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{"sheet":"Index","index":0,"n_rows":14,"n_cols":1,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
["Data and Charts - Budget Economic and Fiscal Update 2026"]
["Published 28 May 2026"]
[]
["Published by the New Zealand Treasury at:"]
["https://treasury.govt.nz/publications/efu/budget-economic-and-fiscal-update-2026"]
["http://www.budget.govt.nz/budget/forecasts/befu2026.htm"]
[]
["This spreadsheet contains the tables, charts and the data used to generate the charts that appear in the Executive Summary and chapters 1, 2 and 3 of the Budget Economic and Fiscal Update 2026."]
[]
["Crown copyright ©"]
[]
[]
["This copyright work is licensed under the Creative Commons Attribution 4.0 International licence. In essence, you are free to copy, distribute and adapt the work, as long as you attribute the work to the Crown and abide by the other licence terms."]
["To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/. Please note that no departmental or governmental emblem, logo or Coat of Arms may be used in any way which infringes any provision of the Flags, Emblems, and Names Protection Act 1981 or would infringe such provision if the relevant use occurred within New Zealand. Attribution to the Crown should be in written form and not by reproduction of any such emblem, logo or Coat of Arms."]

{"sheet":"Table 1","index":1,"n_rows":15,"n_cols":8,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,"Table 1.1 Key economic and fiscal indicators"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,2025,2026,2027,2028,2029,2030]
[null,"Year ending 30 June ","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"Real production GDP (annual average % change)",-1.1000000000000001,1.2,2.2999999999999998,3.2,2.7,2.5]
[null,"Unemployment rate (June quarter)",5.2,5.5,5,4.5,4.4000000000000004,4.3]
[null,"CPI inflation (annual % change)",2.7,4,1.6,2.1,2.1,2]
[null,"Current account balance \n(annual, % of GDP)",-3.8,-4.0999999999999996,-3.5,-2.9,-2.6,-2.5]
[null,"OBEGALx ($billions)",-9.3059999999999992,-11.936999999999999,-11.441000000000001,-4.2759999999999998,2.585,6.1150000000000002]
[null,"% of GDP",-2.1,-2.6,-2.4,-0.8,0.5,1.0999999999999999]
[null,"Net core Crown debt ($billions)",182.17099999999999,191.761,216.48099999999999,232.42,241.357,246.11600000000001]
[null,"% of GDP",41.9,42.4,45.6,46.1,45.6,44.4]
[null,"Net worth attributable to the Crown \n($billions)",179.26,175.459,179.88499999999999,179.369,186.16200000000001,197.19800000000001]
[null,"% of GDP",41.199999999999996,38.800000000000004,37.9,35.6,35.099999999999994,35.6]

{"sheet":"Data 1.1","index":3,"n_rows":139,"n_cols":4,"rows_kept":139,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.1: Oil prices and oil tanker volumes"]
[null,"Sources: Haver Analytics, IMF, EIA"]
[]
[null,null,"Brent crude spot price","Iran: Strait of Hormuz tankers (RHS)"]
[null,null,"$US per barrel","Metric tonnes (millions)"]
[null,"2026-01-01",null,2.6242049999999999]
[null,"2026-01-02",61.98,1.5490600000000001]
[null,"2026-01-03",null,2.3742800000000002]
[null,"2026-01-04",null,2.5614059999999998]
[null,"2026-01-05",63,2.3956750000000002]
[null,"2026-01-06",62.1,0.91598800000000002]
[null,"2026-01-07",61.08,2.58432]
[null,"2026-01-08",63.34,2.3690009999999999]
[null,"2026-01-09",65.11,3.6587559999999999]
[null,"2026-01-10",null,1.6217459999999999]
[null,"2026-01-11",null,2.3384119999999999]
[null,"2026-01-12",65.400000000000006,2.1949209999999999]
[null,"2026-01-13",67.58,0.98460899999999996]
[null,"2026-01-14",68.87,1.9535670000000001]
[null,"2026-01-15",66.16,2.5507870000000001]
[null,"2026-01-16",66.97,1.9829490000000001]
[null,"2026-01-17",null,2.035317]
[null,"2026-01-18",null,2.2622450000000001]
[null,"2026-01-19",66.91,1.1847399999999999]
[null,"2026-01-20",67.680000000000007,2.692059]
[null,"2026-01-21",66.72,3.1991399999999999]
[null,"2026-01-22",65.459999999999994,1.4631050000000001]
[null,"2026-01-23",68.16,2.489398]
[null,"2026-01-24",null,1.217182]
[null,"2026-01-25",null,3.5261110000000002]
[null,"2026-01-26",67.7,1.5080180000000001]
[null,"2026-01-27",70.28,2.5965389999999999]
[null,"2026-01-28",70.900000000000006,1.314581]
[null,"2026-01-29",71,2.514977]
