According to Jin10, New Zealand Finance Minister Nicola Willis rejected the Reserve Bank's request to carry forward NZ$10.1 million (approximately USD 5.9 million) in unused funds from previous years on September 10. In a letter dated June 24 to RBNZ Chair Roger Kermode, Willis emphasized fiscal discipline and called for continued assessment of the central bank's cost efficiency. The letter was released by the Treasury on Thursday. Willis stated that priority projects should proceed within existing budget allocations. The rejected funds, intended for five "core" projects, will now be returned to the government through dividend procedures. Willis outlined assessment criteria requiring applicants to provide evidence that project delays were beyond the RBNZ's control and demonstrate why next year's funding would be insufficient to cover costs.
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