Fiscal Strategy
Report 2025

Fiscal Strategy Report 2025
Te Rautaki Moni Tūmatanui

The Public Finance Act 1989 requires the Minister of Finance to present to the House on Budget Day a report on the Government's fiscal strategy. This must set out the Government's short-term fiscal intentions, long-term fiscal objectives, revenue strategy, and strategy for managing expenditure, assets and liabilities. The report must include scenarios that contain projections of trends in fiscal variables for at least the next 10 years.

This Fiscal Strategy Report (FSR) is released alongside Budget 2025 and draws on the 2025 Budget Economic and Fiscal Update (BEFU). Key terms are defined in the BEFU glossary.

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