[null,"2026-01-30",72.25,2.7701220000000002]
[null,"2026-01-31",null,3.0619269999999998]
[null,"2026-02-01",null,2.3601800000000002]
[null,"2026-02-02",67.72,4.0608740000000001]
[null,"2026-02-03",70.010000000000005,1.7530509999999999]
[null,"2026-02-04",71.150000000000006,1.9737359999999999]
[null,"2026-02-05",69.87,2.7055560000000001]
[null,"2026-02-06",70.45,2.6335139999999999]
[null,"2026-02-07",null,2.3159540000000001]
[null,"2026-02-08",null,2.285657]
[null,"2026-02-09",71.19,1.858114]
[null,"2026-02-10",71.010000000000005,3.9294419999999999]
[null,"2026-02-11",71.52,1.772127]
[null,"2026-02-12",69.8,2.7552050000000001]
[null,"2026-02-13",69.959999999999994,2.5848749999999998]
[null,"2026-02-14",null,2.4278369999999998]
[null,"2026-02-15",null,2.5504069999999999]
[null,"2026-02-16",70.81,2.9886219999999999]
[null,"2026-02-17",69.77,2.3864079999999999]
[null,"2026-02-18",71.78,2.7798660000000002]
[null,"2026-02-19",73.17,3.6628669999999999]
[null,"2026-02-20",72.75,2.4330319999999999]
[null,"2026-02-21",null,2.2898890000000001]
[null,"2026-02-22",null,3.4337520000000001]
[null,"2026-02-23",71.900000000000006,2.2885110000000002]
[null,"2026-02-24",71.209999999999994,1.91184]
[null,"2026-02-25",70.69,4.4841449999999998]
[null,"2026-02-26",71.66,1.611556]
[null,"2026-02-27",71.319999999999993,3.1530710000000002]
[null,"2026-02-28",null,2.996963]
[null,"2026-03-01",null,0.20794799999999999]
[null,"2026-03-02",77.239999999999995,0]
[null,"2026-03-03",83.28,6.7010000000000004E-3]
[null,"2026-03-04",81.56,0]
[null,"2026-03-05",88.59,0]
[null,"2026-03-06",95.74,0]
[null,"2026-03-07",null,0]
[null,"2026-03-08",null,0]
[null,"2026-03-09",94.35,0.154941]
[null,"2026-03-10",89.84,4.2122E-2]
[null,"2026-03-11",90.98,5.1338000000000002E-2]
[null,"2026-03-12",102.38,5.3660000000000001E-3]
[null,"2026-03-13",103.23,2.3879999999999998E-2]
[null,"2026-03-14",null,0]
[null,"2026-03-15",null,0.34843200000000002]
[null,"2026-03-16",101.04,0]
[null,"2026-03-17",108.39,4.7803999999999999E-2]
[null,"2026-03-18",118.09,0]
[null,"2026-03-19",111.05,3.4576000000000003E-2]
[null,"2026-03-20",118.42,0.11869200000000001]
[null,"2026-03-21",null,0]
[null,"2026-03-22",null,0]
[null,"2026-03-23",103.79,5.3593000000000002E-2]
[null,"2026-03-24",108.42,0]
[null,"2026-03-25",109.14,0]
[null,"2026-03-26",113.39,0]
[null,"2026-03-27",121.47,0]
[null,"2026-03-28",null,0]
[null,"2026-03-29",null,5.4640000000000001E-3]
[null,"2026-03-30",121.88,0.115147]
[null,"2026-03-31",126.69,7.0842000000000002E-2]
[null,"2026-04-01",119.56,0]
[null,"2026-04-02",127.61,0]
[null,"2026-04-03",null,9.7195000000000004E-2]
[null,"2026-04-04",null,3.8238000000000001E-2]
[null,"2026-04-05",null,0.266704]
[null,"2026-04-06",null,3.9639999999999996E-3]
[null,"2026-04-07",138.21,0.11889]
[null,"2026-04-08",122.11,0]
[null,"2026-04-09",119.03,2.2734999999999998E-2]
[null,"2026-04-10",119.07,0.27871099999999999]
[null,"2026-04-11",null,0.287665]
[null,"2026-04-12",null,2.0040000000000001E-3]
[null,"2026-04-13",123.28,3.4633999999999998E-2]
[null,"2026-04-14",118.69,4.4920000000000002E-2]
[null,"2026-04-15",114.93,6.8389999999999996E-3]
[null,"2026-04-16",116.63,8.4152000000000005E-2]
[null,"2026-04-17",98.63,3.7269999999999998E-2]
[null,"2026-04-18",null,0.87418499999999999]
[null,"2026-04-19",null,9.9749999999999995E-3]
[null,"2026-04-20",103.4,4.3458999999999998E-2]
[null,"2026-04-21",106.14,7.109E-2]
[null,"2026-04-22",113.44,0]
[null,"2026-04-23",113.25,0]
[null,"2026-04-24",111.86,0.31037700000000001]
[null,"2026-04-25",null,4.2882000000000003E-2]
[null,"2026-04-26",null,0]
[null,"2026-04-27",113.89,7.1365999999999999E-2]
[null,"2026-04-28",117.62,0.30384100000000003]
[null,"2026-04-29",124.16,1.1036000000000001E-2]
[null,"2026-04-30",124.24,4.2050000000000004E-3]
[null,"2026-05-01",118.26,3.6639999999999999E-2]
[null,"2026-05-02",null,4.5867999999999999E-2]
[null,"2026-05-03",null,0]
[null,"2026-05-04",null,0]
[null,"2026-05-05",114.51,0]
[null,"2026-05-06",103.7,0]
[null,"2026-05-07",101.82,0.27302700000000002]
[null,"2026-05-08",103.48,0]
[null,"2026-05-09",null,9.8525000000000001E-2]
[null,"2026-05-10",null,0.31937599999999999]
[null,"2026-05-11",106.11]
[null,"2026-05-12",111.37]
