Fiscal outlook

The books are in good shape and on track to meet the Government's Budget Responsibility Rules

Rising surpluses are forecast in the operating balance before gains and losses (OBEGAL), reaching $7.3 billion in 2021/22 (2.1 per cent of GDP). These OBEGAL surpluses mean core Crown net debt falls as a percentage of GDP to 19.1 per cent in 2021/22, in line with the Government's target.

Interactive charts: Hover over data points to see values. Click on menu (top right of chart) to download data. Highlight section of chart to see more detail.

Source: The Treasury

Source: The Treasury

The most recent month-end financial results show strong tax revenue which is expected to persist for the remainder of the current year and into the future. As a percentage of GDP, core Crown expenses are forecast to gradually fall to 28.0 per cent in 2022, below the historical average of around 30.0 per cent of GDP.

Source: The Treasury

Improving the Government's fiscal position makes New Zealand more resilient to future economic shocks and natural disasters. It helps to deal with the costs associated with future challenges such as an ageing population.

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