" class="menu__link" data-drupal-link-system-path="node/321">Staff Update</a> </li> </ul> </nav> <section id="block-tsy-theme-tsy-promotion-get-in-touch" class="promotion promotion--get-in-touch block block-fixed-block-content block-fixed-block-contenttsy-promotion-get-in-touch clearfix"> <h2 class="block-title">Get in touch</h2> <div class="basic__body"><ul class="list-unstyled list--social-icons clearfix"> <li class="icon--twitter"><a href="https://twitter.com/nztreasury"><span class="sr-only">Twitter</span></a></li> <li class="icon--facebook"><a href="https://www.facebook.com/nztreasury/"><span class="sr-only">Facebook</span></a></li> <li class="icon--youtube"><a href="https://www.youtube.com/user/nztreasury"><span class="sr-only">YouTube</span></a></li> <li class="icon--linkedin"><a href="https://www.linkedin.com/company/new-zealand-treasury"><span class="sr-only">Linkedin</span></a></li> </ul> <div class="has-margin-half"> <p><strong>The Treasury</strong></p> </div> <div class="row has-margin-top-half"> <div class="col-xs-6"> <p>1 The Terrace, Wellington 6011, New Zealand</p> </div> <div class="col-xs-6"> <p>PO Box 3724, Wellington 6140, New Zealand</p> </div> </div> <div class="has-margin-top-base"> <p>Phone: <a href="tel:+6444722733">+64 4 472 2733</a></p> </div></div> </section> <section id="block-tsy-theme-tsy-promotion-footer-oia-requests" class="promotion promotion--get-in-touch has-margin-top-double block block-fixed-block-content block-fixed-block-contenttsy-promotion-footer-oia-request clearfix"> <h2 class="block-title">Make an OIA request</h2> <div class="basic__body"><p><a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="c7479f46-2973-4d36-9ae8-78b9b14eda81" href="/information-and-services/other-services/information-requests">Official Information Act requests</a></p></div> </section> </div> </div> </div> </div> <div class="site post-footer"> <div class="site__inner container"> <div class="site__row row"> <div class="region region-post-footer"> <nav role="navigation" id="block-tsy-theme-footermenu" class="navigation navigation-post-footer d-print-none navigation--quaternary" aria-label="Footer menu"> <ul class="menu nav"> <li data-id="2e35ec2f" class="menu__item"> <a href="/contact-us" class="menu__link" data-drupal-link-system-path="node/350">Contact Us</a> </li> <li data-id="bbb7eaae" class="menu__item"> <a href="/copyright-and-licensing" class="menu__link" data-drupal-link-system-path="node/14">Copyright and licensing</a> </li> <li data-id="07691107" class="menu__item"> <a href="/privacy" class="menu__link" data-drupal-link-system-path="node/3">Privacy</a> </li> <li data-id="9687efd9" class="menu__item"> <a href="/about-site/transparency" class="menu__link" data-drupal-link-system-path="node/12841">Transparency</a> </li> <li