Hastings District Council candidate Bevan O’Connor is calling for urgent answers over the Government’s growing $24.9 billion cash reserve, revealed in Treasury’s latest financial statements.

The figure — up from $16.2 billion at the end of the last financial year — is part of the Government’s core cash holdings. O’Connor says the lack of clarity around how the funds are being used, combined with rising local debt and rates, raises serious equity and accountability concerns.

“This is not theoretical money. It’s real cash sitting in the Government’s account,” says O’Connor.

“Meanwhile, councils like ours are taking on massive debt to cover cyclone recovery, driving up rates, and getting blamed for inflation.”

Hastings District Council faces a $240 million cyclone recovery bill, expected to take 16 years to repay. That debt has already led to a 19% rates increase last year and 15% this year.

“What’s shocking is how normalised it’s become,” says O’Connor.

“We’re told the government can’t afford to help us more but Treasury shows the opposite. They’re holding the umbrella and leaving the rest of us standing in the storm.”

O’Connor has been running a public education campaign titled All About the Money, sharing evidence from official Treasury reports and asking why public funds aren’t being better allocated.

He has also released a public poll and an open letter calling for cross-party transparency on the Government’s cash buffer.

“This isn’t just a Hawke’s Bay issue. It’s a nationwide issue. Our money should be used for our collective wellbeing. It’s my cash. Your cash. Our cash.”

Bevan O’Connor is standing for the Takitimu Māori Ward in the Hastings District Council election. He is also a lawyer and Māori rights advocate.

Reference material:

https://www.treasury.govt.nz/publications/month-end/interim-financial-statements-government-ne w-zealand-eleven-months-ended-31-may-2025

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