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Creative New Zealand’s Financial Context

Yesterday’s Budget revealed the revenue we’ll have for the coming financial year and we’re sharing this information with you now.

We have not received a budget reduction. This is welcome and reflects that the Government understands the value of the arts for all New Zealanders.

Creative New Zealand has a budget of approximately $70 million for the 2024/25 financial year. This compares with $87 million for 2023/24, with the reduction largely coming from the end of one-off Covid-19 funding. As the graph below demonstrates, our overall revenue is about the same as pre Covid levels.

As set out in the Budget documents, our ongoing funding from the Government remains unchanged for 2024/25 at $16.689 million. Government funding makes up approximately 25% of Creative New Zealand’s revenue.

Creative New Zealand has also received confirmation from the New Zealand Lottery Grants Board Te Puna Tahua (NZLGB) about the funding we will receive. $52.789 million will be allocated annually for the next four years. This compares with $49.5 million in 2023/24 and is positive news. NZLGB funding makes up approximately 75% of our revenue.

More certainty with New Zealand Lottery Grants Board (NZLGB) funding
NZLGB has established a new allocation model providing statutory bodies with an annual sum for the next four years. Previously, funding was set annually but fluctuated depending on the level of lottery profits provided to NZLGB by Lotto NZ. The new model offers Creative New Zealand greater funding stability and the ability to plan over a longer period with greater certainty.

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Covid-19 funding ceases
While there has been an increase in NZLGB funding and our government funding remains the same, the end of one-off Covid-19 funding will have an impact on our 2024/25 budget. In the 2023/24 financial year we had approximately $87 million overall – largely due to the final tranche of Covid-19 funding. This time-limited funding averaged $18 million per year over four years.

Demand increases
Creative New Zealand has recently seen a rapid increase in demand for contestable grant funding resources. In the 2023/24 year we’ve received requests for around $105 million in contestable grant funding against a contestable grant budget of $26 million. This compares with requests for around $25 million in 2018/19 against a budget of $9 million. Next year our budget for contestable grant funding is expected to be around $12 million.

We want to be transparent and upfront about our fiscal situation. The challenges we face are increasing. If the trend in demand continues, we will see a significant drop in the number of successful applicants, and we know this will be felt in the sector.

We’re planning to be leaner ourselves, while also meeting the arts community’s interest for deeper engagement.

Environmental context
We are also very alert to the reality that the broader ‘belt tightening’ by local authorities, sponsors, trusts, patrons and citizens all makes for a challenging operating environment for the arts.

Creative New Zealand budget setting
The Arts Council will decide how the final budget will be allocated across our programmes and activities later in June. We’ll provide a further update then.

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