How much of Kāinga Ora’s $513 billion underspend in the September 2025 quarter was due to policy decisions to reorient responsibilities and delivery and which, if any, of those policy decisions resulted from Government directives, instructions or budget cuts?

Answer

The Treasury reported a $513 million underspend in its September 2025 Quarterly Investment Report (QIR), based on the Crown Financial Information System (CFIS) forecast data. Kāinga Ora – Homes and Communities advises me that it provided feedback to Treasury in November 2025 explaining that this variance was largely driven by: 1) adjustments to the quantum and phasing of the FY26 capital programme to align with delivery targets and the Letter of Expectation, and 2) significant re‑phasing of activity, with a higher volume of homes now expected to be delivered in Q4 FY26.