[null,"2026-05-13",110.28]
[null,"2026-05-14",110.91]

{"sheet":"Data 1.2","index":5,"n_rows":83,"n_cols":6,"rows_kept":83,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.2: Spot and futures prices"]
[null,"Source: Haver Analytics"]
[]
[null,null,"Brent crude oil","Futures pricing (Budget Update 2026)","Futures pricing (15 May)"]
[null,null,"US$ per barrel","US$ per barrel","US$ per barrel"]
[null,"2022-01-01",86.505240000000001]
[null,"2022-02-01",97.129000000000005]
[null,"2022-03-01",117.2452]
[null,"2022-04-01",104.5753]
[null,"2022-05-01",113.33759999999999]
[null,"2022-06-01",122.711]
[null,"2022-07-01",111.92570000000001]
[null,"2022-08-01",100.4464]
[null,"2022-09-01",89.764759999999995]
[null,"2022-10-01",93.331900000000005]
[null,"2022-11-01",91.415450000000007]
[null,"2022-12-01",80.924000000000007]
[null,"2023-01-01",82.501429999999999]
[null,"2023-02-01",82.584999999999994]
[null,"2023-03-01",78.434349999999995]
[null,"2023-04-01",84.638329999999996]
[null,"2023-05-01",75.465999999999994]
[null,"2023-06-01",74.839089999999999]
[null,"2023-07-01",80.108099999999993]
[null,"2023-08-01",86.147729999999996]
[null,"2023-09-01",93.722380000000001]
[null,"2023-10-01",90.595910000000003]
[null,"2023-11-01",82.94]
[null,"2023-12-01",77.631050000000002]
[null,"2024-01-01",80.124089999999995]
[null,"2024-02-01",83.478099999999998]
[null,"2024-03-01",85.408500000000004]
[null,"2024-04-01",89.938100000000006]
[null,"2024-05-01",81.746189999999999]
[null,"2024-06-01",82.245999999999995]
[null,"2024-07-01",85.153040000000004]
[null,"2024-08-01",80.355239999999995]
[null,"2024-09-01",74.016670000000005]
[null,"2024-10-01",75.63261]
[null,"2024-11-01",74.345240000000004]
[null,"2024-12-01",73.859499999999997]
[null,"2025-01-01",79.270449999999997]
[null,"2025-02-01",75.438000000000002]
[null,"2025-03-01",72.732860000000002]
[null,"2025-04-01",68.134500000000003]
[null,"2025-05-01",64.453000000000003]
[null,"2025-06-01",71.444760000000002]
[null,"2025-07-01",71.041300000000007]
[null,"2025-08-01",67.87]
[null,"2025-09-01",67.98545]
[null,"2025-10-01",64.543480000000002]
[null,"2025-11-01",63.796999999999997]
[null,"2025-12-01",62.544289999999997]
[null,"2026-01-01",66.602379999999997]
[null,"2026-02-01",70.887]
[null,"2026-03-01",103.1345]
[null,"2026-04-01",117.28749999999999]
[null,"2026-05-01",null,null,null,"forecast"]
[null,"2026-06-01",null,95.48]
[null,"2026-07-01",null,null,109.26]
[null,"2026-08-01",null,87.2]
[null,"2026-09-01",null,null,100.32]
[null,"2026-10-01"]
[null,"2026-11-01",null,81.92]
[null,"2026-12-01",null,null,90.98]
[null,"2027-01-01"]
[null,"2027-02-01"]
[null,"2027-03-01"]
[null,"2027-04-01"]
[null,"2027-05-01",null,77.08]
[null,"2027-06-01",null,null,82.55]
[null,"2027-07-01"]
[null,"2027-08-01"]
[null,"2027-09-01"]
[null,"2027-10-01"]
[null,"2027-11-01"]
[null,"2027-12-01"]
[null,"2028-01-01"]
[null,"2028-02-01"]
[null,"2028-03-01"]
[null,"2028-04-01"]
[null,"2028-05-01",null,74.11]
[null,"2028-06-01",null,null,77.540000000000006]

{"sheet":"Data 1.3","index":7,"n_rows":338,"n_cols":4,"rows_kept":338,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.3: New Zealand fuel prices"]
[null,"Source: MBIE"]
[]
[null,null,"Petrol (91-octane)","Diesel"]
[null,null,"Cents per litre","Cents per litre"]
[null,"2019-12-27",216.9701,143.16149999999999]
[null,"2020-01-03",223.0538,146.99430000000001]
[null,"2020-01-10",224.3896,148.87029999999999]
[null,"2020-01-17",222.94300000000001,148.01320000000001]
[null,"2020-01-24",221.35169999999999,146.4418]
[null,"2020-01-31",216.43340000000001,145.87029999999999]
[null,"2020-02-07",214.69749999999999,145.87029999999999]
[null,"2020-02-14",214.69749999999999,145.87029999999999]
[null,"2020-02-21",214.11879999999999,145.2989]
[null,"2020-02-28",213.2509,144.4418]
[null,"2020-03-06",211.37029999999999,141.2989]
[null,"2020-03-13",191.98609999999999,125.4418]
[null,"2020-03-20",179.25620000000001,110.8703]
[null,"2020-03-27",179.25620000000001,110.8703]
[null,"2020-04-03",180.02010000000001,112.6835]
[null,"2020-04-10",180.32570000000001,113.4088]
[null,"2020-04-17",180.32570000000001,113.4088]
[null,"2020-04-24",180.32570000000001,113.4088]
[null,"2020-05-01",181.4845,114.55159999999999]
