The New Zealand First has announced $45.2 billion in new spending over the next four years. This is equivalent to $21,822 per household. The overwhelming majority of this is driven by a single policy: a one-off buyback of Bank of New Zealand.

Economic development
NZ First has not put a figure on the BNZ buyback itself, so we've costed it by applying the NAB profit multiplier (16.19x) to BNZ's reported $1.5 billion net profit for the year to September 2025 — arriving at $24.3 billion — plus a 10% premium, for a total of $26.7 billion.

NZ First's other major economic development commitment is its flagship $100 billion, 30-year infrastructure fund. Spread evenly over 30 years, the four-year share of this comes to $13.3 billion, taking the party's own costings at face value. The party has also pledged a one-off $15 million grant towards restoring Christchurch Cathedral, addressing what it says is a $45 million shortfall, and wants electricity gentailers to separate their retail and generation arms — a change we've costed at $273 million, based on the 2011/12 Telecom/Chorus break-up cost, adjusted for inflation and doubled to reflect the added complexity. The party has also committed $1 billion to a subsurface development survey, taken from its own costings. Altogether, NZ First's economic development commitments total $41.3 billion over four years.

Government services and administration
The largest item is $6.3 billion to lift the Government's own KiwiSaver contribution as an employer, which we've calculated by applying a 4.5 percentage point increase (from 3.5% to 8%) to the Government's $35 billion wages and salaries bill. NZ First has also committed $16.6 million to hold a referendum on the Māori seats and $15.4 million for a COVID-19 vaccine inquiry, both costed against comparable past referenda and Royal Commissions of Inquiry. Government services and administration commitments total $6.3 billion.

Social spending
NZ First's Kiwi Kids Grant is costed at $1.6 billion over four years, taking the party's own figures at face value. A related $1,000 KiwiSaver kick-start for every newborn, based on 60,000 births a year, adds a further $240 million. New Zealand First estimate their 'Superannuation for citizens only' policy might save $4.2 billion over 4 years. Social spending commitments total -$1.2 billion.

(t) policies where we’ve taken parties’ costings at face value. Those marked 
(o) uncosted policies that we have had to cost ourselves. Those marked
(d) policies where we have disputed parties’ own costings.