New Zealand Finance Minister Nicola Willis had billed Thursday’s budget as a sober affair that would contain “no unicorns, no rainbows.”

Women working in female-dominated fields were arguably the biggest losers, with the government estimating contingency savings of NZ$12.8 billion ($7.6 billion) over four years by making it harder for them to lodge pay equity claims.

The big winner is the Defence Force, which is seeing a meaningful bump in the funding of priority projects, including new maritime helicopters.

Here are all the winners and losers.

Winners

New Zealand Defence Force:

Willis said for too long New Zealand’s Defence Force has been allowed to “gradually deteriorate” through the loss of personnel and the failure to upgrade equipment.

The budget boosts total investment in Defence by NZ$4.2 billion over four years, with the aim of spending reaching 2% of gross domestic product by 2033.

Gas Prospectors:

The government set aside NZ$200 million over four years for co-investment in new gas fields.

This will see the State take a 10% to 15% stake in new gas-field developments that feed the domestic market, reducing the risk that future governments will reinstate a ban on offshore exploration.

“Developing a new offshore gas field from exploration to production can carry a billion-dollar price tag and projects of this scale are likely to need offshore investment,” Resources Minister Shane Jones said.

“Having skin in the game as a cornerstone investor in production demonstrates our own commitment to meeting our future gas needs.”

Businesses:

Willis announced an “investment boost” tax incentive, which allows a business to immediately deduct 20% of the cost of a new asset from its taxable income, on top of depreciation.

Willis said it’s designed to encourage firms to invest in machinery, tools, equipment, vehicles and technology.

She released Treasury and Inland Revenue estimates showing it will improve economic growth, lifting New Zealand’s GDP by 1% and wages by 1.5% over the next 20 years, with half those gains in the next five years.

Economists and the RBNZ:

The Reserve Bank and economists have long called for New Zealand to release consumer price index numbers monthly rather than quarterly. From the beginning of 2027, regular monthly CPI reporting will be delivered.

Foreign Film Makers

The government is doing more to attract overseas movies like A Minecraft Movie, the second-highest grossing film so far in 2025, which was filmed in New Zealand.

It has allocated an extra NZ$577 million to bolster the rebates it offers to attract foreign film makers. Over four years the funding for the Screen Production Rebate will rise to NZ$1.09 billion.

Filmmakers can access a 20% cash rebate on the money they spend in the country.

The yearly funding for private schools will increase 11% to $46.2 million.

Associate Education Minister David Seymour said if parents want to send their children to independent schools, they should be able to. “Often parents are making big sacrifices because they would prefer to send their child to an independent school,” he said.

“They pay just as much tax as anyone else, yet the money that comes back for their kids’ education has effectively been getting smaller over the last 15 years.”

Losers

Women in female-dominated workforces:

Earlier this month the government amended the Equal Pay Act to make it harder for female-dominated workforces to claim they are underpaid on the basis of gender.

It also scrapped 33 existing pay equity claims and said they would need to be re-started under new, more stringent criteria. Today’s budget shows that as a result of those changes, the government will reduce the contingency set aside for settlements by NZ$12.8 billion over four years.

Radio New Zealand:

The broadcaster has had its funding cut by around NZ$18 million over four years, or NZ$4.6 million a year. Despite the funding cut, Willis said she expects RNZ to “improve audience reach, trust and transparency.”

The government will stop contributing to worker pension savings plan Kiwisaver for those earning more than NZ$180,000 a year. For everyone else, the maximum contribution of NZ$521 each year per person will be halved.

The minimum employee contribution will be increased on April 1 2026 to 3.5% from 3%, and to 4% in 2028. The minimum employer contribution rises by the same amount.