29959 (2025). Hon Marama Davidson to the Minister of Finance

29959 (2025). Hon Marama Davidson to the Minister of Finance: For risks identified in the Budget Economic Fiscal Update, was advice provided with or without quantification of those risks, and which risks have which types of advice, if any?

Hon Nicola Willis: The Treasury has informed me that the process for the statement of specific fiscal risks for the Budget Economic and Fiscal Update (BEFU) includes the requirement for departments to submit specific fiscal risks, with quantification of fiscal impacts if the risk was to eventuate, where possible, and if not, a possible range of impact. Specific fiscal risks which may have a potential fiscal impact greater than $100 million across the forecast period (2024/25 to 2028/29) are published by the Treasury in the BEFU. The Treasury provided me with advice on the new risks (included in BEFU for the first time) and the risks that have expired since the last economic and fiscal update. Under the Public Finance Act 1989 the Treasury is responsible for the statement of specific fiscal risks and makes final decisions on the risks included in the BEFU and how risks are described. Management of specific fiscal risks remain the responsibility of relevant departments, with advice to responsible Ministers by those departments as required.