Kāinga Ora turnaround plan continues to deliver

Kāinga Ora has smashed its savings target, significantly reduced the cost of building social homes, and improved its performance as a landlord, Housing Minister Chris Bishop and Associate Housing Minister Tama Potaka say. "The latest results in Kainga Ora’s annual report for 2025/26 show the Government's turnaround of the agency is delivering better value for taxpayers and better outcomes for tenants," Mr Bishop says. "When we came into Government, Kāinga Ora was financially unsustainable. Debt had ballooned from $2.3 billion in 2017/18 to $16.5 billion in 2023/24, build costs were out of control, and the organisation had lost focus on its core responsibilities. "We commissioned an independent review, refreshed the Board, and implemented a Turnaround Plan in February 2025 to get Kāinga Ora back on track. "Less than two years on, the results speak for themselves, with the latest report showing: Efficiency: In 2025/26, Kāinga Ora delivered $191 million in operating cost reductions, smashing its $27 million savings target. Its net deficit before tax was $140 million, a $582 million improvement compared to the pre-tax deficit in 2023/24. These savings have been achieved through more ef

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