data-id="27d1cd72" class="menu__item"> <a href="/disclaimer" class="menu__link" data-drupal-link-system-path="node/1049">Disclaimer</a> </li> <li data-id="881daff0" class="menu__item"> <a href="/about-site" class="menu__link" data-drupal-link-system-path="node/1237">About this Site</a> </li> <li data-id="bf50cccd" class="menu__item"> <a href="/site-map" class="menu__link" data-drupal-link-system-path="node/4">Site map</a> </li> </ul> </nav> <section id="block-nz-govt-logo" class="promotion promotion--associated-organisation block block-fixed-block-content block-fixed-block-contentnz-goverment-logo clearfix"> <div class="basic__body"><div class="logo logo--secondary"><a class="logo__link" href="https://www.govt.nz/" rel="external" title="Visit the Homepage | New Zealand Government"><?xml version="1.0" encoding="utf-8"?> <!-- Generator: Adobe Illustrator 25.2.3, SVG Export Plug-In . SVG Version: 6.00 Build 0) --> <svg version="1.1" id="Layer_1" x="0px" y="0px" viewBox="0 0 1148.33 209.12" style="enable-background:new 0 0 1148.33 209.12;" xml:space="preserve" xmlns:xlink="http://www.w3.org/1999/xlink"> <g> <path d="M31.64,164.81l0.35-20.75c0.09-5.53,0-15.91-0.35-20.06l2.25-0.6l39.94,46.25V145.7c0-5.53-0.17-16.69-0.69-20.83 c3.37,0,6.66-0.08,9.6-0.43c-0.35,2.51-0.61,9.43-0.69,12.8l-0.6,36.49c-0.09,3.37-0.09,10.37,0.17,12.79l-2.24,0.6l-39.6-45.57 v31.65c0,3.37,0.09,10.03,0.35,12.45H30.6C31.12,181.49,31.55,170.43,31.64,164.81" /> <path d="M120.69,161.52c-0.86-6.66-3.63-10.2-9.59-10.2c-6.4,0-10.47,4.66-11.59,10.81L120.69,161.52z M122.94,167.4l-23.61,0.69 c0.61,8.04,4.76,12.1,12.45,12.1c6.05,0,10.55-2.68,14.44-5.87l-0.35,8.12c-4.41,2.94-9.16,4.75-14.87,4.75 c-13.31,0-19.63-9.42-19.63-20.23c0-12.45,7.87-22.3,20.15-22.3c11.76,0,16.6,8.82,16.6,19.62L122.94,167.4z" /> <path d="M140.23,171.98l-4.15-11.07c-1.9-5.1-4.06-10.89-5.79-14.61l8.73-1.12l8.9,27.41l3.89-11.24 c2.07-5.88,3.89-11.33,5.19-15.65l5.8-0.52l9.77,27.24l3.55-11.15c1.03-3.21,3.45-11.25,4.58-15.57c3.11,0,5.87-0.08,8.47-0.35 l-14.18,40.64l-5.1,0.6c-1.3-4.58-3.2-10.37-5.45-16.51l-4.58-12.28l-9.68,28.19l-5.19,0.6 C143.95,182.53,142.05,177.08,140.23,171.98" /> <path d="M256.68,125.9l-37.17,52.65c3.28,0,8.21,0.08,11.58,0.08c8.82,0,17.9-0.08,23.69-0.26c-0.43,2.42-0.6,4.84-0.69,7.61 c-4.93-0.35-14.61-0.43-22.31-0.43c-9.42,0-18.07,0.09-24.03,0.43l-1.73-1.64l37.18-52.57c-3.72-0.09-6.83-0.09-11.07-0.09 c-8.47,0-15.74,0.09-22.22,0.17c0.26-2.16,0.35-4.84,0.35-7.52c7.69,0.26,11.67,0.44,21.96,0.44c10.29,0,17.38-0.18,22.82-0.44 L256.68,125.9z" /> <path d="M287.89,161.52c-0.86-6.66-3.63-10.2-9.59-10.2c-6.4,0-10.47,4.66-11.59,10.81L287.89,161.52z M290.14,167.4l-23.6,0.69 c0.61,8.04,4.76,12.1,12.45,12.1c6.05,0,10.55-2.68,14.44-5.87l-0.35,8.12c-4.41,2.94-9.16,4.75-14.87,4.75 