How many New Zealand Units, if any, were forecast to be sold at auction in financial year 24/25?

Answer

The Budget Economic and Fiscal Update 2024 forecast $779 million worth of units to be sold at auction in the 2024/25 financial year. Using the market price of $58.35 at 31 March 2024, this corresponds to 13,350,471 NZUs. ETS units sold by the Crown are recognised as a liability on the Crown’s balance sheet. Therefore, when auctions do not clear and cash is not received the expected liability is also not incurred, meaning the impact of the reduction in expected cash receipts is balance sheet neutral.