New Zealand 2026 Budget: The Winners and Losers (1)

It’s an election year in New Zealand, but the nation’s annual budget contained few of the usual sweeteners designed to win over undecided voters.

Instead, Finance Minister Nicola Willis stuck to a prudent path, producing what she called a “responsible” budget that prioritizes returning the government’s books to surplus in the 2028-29 financial year.

Here’s a breakdown of the winners and losers from the government’s election year fiscal plan.

Nicola Willis at Parliament in Wellington on May 28.

Photographer: Mark Coote/Bloomberg

Winners

Bond investors: The government unexpectedly reduced its issuance plan over the forecast horizon. Issuance is seen at NZ$159 billion ($93 billion) in the five years to end of fiscal ...