31 May 2024

Budget 2024 at a glance: What you need to know

9:35 am on 31 May 2024
Stylised illustration of coins falling into glass jar shaped as the Beehive

Photo: RNZ

Note: This article originally stated the government would be bringing in $1.195b over four years from expanding the Waste Disposal Levy. This figure instead refers to the total amount expected from the levy over that time, including the money going towards councils.

Figures are annual averages unless specified. This is not an exhaustive list, but aims to cover the key spending and savings.

Tax and economy (spending on average $3.68b more a year in new initiatives)

  • $2.57b on tax cuts through bracket adjustments unchanged from what National set out in the election campaign
  • $155m on Independent Earner Tax Credit eligibility changes in line with National's election campaign
  • $182m on In-Work Working For Families Tax credit by $25 a week, in line with National's election campaign (the change to abatement thresholds was abandoned during coalition negotiations)
  • $729m on restoring interest deductibility for residential rental property
  • $45m on adjusting the brightline test

Read more:

Announced before the Budget

Savings and new funding (additional $3.71b a year in revenue)

Note that the climate funding and closure of Labour programmes includes savings found in the mini-Budget in December.

  • $1.215b in total baseline savings from government departments and agencies not reprioritised
  • $775m on closing previous programmes
  • $597m of funding from the Climate Emergency Response Fund paid for through the ETS
  • $578m from commercial buildings depreciation
  • $229.7m over four years from savings and expanding the Waste Disposal Levy to cover a wider range of projects (with half of the levy's total revenue still going to local government)
  • $462.8m over four years from scrapping the Wellington Science City project
  • $133m from immigration levies including $261.9m over four years from increased International Visitors levies
  • $47m from taxing online casino operators
  • $178m over four years in savings from the Energy Efficiency and Conservation Authority, including discontinuing new Warmer Kiwi Homes subsidies for hot water heaters, energy-efficiency measures, an LED lighting scheme, and community-focused outreach for hard-to-reach households
  • $220m from switching fees-free from first year to final year of university
  • $147m from tax evasion crackdown
  • $116.1m over four years from reinstating the $5 prescription fee for ages 14-64, made up of $269m over four years in total savings and $153.5m over four years due to increased uptake from the policy.
  • $164.5m over four years returned from contingency funding for pricing an agricultural emissions scheme
  • $5.55m over four years less spent on NZ Film Commission, NZ Symphony Orchestra, and Nga Taonga Sound and Vision
  • $5.72m over four years from scrapping the Consumer Advocacy Council, and $38.27m over four years from scaling down other energy programmes like the Community Renewable Energy Fund
  • $300,000 for scrapping the Circular Economy and Biosecurity Strategy

Announced before the Budget

Education ($1.01b)

  • $1.48b over four years for school and kura kaupapa property
  • $199.5m over four years for school operating grants
  • $191m over four years for ECE subsidies
  • $163m over four years to maintain school IT infrastructure
  • $256m over four years to increase tertiary tuition and training subsidies to providers by 2.5%
  • Student loan interest rates for overseas borrowers to increase from 3.9% to 4.9% from 1 April 2025

Announced before the Budget

Health, disability and mental health

Health NZ Te Whatu Ora is set to receive $16.68b in new funding over three Budgets:

  • $3.44b over four years for Health NZ hospital and specialist services
  • $2.12b over four years for primary, community and public health
  • $1.77b over four years to maintain Pharmac funding
  • $1.1b over five years to address demand and cost pressures for the Ministry of Disabled People Whaikaha
  • $31.2m over four years to extend free breast screening
  • $30.84m over four years to increase ED security
  • $22m over four years to train 25 more doctors each year
  • $9.7m over four years to set up a National Mental Health and Addiction Community Sector Innovation Fund

Announced before the Budget

Transport ($2.68b over four years)

  • $1b over four years to accelerate Roads of National Significance
  • $939.3m over four years to repair roads damaged during Cyclone Gabrielle, the Auckland floods and other North Island weather events
  • $266.9m over four years to upgrade and maintain Auckland and Wellington rail networks, including $159.2m over two years to complete Auckland's rail network rebuild
  • $200m over four years for KiwiRail national rail network maintenance and renewals
  • $10m over four years for Airways NZ to complete minimum operating network of Ground Based Navigation Aids used to safely recover aircraft
  • $44m to support Civil Aviation Authority to carry out core functions while fee, levy rates are reviewed
  • $23.1m over four years for critical frontline rescue services to respond to severe weather events and emergencies
  • Extra $1b over four years for the National Land Transport Fund

Announced before the Budget

Justice, police Corrections and defence ($651m over four years)

  • $226.1m over four years for an extra 500 police
  • $424.9m over four years to support frontline policing ($242.2m for police pay and $62.7m for vehicles and maritime capability)
  • $78m over three years to extend rehabilitation programmes to remand prisoners
  • $812.8m over five years for Corrections to respond to the increase in prisoners numbers
  • Savings of $43.4m over four years from increasing court filing, enforcement and fine collection fees

Announced before the Budget


  • $48.7m over three years from 2025/26 for Te Matatini
  • $1.2b for a Regional Infrastructure Fund, including $200m for flood infrastructure upgrades
  • $5m for the creation of the National Infrastructure Agency
  • $106.9m over four years operational funding for GeoNet and the National Seismic Hazard Model
  • $92.2m for National's replacement for the RMA reforms

Announced before the Budget

Get the RNZ app

for ad-free news and current affairs