National Budget Reports and Expert Commentary

Introduction

Each year, Moore Markhams provides independent, expert analysis of the New Zealand National Budget, highlighting key policy changes and their impact on business, finance, and the not-for-profit sector.

Our reviews are designed to offer clear, actionable insights for CFOs, accountants, and decision-makers in medium to large enterprises.

Whether you’re looking to understand tax implications, economic outlook, or sector-specific changes, our annual reports bring together expert commentary, budget summaries, and practical guidance, all in one place.

2025 Budget

2025 Budget Summary and Full Review

The 2025 Budget signals a deliberate shift toward growth, with incentives to encourage business investment, support infrastructure and reshape retirement savings. Central to the Government’s “Growth Budget” is the new Investment Boost, a tax deduction to support capital expenditure by businesses. Other key changes include updates to KiwiSaver, targeted cost-of-living support and continued investment in healthcare, education and infrastructure. Moore Markhams advisors break down what these shifts mean and how you can prepare.

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Hear from Our Experts

Marc Nel , Audit Partner ,Moore Markhams Hawke Bay

Marc Nel, Director

“At last we have a Growth Budget – focused on growing the economy to help Kiwis get ahead. At the centre is Investment Boost – a tax incentive which makes it easier for tradies, farmers, and small business owners to invest in new assets to increase productivity and lift wages.”

Kiran Bhikha, Director

“The May 2025 Budget focuses on economic growth and recovery. One of the approaches to encourage the growth and recovery is the introduction of the Investment Boost, where businesses of any size can deduct 20% of a new asset’s value from that year’s taxable income, on top of its normal depreciation. It is believed that it will improve cashflow of the businesses, resulting in more investment opportunities. The Investment Boost is available from today (22 May 2025). There is no cap limitation on the investment value and the Boost can be claimed on both new assets purchased in New Zealand and assets imported from overseas. The new commercial and industrial buildings are also eligible for the Boost, however, it will exclude land, residential building, and assets already in use. It seems that the Boost will typically aid investments by manufacturers, farmers and tradespersons. The Government expects to see both GDP and wages growth in the coming years.”

Belinda Young, Director

“As the theme of “Growth Budget” suggests, one of the other budget initiatives aim to stimulate greater growth by encouraging offshore investors to invest in New Zealand, while at the same time trying to improve nationwide infrastructures. One of the key areas the Government is looking to harmonise is the international tax rules such as thin capitalisation rules that limit the amount of tax-deductible debt for foreign investors that in turn deters investment in New Zealand. Once re-balanced between the two, it is expected that foreign investment will be encouraged into New Zealand infrastructure and thereby make it easier for startups to attract and retain high quality staff. The Government is also looking to deter tax liability of some employee share schemes to help startups and unlisted companies.”

National Budget Reports and Expert Commentary

Lena Ripley, Director

“Getting prescriptions for items for people with conditions such as asthma, diabetes and high blood pressure will get easier with a move to allow 12-month prescriptions from next month.” “As an asthmatic and for fellow suffers of these conditions, this change will mean a reduction in prescription/pharmacy costs and life admin. A small but useful change.”

Andrew Steel, Partner

“A positive initiative released today is the intention to deliver a more frequent, reliable measure of inflation by moving from quarterly to monthly Consumers Price Index (CPI) reporting. Data will be collected on a monthly rather than quarterly basis, with regular monthly CPI reporting delivered from the beginning of 2027. More timely and reliable data will help broader economic decision making – ultimately for the better of New Zealand.”

Historic Budget Analysis

2024 Budget

Budget 2024 delivers tax relief for 83% of Kiwis, boosts health, education, and law enforcement funding, and invests $68B in infrastructure …

2023 Budget

Budget 2023 confirmed a rise in the trustee tax rate from 33% to 39%, effective 1 April 2024, aligning it with the top personal tax rate.

2022 Budget

The Government’s 2022 Wellbeing Budget promised a “secure future,” with $6 billion in new spending, a cost-of-living package, and inve…

2021 Budget

Budget 2021 marks a shift from pandemic response to wellbeing, with major investment in housing, infrastructure, Māori and Pacific initiati…

How Moore Markhams Can Help

Understanding the implications of the Federal Budget is just the first step. Applying them to your organisation’s unique circumstances is where we add real value.

Understanding the implications of the National Budget is just the first step. Applying them to your organisation’s unique circumstances is where we add real value.

At Moore Markhams, we support clients across the full spectrum of tax, financial, and strategic advisory services. Whether you’re looking to reassess your tax strategy, adapt to regulatory changes, or plan for future investment and growth, our experts can guide you through the complexities of the evolving policy landscape.

Our services include:

Tax Advisory – Helping you navigate budget-driven tax changes with confidence and compliance.
Business Strategy and Structuring – Supporting financial planning in line with policy shifts.
Kiwisaver and Retirement Planning – Advising on long-term security in light of budget updates.
Not-for-Profit and Government Advisory – Translating sector-specific measures into strategic actions.
Grants and Incentives Support – Identifying and applying for new government funding opportunities.
Financial Reporting and Forecasting – Integrating policy changes into forward-looking financial models.

We help you turn budget insights into business advantage.

Speak with our advisors to explore how the latest budget measures affect your organisation.