The final round of the Government's three cost of living payments will be arriving in eligible Kiwis' bank accounts on Monday.
The $350 cost of living payment was first announced by the Government at the May Budget to help with the skyrocketing prices of basic goods. It's been split across three months, with eligible Kiwis receiving about $116.67 on the first business day of August, September and now October.
The payment isn't universal. It's intended for those who have a net income of $70,000 or less, are aged 18 or older, don't receive a main benefit or the Winter Energy Payment, and are a New Zealand tax resident and "present here".
While the Government said in May that it expected 2.1 million New Zealanders would be eligible for the payment, IRD told Newshub that 1.443 million people have so far received the first payment and 1.387 million received the second.
The Government introduced tighter screening tests for the second payment after some ineligible people got the first lot of money. More than $330 million has been paid out across the two rounds.
More people will be paid as IRD receives their bank account details or are confirmed as eligible. IRD's previously said it is running eligibility checks every day and expects the number of people who meet the criteria to increase towards 2.1 million over time.
The third payment will appear in people's bank accounts sometime over the course of Monday. As there are so many payments to make, IRD is staggering them. Those with a credit union account should get their payment on Tuesday.
"The payment will show as 'Living Costs' in your bank account. In myIR the date displayed is the processing date and may be earlier than the day you get your payment," IRD said.
However, more than 75,000 eligible people still haven't given IRD their bank account details and risk missing out. IRD also said that, as of Friday morning, 6647 people had opted out of receiving the payment, while 984 people had repaid the money.
While the Government developed the cost of living payment as a way to support low and middle-income New Zealanders who don't benefit from other assistance available, the first round of the payment was criticised after it ended up going to foreigners and expat Kiwis overseas.
IRD said in August an ineligible person may have received the payment if they hadn't told IRD they had left the country and if they had received income into a New Zealand bank account from the likes of bank interest.
The National Party complained to the Auditor-General, who then wrote a scathing letter to IRD, saying the Government prioritised quickly paying the money over being accurate about who it was going to.
But the Government defended the payment, saying the automated process used was quicker and less costly than requiring people to apply for the money. It was also concerned that an application process would mean some vulnerable people may not sign up.
For the second payment, the Government introduced new screening tests to limit the payment going to people overseas. That included checking to see if an overseas IP address had been used to log in to IRD's website or if a non-resident individual income tax return had been filed.
The Government's taken a number of steps to take the pressure off Kiwis during the current cost of living crisis. That includes cuts to the Fuel Excise Duty, Road User Charges, and public transport fares. There have also been increases to the minimum wage and benefits.
