Kāinga Ora's deficit more than doubles

Kāinga Ora is tasked with building thousands of new homes. (Image: Kāinga Ora)

Tue, 01 Nov 2022

Kāinga Ora's deficit has blown out to more than two-and-a-half times that forecast for the 2022 year – and more than double last year’s deficit.The agency reported a net deficit after tax of $344 million in its financial report to June 30, 2022, against a budgeted deficit of $130m. Last year’s deficit was $152m.Kāinga Ora said the main reasons for the increased deficit were non-cash adjustments for loss on asset write-offs, and impairment of assets.The results come at a time when Kāinga Ora is tasked with building thousand...

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