RNZ reports $11.8 million loss for year to June

Radio New Zealand (RNZ), a public institution, has revealed an $11.8 million loss for the year to June. RNZ reported that the expected loss for the year was $470,000.

The accounting firm EY uncovered the broadcaster's financial problems while carrying out its annual audit, according to the Audit Office, the body that checks the accounts of public organisations. RNZ chief executive Paul Thompson said internal reports had given an inaccurate picture of the finances. He said the scale of the loss only became clear in October.

Broadcasting Minister Paul Goldsmith said he had confidence in RNZ's new chair, Brent Impey, following the broadcaster's budget blowout. The chair heads the board that oversees RNZ.

Labour leader Chris Hipkins said he is very concerned for the future of Radio New Zealand. He called it an "incredibly important public institution" and said a well-resourced media is important to the strength of democracy.

Hipkins also ruled out a merger between RNZ and Television New Zealand (TVNZ). He said that if Labour were back in government, it would progress fair digital bargaining legislation to address media resourcing.