There is a missing $30 Billion from the Covid response borrowing not used for the Response

The $61 billion Covid-era loan was drawn down for a mix of short-term and longer-term measures: $18 billion in wage subsidies, $10.3 billion in large-scale asset purchases, $6.5 billion in business support payments, $6 billion in health-specific response, $6 billion on vaccines and MIQ facilities, $5.3 billion in tax changes, $3.5 billion in income support, $3 billion on the Shovel-Ready programme, and $2 billion on sector recovery.

Treasury reporting confirms the full amount was not spent, with the remainder returned to general budget use rather than going missing.

Separately, the Royal Commission of Inquiry into Covid-19 (reported March 2026) found that of the government's wider $60 billion Covid Response and Recovery Fund (821 programmes), roughly half went on projects unrelated to the pandemic. This is likely basis for the "$30 billion" figure, which National, including Christopher Luxon and party communications, has since cited as evidence of reckless, untargeted spending rather than of money disappearing.

The March 10 Phase 2 Covid Report noted fiscal policy was designed under untested circumstances, with the economy growing 4.1% attributed to the financial response.