c-13.31,0-19.63-9.42-19.63-20.23c0-12.45,7.87-22.3,20.15-22.3c11.76,0,16.6,8.82,16.6,19.62L290.14,167.4z" /> <path d="M323.6,170.86l0.17-3.89c-1.21-0.08-2.33-0.17-3.54-0.17c-9.68,0-13.06,3.54-13.06,7.87c0,3.28,1.82,5.79,6.57,5.79 C319.28,180.46,323.35,176.39,323.6,170.86 M299.48,175.1c0-8.05,7.18-13.4,21.01-13.4c1.12,0,2.25,0.08,3.37,0.17l0.09-1.3 c0.17-5.96-2.34-8.9-8.39-8.9c-3.98,0-8.21,1.73-10.98,3.81l-1.82-6.91c4.32-2.51,8.99-3.89,14.09-3.89 c10.29,0,15.13,6.23,14.88,15.39l-0.52,17.12c-0.08,2.42,0.61,3.46,2.51,3.46c1.04,0,2.16-0.26,3.46-0.69l-0.78,5.53 c-1.47,0.6-3.11,1.21-5.19,1.21c-3.28,0-6.31-2.25-6.74-6.74c-2.34,4.06-6.92,6.91-12.45,6.91 C304.41,186.85,299.48,182.18,299.48,175.1" /> <path d="M342.19,185.65c0.43-3.72,0.6-9.08,0.6-14.18v-32.94c0-5.02-0.17-10.55-0.6-14.27c3.11-0.26,6.31-0.6,8.91-1.12 c-0.26,2.24-0.35,6.48-0.35,9.42v44.7c0,3.02,0.09,6.14,0.35,8.39H342.19z" /> <path d="M382.3,170.86l0.17-3.89c-1.21-0.08-2.33-0.17-3.54-0.17c-9.68,0-13.06,3.54-13.06,7.87c0,3.28,1.82,5.79,6.57,5.79 C377.98,180.46,382.04,176.39,382.3,170.86 M358.18,175.1c0-8.05,7.18-13.4,21.01-13.4c1.12,0,2.25,0.08,3.37,0.17l0.09-1.3 c0.17-5.96-2.34-8.9-8.39-8.9c-3.98,0-8.21,1.73-10.98,3.81l-1.82-6.91c4.32-2.51,8.99-3.89,14.09-3.89 c10.29,0,15.13,6.23,14.88,15.39l-0.52,17.12c-0.08,2.42,0.61,3.46,2.51,3.46c1.04,0,2.16-0.26,3.46-0.69l-0.78,5.53 c-1.47,0.6-3.11,1.21-5.19,1.21c-3.28,0-6.31-2.25-6.74-6.74c-2.34,4.06-6.92,6.91-12.45,6.91 C363.11,186.85,358.18,182.18,358.18,175.1" /> <path d="M427.6,185.65c0.43-3.72,0.6-9.68,0.6-14.7v-10.38c0-5.01-1.64-8.9-6.91-8.9c-5.71,0-11.85,5.62-11.85,10.8v14.27 c0,3.03,0.09,6.66,0.35,8.91h-8.82c0.35-3.72,0.52-9.68,0.52-14.7v-10.38c0-5.01-0.18-10.98-0.52-14.7c3.03,0,5.19-0.18,7.78-0.43 l0.61,7.69c3.28-5.36,9.16-8.47,14-8.47c8.65,0,12.79,5.36,12.79,14.35v17.72c0,3.03,0.18,6.66,0.35,8.91H427.6z" /> <path d="M451.73,166.45c0,9.26,5.53,13.83,11.85,13.83c4.24,0,8.21-2.33,10.11-6.05v-19.02c-2.07-2.16-5.19-3.63-9.08-3.63 C456.48,151.58,451.73,158.32,451.73,166.45 M473.69,147.52l-0.09-8.99c0-5.02-0.09-10.55-0.52-14.27c3.11-0.26,6.31-0.61,8.9-1.12 c-0.26,2.24-0.35,6.48-0.35,9.42v38.73c0,5.02,0.17,10.37,0.6,14.35h-7.35l-0.6-4.32c-2.68,3.46-7.52,5.87-12.19,5.87 c-11.24,0-18.33-8.73-18.33-19.79c0-12.71,8.82-22.74,20.67-22.74C467.9,144.67,471.44,145.79,473.69,147.52" /> <path d="M538.7,187.2c-17.73,0-31.3-13.74-31.3-31.12c0-18.16,14.1-32.68,32.94-32.68c6.48,0,14.44,2.33,19.19,5.44l-2.42,7.78 c-4.32-3.46-11.76-5.53-17.63-5.53c-14.01,0-23.35,10.29-23.35,24.29c0,15.39,10.72,24.21,23.52,24.21c4.84,0,8.65-0.86,12.28-2.77 v-10.81c0-1.3,0-3.63-0.18-5.19c-2.59-0.09-1.9-0.09-4.59-0.09c-4.32,0-6.83,0.09-11.76,0.26c0.18-2.94,0.18-5.71,0-7.79 c5.27,0.17,7.87,0.26,11.76,0.26c6.05,0,8.56-0.09,13.67-0.35c-0.43,3.38-0.6,15.39-0.6,20.93v6.74 