[null,"2020-05-08",182.3537,115.4088]
[null,"2020-05-15",184.09200000000001,117.12309999999999]
[null,"2020-05-22",183.51259999999999,116.55159999999999]
[null,"2020-05-29",183.22290000000001,115.4088]
[null,"2020-06-05",185.39580000000001,117.4088]
[null,"2020-06-12",185.39580000000001,118.2659]
[null,"2020-06-19",185.39580000000001,120.69450000000001]
[null,"2020-06-26",185.39580000000001,120.12309999999999]
[null,"2020-07-03",185.9554,116.5609]
[null,"2020-07-10",184.43860000000001,113.2503]
[null,"2020-07-17",185.0189,115.39319999999999]
[null,"2020-07-24",186.46940000000001,116.2503]
[null,"2020-07-31",188.21,118.536]
[null,"2020-08-07",185.88919999999999,114.82170000000001]
[null,"2020-08-14",185.0189,112.6789]
[null,"2020-08-21",186.17930000000001,113.82170000000001]
[null,"2020-08-28",189.08029999999999,116.6789]
[null,"2020-09-04",189.08029999999999,115.536]
[null,"2020-09-11",187.33969999999999,112.9646]
[null,"2020-09-18",184.43860000000001,110.1075]
[null,"2020-09-25",185.88919999999999,111.536]
[null,"2020-10-02",188.3545,115.4727]
[null,"2020-10-09",185.34950000000001,114.068]
[null,"2020-10-16",186.65350000000001,114.9252]
[null,"2020-10-23",186.94329999999999,115.2109]
[null,"2020-10-30",186.3638,114.068]
[null,"2020-11-06",185.92910000000001,112.3537]
[null,"2020-11-13",187.23310000000001,111.2109]
[null,"2020-11-20",185.92910000000001,110.3537]
[null,"2020-11-27",185.63929999999999,111.9252]
[null,"2020-12-04",187.95750000000001,114.2109]
[null,"2020-12-11",189.6962,114.2109]
[null,"2020-12-18",188.2473,114.2109]
[null,"2020-12-25",184.91489999999999,114.2109]
[null,"2021-01-01",186.38720000000001,116.17449999999999]
[null,"2021-01-08",192.3972,122.0783]
[null,"2021-01-15",197.16679999999999,126.8402]
[null,"2021-01-22",199.4794,129.1259]
[null,"2021-01-29",195.577,124.41160000000001]
[null,"2021-02-05",195.28790000000001,122.98309999999999]
[null,"2021-02-12",200.0575,127.6974]
[null,"2021-02-19",201.50280000000001,129.1259]
[null,"2021-02-26",202.94820000000001,129.1259]
[null,"2021-03-05",205.6943,130.55449999999999]
[null,"2021-03-12",207.1396,132.55449999999999]
[null,"2021-03-19",206.5615,132.1259]
[null,"2021-03-26",203.52629999999999,132.1259]
[null,"2021-04-02",204.58969999999999,131.88820000000001]
[null,"2021-04-09",205.38720000000001,131.7099]
[null,"2021-04-16",205.96510000000001,132.28129999999999]
[null,"2021-04-23",208.9991,135.28129999999999]
[null,"2021-04-30",209.43260000000001,135.7099]
[null,"2021-05-07",210.58840000000001,138.56700000000001]
[null,"2021-05-14",211.45519999999999,139.7099]
[null,"2021-05-21",211.45519999999999,139.7099]
[null,"2021-05-28",213.18899999999999,141.9956]
[null,"2021-06-04",215.50059999999999,142.7099]
[null,"2021-06-11",217.6677,144.8527]
[null,"2021-06-18",220.70169999999999,145.7099]
[null,"2021-06-25",223.73570000000001,147.8527]
[null,"2021-07-02",223.5138,148.18870000000001]
[null,"2021-07-09",224.5701,149.155]
[null,"2021-07-16",224.85830000000001,149.44069999999999]
[null,"2021-07-23",223.1294,147.72640000000001]
[null,"2021-07-30",224.71420000000001,150.2978]
[null,"2021-08-06",228.31610000000001,153.2978]
[null,"2021-08-13",227.30760000000001,151.2978]
[null,"2021-08-20",226.7313,151.2978]
[null,"2021-08-27",228.02799999999999,152.58349999999999]
[null,"2021-09-03",229.7569,154.2978]
[null,"2021-09-10",229.1806,153.72640000000001]
[null,"2021-09-17",230.04509999999999,155.0121]
[null,"2021-09-24",231.62989999999999,157.155]
[null,"2021-10-01",231.4855,156.0102]
[null,"2021-10-08",234.73519999999999,158.57919999999999]
[null,"2021-10-15",239.47579999999999,163.29349999999999]
[null,"2021-10-22",244.36009999999999,168.72200000000001]
[null,"2021-10-29",249.38800000000001,174.1506]
[null,"2021-11-05",251.5428,175.29349999999999]
[null,"2021-11-12",251.5428,175.29349999999999]
[null,"2021-11-19",251.5428,175.29349999999999]
[null,"2021-11-26",248.52610000000001,172.29349999999999]
[null,"2021-12-03",248.52610000000001,172.29349999999999]
[null,"2021-12-10",246.37119999999999,172.29349999999999]
[null,"2021-12-17",243.49809999999999,172.29349999999999]
[null,"2021-12-24",243.49809999999999,172.29349999999999]
[null,"2021-12-31",244.76310000000001,172.42349999999999]
