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Vol. 02 · New Zealand
WEDNESDAY 05/08/2026
Iss. 2026 / 32
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Economic News is an independent New Zealand publication covering monetary policy, markets, the public finances and the wider economy.

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Pasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market StabilityPasifika Unemployment Rate Reaches 11.6 Percent in June QuarterCommerce Commission to Decide T&G Fresh Acquisition by 26 AugustStats NZ to Run $300-400m Traditional Census in 2028 After Reform ImpasseGovernment Extends ETS Settings to 2031 for Market Stability
NATURAL HAZARDS · FISCAL OVERSIGHT

Treasury Releases 2026/27 Expectations Letter for Natural Hazards Commission

Treasury published the Minister of Finance’s Letter of Expectations for the Natural Hazards Commission Toka Tū Ake on 22 July 2026. The document sets strategic direction for the Crown agent for the 2026/27 fiscal year.

Fiscal Desk22/07/2026 · 15:07 NZT6 min read
FiscalBreaking
FD
Fiscal Desk
Fiscal Policy Correspondent · 22/07/2026 · 15:07 NZT · 6 min read
Buckled railway track near Kaikōura following the November 2016 earthquake, one of the events that substantially drew down the Natural Disaster Fund

At a glance

Treasury's oversight letter for NHC Toka Tū Ake lands alongside a record $12.3b reinsurance deal but a levy rate flagged as long-term insufficient.

Key stats

Building cover cap
$300,000
per residential property
Natural Disaster Fund
$670m
mid-2026 balance
Reinsurance tower
$12.3b
2026 policy year, record high
Reinsurance increase
+20%
$2.1b above prior year
Levy rate
16¢/$100
insured value, unchanged
Budget 2026 resilience
$400m
community hazard investment
Claims (Jan–Feb 2026)
800+
natural hazard events

Sources cited

  • Letter of Expectations 2026/27 for the Natural Hazards Commission Toka Tū Ake - Information Release — Treasury
  • Funding and Risk Management Statement for Natural Hazards Commission Toka Tū Ake — Treasury
  • NHC lands record reinsurance deal as global markets back New Zealand — Insurance Business Magazine
  • Preparing before disaster strikes — Beehive.govt.nz
  • Statement of Performance Expectations 2026/27 — Natural Hazards Commission Toka Tū Ake
  • Financial Statements of the Government of New Zealand for the Year Ended 30 June 2025 — Treasury

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Government Extends ETS Settings to 2031 for Market Stability

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IRD Holds $619 Million in Unclaimed Money as Holdings Rise

Inland Revenue held $619.311 million in unclaimed money as at 30 June 2025. The total has risen each year from $446.758 million in June 2023 and $574.547 million in June 2024.

Fiscal Desk·04/08/2026 · 17:37 NZT·6 min

All fiscal →

Treasury published the Minister of Finance's Letter of Expectations for the Natural Hazards Commission Toka Tū Ake on 22 July 2026. The document sets strategic direction for the Crown agent for the 2026/27 fiscal year.

The signed letter is dated 7 April 2026. Portions of the release are withheld under the Official Information Act 1982.

The commission operates as a Crown agent under the Natural Hazards Insurance Act 2023. It provides capped insurance cover of up to $300,000 per residential building for natural hazards. The scheme is funded by a levy on homeowners' insurance premiums.

According to NHC's own reporting, the Natural Disaster Fund stood at approximately $670 million as of mid-2026. The fund peaked above $6 billion before drawdowns from the Canterbury and Kaikōura earthquakes.

Record Reinsurance and the Levy Debate

NHC secured a record NZ$12.3 billion reinsurance programme for the 2026 policy year. This represents a $2.1 billion or 20 percent increase from the prior year at improved pricing.

The current levy rate of 16 cents per $100 of insured value remains unchanged. Treasury's 2024 Funding and Risk Management Statement assessed the rate as sufficient for short-term obligations but insufficient over the longer term.

Budget Allocation and Claims Activity

Budget 2026 allocated $400 million for targeted investments in community resilience to severe weather and natural hazards. NHC recorded more than 800 natural hazard claims in the first two months of 2026.

NHC Reinsurance Programme Growth
Programme expanded from NZ$10.3b in 2025 to a record NZ$12.3b for the 2026 policy year.
Source: Insurance Business Magazine / NHC, June 2026

Performance Expectations and Ongoing Oversight

The commission's Statement of Performance Expectations for 2026/27 outlines performance targets and prospective financials from 1 July 2026 to 30 June 2027. Treasury continues routine monitoring of Crown agents to align with fiscal sustainability priorities.