C555.39,184,549.17,187.2,538.7,187.2" /> <path d="M587.98,151.66c-7.35,0-12.1,6.23-12.1,14.01c0,9.6,4.67,14.52,11.76,14.52c7.61,0,12.1-6.31,12.1-14.18 C599.74,156.76,594.55,151.66,587.98,151.66 M587.21,187.2c-11.76,0-19.19-9.42-19.19-20.23c0-12.45,8.04-22.31,20.32-22.31 c11.85,0,19.28,9.43,19.28,20.23C607.61,177.35,599.57,187.2,587.21,187.2" /> <path d="M620.58,171.98l-4.84-11.07c-2.25-5.1-4.67-10.89-6.66-14.61l8.65-1.12l11.67,29.14l5.02-13.4 c1.21-3.28,4.24-11.07,5.53-15.22c3.11,0,6.31-0.08,8.82-0.35l-16.86,40.64l-5.45,0.6C625.16,182.53,622.74,177.08,620.58,171.98" /> <path d="M679.54,161.52c-0.86-6.66-3.63-10.2-9.59-10.2c-6.4,0-10.47,4.66-11.59,10.81L679.54,161.52z M681.79,167.4l-23.6,0.69 c0.6,8.04,4.76,12.1,12.45,12.1c6.05,0,10.55-2.68,14.44-5.87l-0.35,8.12c-4.41,2.94-9.16,4.75-14.87,4.75 c-13.32,0-19.63-9.42-19.63-20.23c0-12.45,7.87-22.3,20.15-22.3c11.76,0,16.6,8.82,16.6,19.62L681.79,167.4z" /> <path d="M715.25,153.83c-5.7-1.04-12.88,1.99-12.88,8.04v14.87c0,3.02,0.09,6.66,0.35,8.9h-8.82c0.43-3.72,0.52-9.68,0.52-14.7 v-12.1c0-5.02-0.26-8.9-0.87-12.45c2.77-0.09,5.36-0.52,7.87-1.12l0.86,7.87c3.28-5.36,7.52-7.69,14.01-8.47L715.25,153.83z" /> <path d="M748.02,185.65c0.43-3.72,0.61-9.68,0.61-14.7v-10.38c0-5.01-1.64-8.9-6.92-8.9c-5.71,0-11.85,5.62-11.85,10.8v14.27 c0,3.03,0.09,6.66,0.35,8.91h-8.82c0.35-3.72,0.52-9.68,0.52-14.7v-10.38c0-5.01-0.18-10.98-0.52-14.7c3.03,0,5.19-0.18,7.78-0.43 l0.61,7.69c3.28-5.36,9.16-8.47,14-8.47c8.65,0,12.79,5.36,12.79,14.35v17.72c0,3.03,0.18,6.66,0.35,8.91H748.02z" /> <path d="M816.75,185.65c0.43-3.72,0.6-9.68,0.6-14.7v-10.38c0-5.01-1.38-8.9-6.66-8.9c-5.71,0-10.64,4.41-10.64,9.68v15.39 c0,3.03,0.09,6.66,0.35,8.91h-8.82c0.34-3.72,0.52-9.68,0.52-14.7v-10.38c0-5.01-1.13-8.9-6.4-8.9c-5.63,0-10.64,4.41-10.64,9.68 v15.39c0,3.03,0.09,6.66,0.35,8.91h-8.91c0.43-3.72,0.61-9.68,0.61-14.7v-10.38c0-5.01-0.18-10.98-0.61-14.7 c3.12,0,5.19-0.18,7.78-0.43l0.61,6.57c3.54-4.75,8.3-7.34,12.88-7.34c6.4,0,10.11,3.28,11.5,7.69c2.68-4.41,7.52-7.69,13.4-7.69 c8.65,0,12.62,5.36,12.62,14.35v17.72c0,3.03,0.09,6.66,0.35,8.91H816.75z" /> <path d="M862.31,161.52c-0.86-6.66-3.63-10.2-9.59-10.2c-6.4,0-10.47,4.66-11.59,10.81L862.31,161.52z M864.56,167.4l-23.61,0.69 c0.61,8.04,4.76,12.1,12.45,12.1c6.05,0,10.55-2.68,14.44-5.87l-0.35,8.12c-4.41,2.94-9.16,4.75-14.87,4.75 c-13.32,0-19.63-9.42-19.63-20.23c0-12.45,7.87-22.3,20.15-22.3c11.76,0,16.6,8.82,16.6,19.62L864.56,167.4z" /> <path d="M903.29,185.65c0.43-3.72,0.61-9.68,0.61-14.7v-10.38c0-5.01-1.64-8.9-6.92-8.9c-5.71,0-11.85,5.62-11.85,10.8v14.27 c0,3.03,0.09,6.66,0.35,8.91h-8.82c0.35-3.72,0.52-9.68,0.52-14.7v-10.38c0-5.01-0.18-10.98-0.52-14.7c3.03,0,5.19-0.18,7.78-0.43 l0.61,7.69c3.28-5.36,9.17-8.47,14.01-8.47c8.65,0,12.79,5.36,12.79,14.35v17.72c0,3.03,0.18,6.66,0.35,8.91H903.29z" /> <path