[null,"2022-01-07",248.19489999999999,172.9862]
[null,"2022-01-14",250.11099999999999,174.93199999999999]
[null,"2022-01-21",253.68430000000001,178.6027]
[null,"2022-01-28",257.09460000000001,182.02760000000001]
[null,"2022-02-04",261.09930000000003,185.9358]
[null,"2022-02-11",265.04419999999999,190.06620000000001]
[null,"2022-02-18",269.2885,194.37530000000001]
[null,"2022-02-25",272.79149999999998,197.9924]
[null,"2022-03-04",279.91750000000002,205.2868]
[null,"2022-03-11",298.78120000000001,223.65880000000001]
[null,"2022-03-18",279.83100000000002,233.43289999999999]
[null,"2022-03-25",269.59070000000003,229.69730000000001]
[null,"2022-04-01",268.1825,230.41759999999999]
[null,"2022-04-08",263.00869999999998,225.81979999999999]
[null,"2022-04-15",260.72669999999999,224.8869]
[null,"2022-04-22",262.00510000000003,230.50059999999999]
[null,"2022-04-29",265.541,238.18049999999999]
[null,"2022-05-06",273.55950000000001,247.6738]
[null,"2022-05-13",284.20830000000001,260.63720000000001]
[null,"2022-05-20",291.46050000000002,267.3981]
[null,"2022-05-27",294.84440000000001,267.33150000000001]
[null,"2022-06-03",294.18150000000003,265.18709999999999]
[null,"2022-06-10",295.73489999999998,269.76929999999999]
[null,"2022-06-17",303.65519999999998,284.89659999999998]
[null,"2022-06-24",308.50240000000002,294.42500000000001]
[null,"2022-07-01",308.92970000000003,296.15300000000002]
[null,"2022-07-08",307.98289999999997,295.82139999999998]
[null,"2022-07-15",303.49419999999998,291.43939999999998]
[null,"2022-07-22",285.7636,275.5684]
[null,"2022-07-29",269.5444,259.57740000000001]
[null,"2022-08-05",264.51089999999999,254.36179999999999]
[null,"2022-08-12",261.25139999999999,250.57329999999999]
[null,"2022-08-19",258.52460000000002,248.16309999999999]
[null,"2022-08-26",258.68830000000003,249.00069999999999]
[null,"2022-09-02",261.30669999999998,255.34039999999999]
[null,"2022-09-09",261.8322,258.51260000000002]
[null,"2022-09-16",261.30040000000002,258.33420000000001]
[null,"2022-09-23",261.02089999999998,257.2996]
[null,"2022-09-30",259.5881,256.31900000000002]
[null,"2022-10-07",257.17660000000001,255.01949999999999]
[null,"2022-10-14",257.39429999999999,260.59769999999997]
[null,"2022-10-21",257.56479999999999,268.31119999999999]
[null,"2022-10-28",258.04259999999999,269.46069999999997]
[null,"2022-11-04",257.1721,268.10820000000001]
[null,"2022-11-11",257.67939999999999,266.59820000000002]
[null,"2022-11-18",257.61130000000003,264.21629999999999]
[null,"2022-11-25",256.15320000000003,256.19889999999998]
[null,"2022-12-02",252.70269999999999,247.6052]
[null,"2022-12-09",246.9487,239.49250000000001]
[null,"2022-12-16",240.20330000000001,229.8991]
[null,"2022-12-23",236.8459,226.84819999999999]
[null,"2022-12-30",238.81540000000001,228.7313]
[null,"2023-01-06",243.2338,230.65710000000001]
[null,"2023-01-13",242.88480000000001,229.85919999999999]
[null,"2023-01-20",242.98410000000001,228.29849999999999]
[null,"2023-01-27",247.95089999999999,228.35400000000001]
[null,"2023-02-03",247.97210000000001,228.0224]
[null,"2023-02-10",246.88,226.10050000000001]
[null,"2023-02-17",247.19159999999999,224.762]
[null,"2023-02-24",245.26400000000001,223.69370000000001]
[null,"2023-03-03",245.98249999999999,222.3492]
[null,"2023-03-10",245.68450000000001,220.69829999999999]
[null,"2023-03-17",244.81360000000001,219.61060000000001]
[null,"2023-03-24",243.0693,214.96430000000001]
[null,"2023-03-31",241.82910000000001,211.13550000000001]
[null,"2023-04-07",246.1901,210.5214]
[null,"2023-04-14",248.76390000000001,210.22040000000001]
[null,"2023-04-21",249.31059999999999,209.57919999999999]
[null,"2023-04-28",248.9007,206.66030000000001]
[null,"2023-05-05",245.3775,198.40379999999999]
[null,"2023-05-12",239.6388,191.6163]
[null,"2023-05-19",235.75659999999999,188.66839999999999]
[null,"2023-05-26",236.3271,189.07579999999999]
[null,"2023-06-02",239.297,189.44749999999999]
[null,"2023-06-09",238.7824,189.21170000000001]
[null,"2023-06-16",238.5626,188.9427]
[null,"2023-06-23",238.6223,188.65870000000001]
[null,"2023-06-30",243.49080000000001,188.87289999999999]
[null,"2023-07-07",264.64429999999999,189.40899999999999]
[null,"2023-07-14",264.28789999999998,188.86959999999999]
