Wellbeing Budget 2021

Our Recovery

Our investments will improve the wellbeing of New Zealanders

The multi-year capital allowance has increased from $7.8 billion to $12.0 billion for Budget 2021 through to Budget 2024. Budget 2021 will invest $3.9 billion of this allowance.

This builds on already record infrastructure investment by the current Government. The forecasts include $57.3 billion of Crown infrastructure investment as shown in Figure 19.[30]

Figure 19 - Net capital spending

Source: The Treasury

This pipeline will provide further certainty for the construction sector, enabling it to better prepare and invest in the capacity and capability needed to deliver projects on time and on budget.

We will continue to ensure that capital investment projects are delivered on time and provide the best possible benefit to New Zealanders.

Significant capital investments funding in Budget 2021 include:

  • $810 million for KiwiRail to purchase new locomotives and wagons, and complete upgrades to mechanical facilities and invest in core assets.
  • $700 million for District Health Boards to invest in new assets.
  • $306 million to support the redevelopment of Scott Base.
  • $300 million of additional capital for New Zealand Green Investment Finance to continue to invest in support of climate change mitigation.

Budget 2021 also includes the recently announced $3.8 billion for the Housing Acceleration Fund.


  • [30]Note this excludes infrastructure investment by State-owned Enterprises (apart from KiwiRail) and Mixed Ownership Companies as this investment is not generally funded by the Crown.
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