d="M943.24,184.61c-1.82,1.47-5.27,2.25-7.87,2.25c-7.52,0-10.63-4.24-10.63-11.76v-22.65h-7.18l2.08-6.91h5.19l0.78-8.48 l7.09-1.9v10.38h10.64c-0.17,1.9-0.26,3.8-0.26,6.91h-10.38v22.14c0,4.06,1.47,5.19,4.41,5.19c2.16,0,4.75-0.95,6.48-2.08 L943.24,184.61z" /> <path d="M78.44,38.99c-5.97-0.09-11.15-0.17-17.9-0.17c-0.08,1.9-0.08,4.15-0.08,5.45v28.88c0,3.28,0.08,10.03,0.35,12.45H42.38 c0.43-4.15,0.6-15.22,0.6-20.84V51.87c0-3.2-0.08-8.56-0.26-13.05c-6.74,0-12.36,0.08-18.24,0.17c0.26-4.41,0.35-9.86,0.35-14.7 c8.39,0.26,16.77,0.43,26.89,0.43c10.2,0,18.85-0.17,27.41-0.43C78.7,28.96,78.44,33.2,78.44,38.99" /> <path d="M110.33,60.09c-0.35-4.66-2.25-7.44-6.14-7.44c-4.15,0-6.92,3.28-7.26,7.78L110.33,60.09z M121.32,66.57l-24.47,0.52 c0.34,5.27,3.72,8.22,10.03,8.22c6.84,0,11.85-2.08,16.26-4.41l-0.26,11.15c-5.27,3.11-11.07,4.93-17.9,4.93 c-15.82,0-23.78-9.68-23.78-21.79c0-13.75,9.77-23.17,23.52-23.17c13.66,0,19.8,9.33,19.8,20.92L121.32,66.57z" /> <path d="M164.2,59.74v13.4c0,3.28,0.09,10.03,0.35,12.45h-18.33c0.43-4.15,0.61-15.22,0.61-20.84V45.65 c0-5.53-0.18-16.69-0.61-20.84c3.38,0,15.48-0.08,18.33-0.43c-0.26,2.51-0.35,9.42-0.35,12.8v12.97l7.69-10.29 c2.77-3.54,7.87-10.55,11.33-15.22h19.8l-23.95,29.05l14.79,18.42c2.42,3.03,8.12,9.94,10.72,13.06l-20.15,1.3L164.2,59.74z" /> <path d="M228.17,71.5l0.18-3.98c-0.69-0.09-1.47-0.09-2.34-0.09c-5.19,0-7.26,2.33-7.26,5.36c0,2.86,1.64,4.76,4.32,4.76 C226.01,77.55,228.09,75.65,228.17,71.5 M241.66,35.53c-4.06-0.09-7.09-0.17-10.64-0.17h-10.81c-4.41,0-7.44,0.08-10.98,0.17 c0.17-2.51,0.34-7,0.34-10.29c5.36,0.17,9.34,0.25,16.52,0.25c5.02,0,10.81-0.08,15.99-0.25 C241.84,28.36,241.66,32.16,241.66,35.53 M203.79,75.22c0-8.47,7.09-14.18,21.44-14.18c0.86,0,1.99,0.09,3.2,0.18l0.09-1.13 c0.09-3.63-1.55-5.62-6.4-5.62c-4.93,0-10.2,1.82-13.49,3.8l-1.81-11.24c4.67-2.77,11.85-5.02,18.85-5.02 c13.06,0,18.59,5.45,18.42,17.47l-0.35,13.83c-0.09,2.42,0.78,3.03,2.51,3.03c0.6,0,1.38-0.26,2.07-0.43l-0.6,9.16 c-2.77,1.04-5.01,1.56-8.12,1.56c-5.1,0-8.9-1.73-10.29-6.83c-2.42,4.24-7.61,6.83-12.8,6.83 C208.72,86.63,203.79,82.4,203.79,75.22" /> <path d="M257.83,71.76l-4.15-11.24c-1.9-5.1-4.84-13.06-6.57-16.86c2.25,0,13.49-0.52,16-0.69l7,22.65l2.94-8.38l4.84-13.83 l10.64-0.35l7.61,22.65l2.77-8.73c0.26-0.78,4.15-12.54,4.41-13.57c5.97,0,10.21,0,15.05-0.26l-16.6,42.54l-11.67,0.43 c-1.39-4.33-3.28-9.51-5.27-15.13l-2.25-6.4l-8.13,21.1l-11.67,0.35C261.54,81.96,259.73,76.95,257.83,71.76" /> <path d="M342.04,71.5l0.17-3.98c-0.69-0.09-1.47-0.09-2.34-0.09c-5.19,0-7.26,2.33-7.26,5.36c0,2.86,1.64,4.76,4.32,4.76 C339.87,77.55,341.95,75.65,342.04,71.5 M317.66,75.22c0-8.47,7.09-14.18,21.44-14.18c0.86,0,1.99,0.09,3.2,0.18l0.09-1.13 c0.09-3.63-1.56-5.62-6.4-5.62c-4.93,0-10.2,1.82-13.49,3.8l-1.82-11.24c4.67-2.77,11.85-5.02,18.85-5.02 