He Whakarāpopototanga o ngā Kaupapa Summary of Initiatives
Budget 2023
In Budget 2023, the Government is investing an average of $4.8 billion per year in new operating spending. The Government is also investing $10.7 billion in new capital spending from the Multi-Year Capital Allowance.
Table 8 provides a breakdown of Budget 2023, including offsets from revenue and savings, as well as reprioritisation of unspent funding, such as from tagged contingencies. For total expenditure by Vote, see the Estimates of Appropriations for 2023/24.
Table 8 – Budget 2023 net expenditure breakdown
Budget 2023 |
Operating |
Capital |
|
|---|---|---|---|
| Budget Breakdown | |||
| Budget 2023 new spending | 3,509 | 14,145 | 9,980 |
| North Island weather events | 235 | 941 | 195 |
| Multi-Year Health spending | 1,563 | 6,252 | - |
| Multi-Year Clusters | 419 | 1,675 | - |
| Other Pre-commitments | 266 | 1,063 | 272 |
| Savings and Reprioritisation* | (853) | (3,412) | 253 |
| Revenue | (325) | (1,301) | - |
| Total | 4,813 | 19,363 | 10,700 |
* Total operating savings managed through the Budget 2023 is $4,018 million. This includes $606 million of operating savings has been used to top up Climate Emergency Response Fund (see Table 9).
Climate Emergency Response Fund
In Budget 2023, the Climate Emergency Response Fund has supported a $1.9 billion spending package.
Table 9 – Budget 2023 Climate Emergency Response Fund allocations
| Operating Total ($m) |
Capital |
|
|---|---|---|
| Climate Emergency Response Fund | 1,572 | 300 |
| Savings and reprioritisation | (606) | - |