[null,"2023-07-21",266.78190000000001,189.04910000000001]
[null,"2023-07-28",272.37479999999999,194.22970000000001]
[null,"2023-08-04",277.76440000000002,200.67570000000001]
[null,"2023-08-11",281.27569999999997,209.24619999999999]
[null,"2023-08-18",286.40289999999999,216.68190000000001]
[null,"2023-08-25",288.64620000000002,219.80279999999999]
[null,"2023-09-01",290.93830000000003,222.68469999999999]
[null,"2023-09-08",293.43470000000002,226.4187]
[null,"2023-09-15",296.53590000000003,230.28890000000001]
[null,"2023-09-22",301.00099999999998,236.892]
[null,"2023-09-29",301.93509999999998,238.90369999999999]
[null,"2023-10-06",296.72160000000002,235.3202]
[null,"2023-10-13",292.43639999999999,233.77260000000001]
[null,"2023-10-20",289.36489999999998,231.637]
[null,"2023-10-27",287.62790000000001,230.98699999999999]
[null,"2023-11-03",286.79199999999997,230.93889999999999]
[null,"2023-11-10",285.5772,229.26060000000001]
[null,"2023-11-17",282.63600000000002,225.39099999999999]
[null,"2023-11-24",279.73079999999999,221.37260000000001]
[null,"2023-12-01",276.7158,218.0557]
[null,"2023-12-08",272.97809999999998,213.78729999999999]
[null,"2023-12-15",268.07100000000003,207.60230000000001]
[null,"2023-12-22",266.05020000000002,205.77969999999999]
[null,"2023-12-29",265.762,205.3613]
[null,"2024-01-05",265.71749999999997,207.58459999999999]
[null,"2024-01-12",265.30489999999998,207.11199999999999]
[null,"2024-01-19",265.05009999999999,206.7037]
[null,"2024-01-26",266.5453,207.9188]
[null,"2024-02-02",272.12670000000003,210.9281]
[null,"2024-02-09",275.58409999999998,213.45869999999999]
[null,"2024-02-16",277.8211,215.5128]
[null,"2024-02-23",279.24329999999998,217.3647]
[null,"2024-03-01",279.32440000000003,217.60310000000001]
[null,"2024-03-08",280.16419999999999,217.34010000000001]
[null,"2024-03-15",279.50200000000001,216.64259999999999]
[null,"2024-03-22",279.84370000000001,216.1506]
[null,"2024-03-29",282.27260000000001,217.28030000000001]
[null,"2024-04-05",283.56299999999999,216.98820000000001]
[null,"2024-04-12",284.863,216.8775]
[null,"2024-04-19",285.19450000000001,217.0856]
[null,"2024-04-26",284.59300000000002,216.88829999999999]
[null,"2024-05-03",283.61880000000002,215.9802]
[null,"2024-05-10",281.86099999999999,214.13910000000001]
[null,"2024-05-17",278.70979999999997,211.3073]
[null,"2024-05-24",275.94839999999999,208.45099999999999]
[null,"2024-05-31",273.23880000000003,206.01060000000001]
[null,"2024-06-07",268.67540000000002,201.85239999999999]
[null,"2024-06-14",264.30790000000002,197.79220000000001]
[null,"2024-06-21",263.1343,197.38069999999999]
[null,"2024-06-28",265.49180000000001,200.14680000000001]
[null,"2024-07-05",262.13690000000003,196.9315]
[null,"2024-07-12",264.27199999999999,198.65790000000001]
[null,"2024-07-19",264.63760000000002,198.90350000000001]
[null,"2024-07-26",264.28089999999997,198.47229999999999]
[null,"2024-08-02",263.49849999999998,197.29419999999999]
[null,"2024-08-09",262.5147,195.93119999999999]
[null,"2024-08-16",260.5607,193.5274]
[null,"2024-08-23",258.82569999999998,191.52440000000001]
[null,"2024-08-30",256.43470000000002,189.0104]
[null,"2024-09-06",254.43289999999999,186.4204]
[null,"2024-09-13",251.6926,183.38499999999999]
[null,"2024-09-20",249.0181,180.1114]
[null,"2024-09-27",247.2621,177.73079999999999]
[null,"2024-10-04",246.79490000000001,175.01599999999999]
[null,"2024-10-11",249.4366,178.351]
[null,"2024-10-18",252.2611,181.77760000000001]
[null,"2024-10-25",253.18530000000001,182.71510000000001]
[null,"2024-11-01",252.33930000000001,182.1009]
[null,"2024-11-08",253.76759999999999,182.80250000000001]
[null,"2024-11-15",255.81290000000001,184.62549999999999]
[null,"2024-11-22",255.97300000000001,185.0359]
[null,"2024-11-29",255.87129999999999,184.85230000000001]
[null,"2024-12-06",255.4648,184.76259999999999]
[null,"2024-12-13",255.64670000000001,185.07310000000001]
[null,"2024-12-20",258.5068,186.87459999999999]
[null,"2024-12-27",262.34050000000002,190.4975]
[null,"2025-01-03",264.73919999999998,193.25040000000001]
[null,"2025-01-10",265.70119999999997,194.13669999999999]
[null,"2025-01-17",268.18689999999998,197.095]
[null,"2025-01-24",270.64789999999999,200.00290000000001]