c13.06,0,18.59,5.45,18.42,17.47l-0.35,13.83c-0.09,2.42,0.78,3.03,2.51,3.03c0.61,0,1.38-0.26,2.07-0.43l-0.61,9.16 c-2.77,1.04-5.02,1.56-8.12,1.56c-5.1,0-8.9-1.73-10.29-6.83c-2.42,4.24-7.61,6.83-12.8,6.83 C322.58,86.63,317.66,82.4,317.66,75.22" /> <path d="M393.31,85.6c0.43-3.72,0.52-9.68,0.52-14.7v-9.08c0-5.02-0.95-7.35-4.49-7.35c-4.07,0-7.01,3.63-7.01,7.26v14.95 c0,3.03,0.09,6.66,0.35,8.91h-17.29c0.35-3.72,0.52-9.68,0.52-14.7V57.93c0-5.01-0.17-10.2-0.52-13.92 c3.03,0,13.66-1.29,16.25-1.56l0.61,9.34c3.46-6.14,9.77-9.77,15.65-9.77c8.39,0,12.36,5.62,12.36,14.95v19.71 c0,3.03,0.17,6.66,0.35,8.91H393.31z" /> <path d="M438.61,71.5l0.17-3.98c-0.69-0.09-1.47-0.09-2.33-0.09c-5.19,0-7.26,2.33-7.26,5.36c0,2.86,1.64,4.76,4.32,4.76 C436.45,77.55,438.52,75.65,438.61,71.5 M414.22,75.22c0-8.47,7.09-14.18,21.44-14.18c0.86,0,1.99,0.09,3.2,0.18l0.09-1.13 c0.09-3.63-1.55-5.62-6.4-5.62c-4.93,0-10.2,1.82-13.49,3.8l-1.82-11.24c4.67-2.77,11.85-5.02,18.85-5.02 c13.06,0,18.59,5.45,18.42,17.47l-0.35,13.83c-0.09,2.42,0.78,3.03,2.51,3.03c0.61,0,1.39-0.26,2.07-0.43l-0.61,9.16 c-2.77,1.04-5.02,1.56-8.12,1.56c-5.1,0-8.9-1.73-10.29-6.83c-2.42,4.24-7.61,6.83-12.8,6.83 C419.15,86.63,414.22,82.4,414.22,75.22" /> <path d="M491.86,84.64c-2.85,1.47-6.83,2.42-10.89,2.42c-9.51,0-15.65-3.37-15.65-15.82V53.95h-7.01l1.99-10.81h5.19l0.87-8.56 l15.39-5.36v13.92h10.63c-0.17,1.9-0.26,7.69-0.26,10.81h-10.37v15.39c0,4.5,1.73,5.62,4.41,5.62c2.16,0,4.32-0.78,6.05-1.82 L491.86,84.64z" /> <path d="M517.98,71.5l0.17-3.98c-0.69-0.09-1.47-0.09-2.33-0.09c-5.19,0-7.26,2.33-7.26,5.36c0,2.86,1.64,4.76,4.32,4.76 C515.81,77.55,517.89,75.65,517.98,71.5 M493.59,75.22c0-8.47,7.09-14.18,21.44-14.18c0.86,0,1.99,0.09,3.2,0.18l0.09-1.13 c0.09-3.63-1.55-5.62-6.4-5.62c-4.93,0-10.2,1.82-13.49,3.8l-1.82-11.24c4.67-2.77,11.85-5.02,18.85-5.02 c13.06,0,18.59,5.45,18.42,17.47l-0.35,13.83c-0.09,2.42,0.78,3.03,2.51,3.03c0.61,0,1.39-0.26,2.07-0.43l-0.61,9.16 c-2.77,1.04-5.02,1.56-8.12,1.56c-5.1,0-8.9-1.73-10.29-6.83c-2.42,4.24-7.61,6.83-12.8,6.83 C498.52,86.63,493.59,82.4,493.59,75.22" /> <path d="M569.24,85.6c0.43-3.72,0.52-9.68,0.52-14.7v-9.08c0-5.02-0.95-7.35-4.49-7.35c-4.07,0-7.01,3.63-7.01,7.26v14.95 c0,3.03,0.09,6.66,0.35,8.91h-17.29c0.35-3.72,0.52-9.68,0.52-14.7V57.93c0-5.01-0.17-10.2-0.52-13.92 c3.03,0,13.66-1.29,16.25-1.56l0.61,9.34c3.46-6.14,9.77-9.77,15.65-9.77c8.39,0,12.36,5.62,12.36,14.95v19.71 c0,3.03,0.17,6.66,0.35,8.91H569.24z" /> <path d="M611.86,51.96c-3.29,0-5.45,2.25-5.45,6.4c0,4.84,2.25,7,5.36,7c3.28,0,5.36-2.33,5.36-6.57 C617.13,53.86,614.71,51.96,611.86,51.96 M604.85,89.31c-3.2,1.12-4.49,2.85-4.49,4.24c0,2.25,2.68,4.06,8.9,4.06 c6.66,0,10.98-2.6,10.98-5.19c0-1.9-1.99-2.68-7.87-2.94h-1.82C608.83,89.4,606.76,89.31,604.85,89.31 M611.43,74.01 c-2.68,0-5.19-0.26-7.35-0.78c-1.39,0.78-1.99,1.73-1.99,2.42c0,1.38,1.82,2.24,10.46,2.24h1.99c12.36,0,20.06,2.94,20.06,10.98 