RNZ has posted an $11.8 million loss for the year to June, more than 25 times its $470,000 forecast, following a series of financial errors.
These included wrongly treating $2 million in land sales as income and staff costs running $3.2 million over budget, alongside higher operating expenses.
The public broadcaster will cut about 58 full-time roles by March and reduce running costs by at least 5%. RNZ also breached the Crown Entities Act by establishing an unapproved $5 million overdraft.
Chairman Brent Impey has ordered an independent review, saying the board only learned the true scale of the problems after Chief Executive Hilary Parker left in October.
Current Chief Executive Paul Thompson, who described the result as “poor and unsustainable”, will leave at the end of the year.
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