[null,"2025-01-31",270.3938,200.72190000000001]
[null,"2025-02-07",269.39890000000003,200.01509999999999]
[null,"2025-02-14",268.81659999999999,199.26320000000001]
[null,"2025-02-21",268.37459999999999,198.8492]
[null,"2025-02-28",267.702,198.4991]
[null,"2025-03-07",266.34199999999998,196.97409999999999]
[null,"2025-03-14",263.8612,195.17400000000001]
[null,"2025-03-21",261.6678,194.3348]
[null,"2025-03-28",261.2133,193.16909999999999]
[null,"2025-04-04",261.21370000000002,192.51939999999999]
[null,"2025-04-11",260.00920000000002,191.37049999999999]
[null,"2025-04-18",257.3381,188.54499999999999]
[null,"2025-04-25",255.48949999999999,186.8329]
[null,"2025-05-02",254.23609999999999,185.54509999999999]
[null,"2025-05-09",252.97839999999999,183.292]
[null,"2025-05-16",251.68379999999999,181.6353]
[null,"2025-05-23",251.15129999999999,180.83840000000001]
[null,"2025-05-30",250.36279999999999,180.19409999999999]
[null,"2025-06-06",248.86199999999999,178.5795]
[null,"2025-06-13",248.309,178.12389999999999]
[null,"2025-06-20",250.71979999999999,179.9442]
[null,"2025-06-27",255.1781,184.32560000000001]
[null,"2025-07-04",256.09050000000002,185.54130000000001]
[null,"2025-07-11",254.87870000000001,184.72290000000001]
[null,"2025-07-18",253.89429999999999,184.4665]
[null,"2025-07-25",254.12459999999999,184.96080000000001]
[null,"2025-08-01",253.91319999999999,185.3638]
[null,"2025-08-08",254.14240000000001,185.8914]
[null,"2025-08-15",252.74199999999999,184.87989999999999]
[null,"2025-08-22",251.64320000000001,184.0077]
[null,"2025-08-29",252.58459999999999,184.3828]
[null,"2025-09-05",253.45310000000001,185.29759999999999]
[null,"2025-09-12",254.71629999999999,186.33930000000001]
[null,"2025-09-19",254.9485,186.85749999999999]
[null,"2025-09-26",254.88560000000001,186.92840000000001]
[null,"2025-10-03",256.7928,188.56309999999999]
[null,"2025-10-10",257.77440000000001,189.47139999999999]
[null,"2025-10-17",257.92829999999998,189.57089999999999]
[null,"2025-10-24",258.02820000000003,189.80080000000001]
[null,"2025-10-31",258.19400000000002,190.0968]
[null,"2025-11-07",259.97949999999997,191.5667]
[null,"2025-11-14",261.09769999999997,193.59010000000001]
[null,"2025-11-21",262.71390000000002,195.55260000000001]
[null,"2025-11-28",263.66680000000002,196.55359999999999]
[null,"2025-12-05",263.29860000000002,196.077]
[null,"2025-12-12",263.55810000000002,195.69890000000001]
[null,"2025-12-19",262.68090000000001,195.20320000000001]
[null,"2025-12-26",260.8759,193.41460000000001]
[null,"2026-01-02",259.49889999999999,192.00739999999999]
[null,"2026-01-09",258.15839999999997,190.75700000000001]
[null,"2026-01-16",256.12110000000001,189.13730000000001]
[null,"2026-01-23",255.09299999999999,188.0137]
[null,"2026-01-30",254.55199999999999,187.3972]
[null,"2026-02-06",253.95519999999999,186.5461]
[null,"2026-02-13",253.0908,186.2791]
[null,"2026-02-20",252.57390000000001,186.09289999999999]
[null,"2026-02-27",253.2097,186.62309999999999]
[null,"2026-03-06",258.28059999999999,194.4034]
[null,"2026-03-13",282.3254,234.23920000000001]
[null,"2026-03-20",314.1841,285.75310000000002]
[null,"2026-03-27",335.51209999999998,328.14850000000001]
[null,"2026-04-03",341.11340000000001,353.46820000000002]
[null,"2026-04-10",347.94310000000002,381.42]
[null,"2026-04-17",343.23970000000003,382.22949999999997]
[null,"2026-04-24",331.45179999999999,351.04300000000001]
[null,"2026-05-01",323.58909999999997,331.42910000000001]
[null,"2026-05-08",324.15170000000001,325.78809999999999]

{"sheet":"Data 1.4","index":9,"n_rows":90,"n_cols":7,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.4: CPI inflation"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"CPI (Budget Update 2026)","CPI (Half Year Update 2025)","Non-tradable (Budget Update 2026)","Tradable (Budget Update 2026)"]
[null,null,"Annual % change","Annual % change","Annual % change","Annual % change"]
[null,"2009-06-01",1.885014,1.885014,3.3562810000000001,0.23006399999999999]
[null,"2009-09-01",1.6713089999999999,1.6713089999999999,3.0242439999999999,-7.2580000000000006E-2]
[null,"2009-12-01",1.958955,1.958955,2.3040060000000002,1.5631949999999999]
[null,"2010-03-01",2.0465119999999999,2.0465119999999999,2.0453950000000001,1.921035]
