24984 (2026). Chlöe Swarbrick to the Minister of Finance

24984 (2026). Chlöe Swarbrick to the Minister of Finance: Did the forecast amount of New Zealand Units to be sold at auction during financial year 25/26, if any, change in the latest Budget Economic and Fiscal Update 2026?

Hon Nicola Willis: Yes. The Budget Economic and Fiscal Update 2026 forecast no clearance in the 2025/26 financial year whereas the Half Year Economic and Fiscal Update 2025 forecast partial clearance of auctions providing $20 million in cash receipts, corresponding to 379,219 NZUs sold. ETS units sold by the Crown are recognised as a liability on the Crown’s balance sheet. Therefore, when auctions do clear and cash is received, a corresponding and equal liability is recognised – offsetting this cash and making ETS auctions balance sheet neutral. The converse is also the case - when auctions do not clear and cash is not received, no liability is registered, meaning the shortfall in cash receipts is balanced by a corresponding reduction in expected liability.