Auditor general to get $16m bailout and will increase fees

Auditor general to get $16m bailout and will increase fees
Auditor general John Ryan is facing up to massive financial pressures within the sector. (Image: Supplied)
Ian Llewellyn
The auditor general’s office is to receive $16 million in capital injections as it faces ongoing financial problems and an accumulated deficit of $22m due to covid disruptions and increased costs.It will also increase audit fees by 8% annually for the next few years.The Officers of Parliament Committee said the auditor general and Audit NZ's cumulative deficit is forecast to be $22.13m out to 2025-26.  To put this in perspective, the auditor general’s baseline budget for 2022-23 is $28.4m.Several core issuesThe parliamentar...

More Finance

Willis can do more to fix banking competition
Finance

Andrew Body: Willis can do more to fix banking competition

A competitive banking system needs more than lower capital adequacy ratios.

Andrew Body 02 Apr 2025
Credit card issuers fear ComCom proposals
Finance

Credit card issuers fear ComCom proposals

The proposed regulations will stifle banking competition, says Mastercard.

Pattrick Smellie 02 Apr 2025
RBNZ signals U-turn on bank capital requirements
Finance

RBNZ signals U-turn on bank capital requirements

A major shift at RBNZ's first public outing since Adrian Orr's sudden departure.

Pattrick Smellie 31 Mar 2025
Grenon seeks to end ‘futile’ NZME board stoush
Finance

Grenon seeks to end ‘futile’ NZME board stoush

It's time for the current board to fold 'em, says coup orchestrator. 

Pattrick Smellie 26 Mar 2025