c0,9.08-10.38,17.38-26.72,17.38c-13.05,0-19.71-4.67-19.71-10.55c0-4.24,3.55-7.35,8.47-8.99c-3.2-1.38-5.36-3.98-5.36-7.18 c0-3.2,2.51-6.57,6.74-8.9c-3.98-2.6-6.31-6.48-6.31-11.5c0-9.77,8.47-17.12,20.58-17.12c2.85,0,5.45,0.43,7.69,1.13 c0.52-7.35,4.76-11.24,14.1-10.2l-0.43,11.32c-4.5-1.12-6.92-0.43-7.79,1.99c3.81,2.94,5.97,7.18,5.97,11.68 C631.83,67.61,623.18,74.01,611.43,74.01" /> <path d="M659.06,71.5l0.18-3.98c-0.69-0.09-1.47-0.09-2.34-0.09c-5.19,0-7.26,2.33-7.26,5.36c0,2.86,1.64,4.76,4.32,4.76 C656.9,77.55,658.98,75.65,659.06,71.5 M634.68,75.22c0-8.47,7.09-14.18,21.44-14.18c0.86,0,1.99,0.09,3.2,0.18l0.09-1.13 c0.09-3.63-1.56-5.62-6.4-5.62c-4.93,0-10.2,1.82-13.49,3.8l-1.82-11.24c4.67-2.77,11.85-5.02,18.85-5.02 c13.06,0,18.59,5.45,18.42,17.47l-0.35,13.83c-0.09,2.42,0.78,3.03,2.51,3.03c0.61,0,1.38-0.26,2.07-0.43l-0.61,9.16 c-2.77,1.04-5.01,1.56-8.12,1.56c-5.1,0-8.9-1.73-10.29-6.83c-2.42,4.24-7.61,6.83-12.8,6.83 C639.61,86.63,634.68,82.4,634.68,75.22" /> <path d="M719.15,53.43c-4.24,0-6.92,3.46-6.92,10.72c0,8.47,2.77,11.5,6.57,11.5c4.32,0,7-3.28,7-10.72 C725.81,56.2,722.87,53.43,719.15,53.43 M718.37,87.15c-13.4,0-22.05-9.43-22.05-21.53c0-13.74,9.25-23.6,23.17-23.6 c13.49,0,22.22,9.42,22.22,21.53C741.72,77.29,732.38,87.15,718.37,87.15" /> <path d="M783.39,63.98h13.92l-7.01-18.76L783.39,63.98z M776.64,41.33c3.02-7.18,5.02-11.68,6.66-16.52l13.92-0.86l18.94,43.92 c2.25,5.36,5.53,12.36,7.96,17.73l-18.42,0.69l-4.67-11.59h-21.18c-1.13,2.85-3.63,9.69-4.15,10.89h-17.98L776.64,41.33z" /> <path d="M847.37,53.43c-4.24,0-6.92,3.46-6.92,10.72c0,8.47,2.77,11.5,6.57,11.5c4.32,0,7-3.28,7-10.72 C854.02,56.2,851.08,53.43,847.37,53.43 M846.59,87.15c-13.4,0-22.04-9.43-22.04-21.53c0-13.74,9.25-23.6,23.17-23.6 c13.49,0,22.22,9.42,22.22,21.53C869.93,77.29,860.59,87.15,846.59,87.15" /> <path d="M903.99,84.64c-2.85,1.47-6.83,2.42-10.89,2.42c-9.51,0-15.65-3.37-15.65-15.82V53.95h-7l1.99-10.81h5.19l0.87-8.56 l15.39-5.36v13.92h10.64c-0.18,1.9-0.26,7.69-0.26,10.81h-10.37v15.39c0,4.5,1.73,5.62,4.41,5.62c2.16,0,4.32-0.78,6.05-1.82 L903.99,84.64z" /> <path d="M935.46,60.09c-0.35-4.66-2.25-7.44-6.14-7.44c-4.15,0-6.92,3.28-7.26,7.78L935.46,60.09z M946.44,66.57l-24.47,0.52 c0.34,5.27,3.72,8.22,10.03,8.22c6.84,0,11.85-2.08,16.26-4.41L948,82.05c-5.27,3.11-11.07,4.93-17.9,4.93 c-15.82,0-23.78-9.68-23.78-21.79c0-13.75,9.77-23.17,23.52-23.17c13.66,0,19.8,9.33,19.8,20.92L946.44,66.57z" /> <path d="M975.58,71.5l0.18-3.98c-0.69-0.09-1.47-0.09-2.34-0.09c-5.19,0-7.26,2.33-7.26,5.36c0,2.86,1.64,4.76,4.32,4.76 C973.42,77.55,975.49,75.65,975.58,71.5 M951.2,75.22c0-8.47,7.09-14.18,21.44-14.18c0.86,0,1.99,0.09,3.2,0.18l0.09-1.13 c0.09-3.63-1.55-5.62-6.4-5.62c-4.93,0-10.2,1.82-13.49,3.8l-1.82-11.24c4.67-2.77,11.85-5.02,18.85-5.02 