Budget Day 2025
Budget
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At 2pm Thursday, the government opened its books and revealed Finance Minister Nicola Willis' second Budget.
Willis called it the 'No BS Budget', while Prime Minister Christopher Luxon labelled it the 'Growth Budget'.
Catch up with all of RNZ's updates for Budget 2025 as it happened below:
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RNZ News
18 minutes ago
- RNZ News
Rise in insurance complaints linked to cost-of-living crisis
Two-thirds of the disputes investigated were about general insurance, including house, contents, vehicle and travel insurance. Photo: 123rf People who are paying higher premiums for their insurance may be expecting more from their policies in return and being disappointed when they don't get it, the insurance and financial ombudsman says. The scheme investigated a record 600 disputes between consumers and financial service providers, such as insurers, in the year to 30 June, up 25 percent from the year before. It received 4293 inquiries and complaints. Insurance premiums have risen significantly in recent years. Stats NZ figures showed in March last year house insurance was up almost 25 percent compared to the previous year, contents insurance up about 28 percent and car insurance up almost 23 percent. Insurance and Financial Services Ombudsman Karen Stevens said many cases were resolved quickly, but a growing number were unresolved even after they had gone through financial service providers' internal processes. She said they would then need formal investigation by the Insurance and Financial Services Ombudsman (IFSO) scheme. Stevens said part of the increase could be due to the cost-of-living crisis, and expectations about what policies should cover when premiums had risen. Two-thirds of the disputes investigated were about general insurance, including house, contents, vehicle and travel insurance. Stevens said in one case a man complained that there were problems with his Range Rover, which was stolen and then recovered. The insurer covered $37,000 in repairs, but the man said there were other problems like the air conditioning not working, water damage and possible meth contamination. But assessors said the problems were pre-existing or unrelated. "The vehicle was recovered and was repaired in accordance with the repair condition in the policy, and the insurer had paid these costs," Stevens said. "The IFSO scheme can only consider whether the insurer had correctly applied the terms and conditions of the policy to the claim." She said, in this case, the insurer had met its obligations. But she said it showed the importance of understanding what a policy would cover. "It's important to understand that insurers rely on evidence," Stevens said. "If you disagree with a claim decision, you must prove that there was damage missed, or that the settlement is unreasonable." Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
18 minutes ago
- RNZ News
More council candidates quit Ray Chung's Independent Together campaign group
Independent Together billboards showing Andrea Compton, Dan Milward, and Lily Brown are up around Wellington. Photo: RNZ / Samuel Rillstone Two more Wellington council candidates running under the Independent Together ticket have left the group following mayoral candidate Ray Chung's email about Tory Whanau. In a press release, the group confirmed that Andrea Compton and Dan Milward had left their organisation to campaign independently of it. It follows fellow candidate Lily Brown's announcement on Wednesday that she would not run with the group either. She said she did not feel aligned with tactics employed by Better Wellington who has helped run Independent Together. The changes meant that the number of candidates that stood under Independent Together had reduced from nine to six. Independent Together billboards showing Andrea Compton, Dan Milward, and Lily Brown are up around Wellington. Photo: RNZ / Samuel Rillstone In a statement Milward said that he was surprised by "recent allegations and the subsequent media coverage storm". He said that at an Independent Together roadshow event on Tuesday his wife was threatened by "agitators". "I knew it was time to take a different approach. "I'm proud of what we have achieved together but this is the right call for me, my family, and my community - it's time to run the 'Dan Milward Campaign'". Independent Together said the media scrutiny on its team had been intense. "The extent of it has been unnerving on our business and community minded candidates. "While the team feels the loss of both Andrea Compton and Dan Milward, we acknowledge the impact this is having on both of their families." They said that threats and bullying tactics from "the political establishment won't work on Independent Together candidates anymore". Compton said standing independently offered her the best opportunity to connect directly with her community. "This election is about listening, offering practical solutions, and having the courage to stand by what you believe in." Ray Chung sent an email, seen by RNZ, to three fellow councillors in early 2023 recounting a story he'd been told by his neighbour about the neighbour's son allegedly having a sexual encounter with the mayor. The email surfaced last week. Whanau rejected the contents of the email and said it was false and contained a "malicious and sexist" rumour. She has since received an apology from Chung. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
18 minutes ago
- RNZ News
NZ teens hope NZ govt follows UK's lead to let u-18s vote
Teens in New Zealand are hoping we follow the UK's lead and let under eighteens vote. Make it 16 NZ Co-Director Thomas Brocherie spoke to Charlotte Cook. Tags: To embed this content on your own webpage, cut and paste the following: See terms of use.
