25957 (2024). Hon Dr Ayesha Verrall to the Minister for Economic Development

25957 (2024). Hon Dr Ayesha Verrall to the Minister for Economic Development: In the Minister’s departments, ministries and agencies for which savings have been identified resulting from the Government’s directive to reduce expenditure in the public service, if any, what savings have been identified, as at 30 May 2024?

Hon Melissa Lee: In Budget 2024, the Government has confirmed, a baseline reduction of $231.5 million per annum average and a further targeted policy savings and revenue of $254.2 million per annum average. This is a total of $2,033.26 million across the forecast period (four financial years). An additional $997.6 million in capital expenditure was returned including contingencies. These savings were to be on top of over $1.2 billion in savings MBIE previously returned under the mid-2023 rapid savings exercise and the December 2023 Mini Budget combined. For New Zealand Trade and Enterprise (NZTE) in Budget 2024, the Government has confirmed, a return of funding for NZTE operational funding and international growth fund of $13.5 million in 2024/25, $8 million in 2025/26 and 2026/27, and $6 million 2027/28.