The Treasury released its April 2026 titles of advice to Ministers on 19 May 2026. The list shows focused preparation for Monetary Policy Committee transparency changes and the government's response to the National Infrastructure Plan.
MPC Transparency Changes Take Centre Stage
Treasury provided an aide memoire on 1 April on changes to MPC transparency settings. The Reserve Bank followed with a report on proposed charter amendments on 8 April. These documents fed directly into the 30 April announcement of reforms effective for the May Monetary Policy Statement.
The changes require public attribution of votes when consensus is lacking. They also ease restrictions on members' external communications. Finance Minister Nicola Willis stated:
"From today, when the committee does not reach consensus, members' votes will be publicly available."
Infrastructure Response Builds on February Plan
Treasury delivered key reports on 9 April and 30 April on the government response to the National Infrastructure Plan. Infrastructure Minister Chris Bishop released the 30-year framework in February with four themes and ten priority actions.
Advice covered planning, funding and delivery for roads, water, hospitals, schools and courts. The documents prepared Cabinet consideration of the plan.
Fiscal Outlook Update Signals Consolidation Push
An aide memoire on 29 April updated the fiscal outlook for Budget 2026. Treasury's Half Year Economic and Fiscal Update 2025 had already forecast an OBEGALx deficit of $13.9 billion or 3.0 percent of GDP for 2025/26.
Net core Crown debt stood at 41.8 percent of GDP in 2024/25. The government targets an OBEGALx surplus in 2028/29 or 2029/30. Budget 2026 carries a $2.4 billion operating allowance.
External shocks from Middle East developments prompted separate advice on oil price assumptions on 16 April and recovery planning on 24 April. A Westpac IQ preview of Budget 2026 indicates these events could widen cumulative deficits by around $8 billion over the forecast period.
Entity Performance Reports Track Spending Efficiency
The April list includes performance reports for the six months to 31 December 2025 for Radio New Zealand, Television New Zealand, KiwiRail and other Crown entities. Equity drawdowns for KiwiRail and Ferry Holdings also featured.
These updates form part of routine monitoring of state-owned enterprises and Crown financial institutions. They help identify areas where spending can be curbed to reduce waste.
Budget 2026 Preparations Underway
Treasury and Inland Revenue briefings covered tax measures including in-work tax credits and software development expenditure. The titles list also addressed the New Zealand-India FTA and Natural Hazards Commission performance expectations.
The April advice directly informs the Budget Economic and Fiscal Update due on 28 May 2026. Persistent deficits since the 2019/20 financial year require disciplined action to restore balance and limit the tax burden on households and businesses.