c13.06,0,18.59,5.45,18.42,17.47l-0.35,13.83c-0.09,2.42,0.78,3.03,2.51,3.03c0.61,0,1.39-0.26,2.07-0.43l-0.61,9.16 c-2.77,1.04-5.01,1.56-8.12,1.56c-5.1,0-8.9-1.73-10.29-6.83c-2.42,4.24-7.61,6.83-12.8,6.83C956.12,86.63,951.2,82.4,951.2,75.22" /> <path d="M1029.96,57.06c-7.26-0.78-14.1,0.95-14.1,8.99v10.63c0,3.03,0.09,6.66,0.35,8.91h-17.29c0.43-3.72,0.52-9.68,0.52-14.7 V57.5c0-5.02-0.26-9.69-0.6-13.4c2.94,0,13.66-1.39,16.25-1.73l0.69,10.72c2.42-6.23,7.52-10.47,15.22-11.07L1029.96,57.06z" /> <path d="M1054.68,53.43c-4.24,0-6.92,3.46-6.92,10.72c0,8.47,2.77,11.5,6.57,11.5c4.32,0,7-3.28,7-10.72 C1061.34,56.2,1058.4,53.43,1054.68,53.43 M1053.9,87.15c-13.4,0-22.05-9.43-22.05-21.53c0-13.74,9.26-23.6,23.17-23.6 c13.49,0,22.22,9.42,22.22,21.53C1077.25,77.29,1067.91,87.15,1053.9,87.15" /> <path d="M1103.36,71.5l0.17-3.98c-0.69-0.09-1.47-0.09-2.34-0.09c-5.19,0-7.26,2.33-7.26,5.36c0,2.86,1.64,4.76,4.32,4.76 C1101.2,77.55,1103.27,75.65,1103.36,71.5 M1078.98,75.22c0-8.47,7.09-14.18,21.44-14.18c0.86,0,1.99,0.09,3.2,0.18l0.09-1.13 c0.09-3.63-1.56-5.62-6.4-5.62c-4.93,0-10.2,1.82-13.49,3.8L1082,47.03c4.67-2.77,11.85-5.02,18.85-5.02 c13.06,0,18.59,5.45,18.42,17.47l-0.35,13.83c-0.09,2.42,0.78,3.03,2.51,3.03c0.61,0,1.38-0.26,2.07-0.43l-0.61,9.16 c-2.77,1.04-5.02,1.56-8.12,1.56c-5.1,0-8.9-1.73-10.29-6.83c-2.42,4.24-7.61,6.83-12.8,6.83 C1083.9,86.63,1078.98,82.4,1078.98,75.22" /> </g> </svg> <span class="sr-only">New Zealand Government</span></a></div> </div> </section> </div> </div> </div> </div> </footer> </div> </div> </div> <script src="/sites/default/files/js/js_NjKlnBU35XFkjfA2kgX8-S7UqBvfVBIXjhrgPUb9Dg4.js?scope=footer&amp;delta=0&amp;language=en&amp;theme=tsy_theme&amp;include=eJxtj0sOwyAQQy8E4UjIkNGUhp-GSUVuXxbdpIpkWbL9No4YwwcM8vqiQo5zC8iGpuZUD7fL2ZG3XzTcGueFgh0v-88b3pj3sphBUZt4wZ6mHwpREhcQD6ttqT8DhRi2UD2f54pPYmhq1douqUAuo-O6nfgCqOtVmg"></script> <script src="/themes/contrib/sector_radix_starter-sector_radix_starter/dist/a11y.js?v=10.4.1" async></script> <script src="/sites/default/files/js/js_jI2LCJ57k-HnMVIcQA4lG2ONmV5u0RKgtX4NeXb4QtA.js?scope=footer&amp;delta=2&amp;language=en&amp;theme=tsy_theme&amp;include=eJxtj0sOwyAQQy8E4UjIkNGUhp-GSUVuXxbdpIpkWbL9No4YwwcM8vqiQo5zC8iGpuZUD7fL2ZG3XzTcGueFgh0v-88b3pj3sphBUZt4wZ6mHwpREhcQD6ttqT8DhRi2UD2f54pPYmhq1douqUAuo-O6nfgCqOtVmg"></script> <script src="/themes/contrib/sector_radix_starter-sector_radix_starter/dist/components/mega-menu/mega-menu.js?srjbr8" defer=""></script> <script src="/sites/default/files/js/js_BGdDwdK5-nIuajhLQW8fyBoC0HBoeoRRNulox3gKh9M.js?scope=footer&amp;delta=4&amp;language=en&amp;theme=tsy_theme&amp;include=eJxtj0sOwyAQQy8E4UjIkNGUhp-GSUVuXxbdpIpkWbL9No4YwwcM8vqiQo5zC8iGpuZUD7fL2ZG3XzTcGueFgh0v-88b3pj3sphBUZt4wZ6mHwpREhcQD6ttqT8DhRi2UD2f54pPYmhq1douqUAuo-O6nfgCqOtVmg"></script> </body> </html>

Pages: 1 2 3 4 5 6 7 8 9 10