[null,"2010-06-01",1.665125,1.665125,2.2391649999999998,1.0207790000000001]
[null,"2010-09-01",1.461187,1.461187,2.5041359999999999,0.29876000000000003]
[null,"2010-12-01",4.0256179999999997,4.0256179999999997,4.6670280000000002,3.3122820000000002]
[null,"2011-03-01",4.4667269999999997,4.4667269999999997,5.1836000000000002,3.6279370000000002]
[null,"2011-06-01",5.2775249999999998,5.2775249999999998,5.1600299999999999,5.5372719999999997]
[null,"2011-09-01",4.5904590000000001,4.5904590000000001,4.5503910000000003,4.6114519999999999]
[null,"2011-12-01",1.8469660000000001,1.8469660000000001,2.5033319999999999,1.083318]
[null,"2012-03-01",1.570681,1.570681,2.4831159999999999,0.27133400000000002]
[null,"2012-06-01",0.950735,0.950735,2.3892370000000001,-1.0615600000000001]
[null,"2012-09-01",0.77452699999999997,0.77452699999999997,2.3683390000000002,-1.180069]
[null,"2012-12-01",0.94991400000000004,0.94991400000000004,2.5215640000000001,-1.022529]
[null,"2013-03-01",0.85910600000000004,0.85910600000000004,2.338581,-1.0376719999999999]
[null,"2013-06-01",0.68493199999999999,0.68493199999999999,2.5049709999999998,-1.650984]
[null,"2013-09-01",1.3663540000000001,1.3663540000000001,2.8072810000000001,-0.47520600000000002]
[null,"2013-12-01",1.625321,1.625321,2.9193180000000001,-0.279144]
[null,"2014-03-01",1.53322,1.53322,2.934145,-0.52423799999999998]
[null,"2014-06-01",1.6156459999999999,1.6156459999999999,2.7076020000000001,9.9765999999999994E-2]
[null,"2014-09-01",1.0109520000000001,1.0109520000000001,2.5576530000000002,-1.0349360000000001]
[null,"2014-12-01",0.75757600000000003,0.75757600000000003,2.3448820000000001,-1.2683850000000001]
[null,"2015-03-01",0.25167800000000001,0.25167800000000001,2.394336,-2.415216]
[null,"2015-06-01",0.41841,0.41841,2.1155430000000002,-1.7493289999999999]
[null,"2015-09-01",0.417014,0.417014,1.557609,-1.1681589999999999]
[null,"2015-12-01",8.3542000000000005E-2,8.3542000000000005E-2,1.7354799999999999,-2.1489910000000001]
[null,"2016-03-01",0.41841,0.41841,1.5851029999999999,-1.2790570000000001]
[null,"2016-06-01",0.41666700000000001,0.41666700000000001,1.864881,-1.478674]
[null,"2016-09-01",0.41528199999999998,0.41528199999999998,2.3476050000000002,-2.097051]
[null,"2016-12-01",1.3355589999999999,1.3355589999999999,2.3861680000000001,-0.10606699999999999]
[null,"2017-03-01",2.1666669999999999,2.1666669999999999,2.4653679999999998,1.544467]
[null,"2017-06-01",1.742739,1.742739,2.4319850000000001,0.89581699999999997]
[null,"2017-09-01",1.902399,1.902399,2.5532490000000001,1.1354280000000001]
[null,"2017-12-01",1.5943989999999999,1.5943989999999999,2.4284759999999999,0.44192900000000002]
[null,"2018-03-01",1.1000000000000001,1.1000000000000001,2.3419919999999999,-0.39017800000000002]
[null,"2018-06-01",1.5,1.5,2.4429210000000001,0.38032100000000002]
[null,"2018-09-01",1.9012990000000001,1.9012990000000001,2.4537239999999998,1.0301070000000001]
[null,"2018-12-01",1.888668,1.888668,2.6275430000000002,0.88054900000000003]
[null,"2019-03-01",1.4836800000000001,1.4836800000000001,2.8800659999999998,-0.47337400000000002]
[null,"2019-06-01",1.6748769999999999,1.6748769999999999,2.8593459999999999,0.169545]
[null,"2019-09-01",1.464844,1.464844,3.1652019999999998,-0.679871]
[null,"2019-12-01",1.8536589999999999,1.8536589999999999,3.044727,6.6375000000000003E-2]
[null,"2020-03-01",2.5341130000000001,2.5341130000000001,3.4777070000000001,1.4874590000000001]
[null,"2020-06-01",1.4534879999999999,1.4534879999999999,3.1491349999999998,-0.54320800000000002]
[null,"2020-09-01",1.4436960000000001,1.4436960000000001,2.589038,-0.12881999999999999]
[null,"2020-12-01",1.436782,1.436782,2.790305,-0.30450300000000002]
[null,"2021-03-01",1.520913,1.520913,2.1579609999999998,0.50132200000000005]
[null,"2021-06-01",3.3428840000000002,3.3428840000000002,3.3128829999999998,3.4165160000000001]
[null,"2021-09-01",4.933586,4.933586,4.4521220000000001,5.6705560000000004]
[null,"2021-12-01",5.9490080000000001,5.9490080000000001,5.2705599999999997,6.8528640000000003]
[null,"2022-03-01",6.928839,6.928839,6.0738919999999998,8.4854869999999991]
[null,"2022-06-01",7.3012940000000004,7.3012940000000004,6.3161589999999999,8.7060069999999996]
[null,"2022-09-01",7.2332729999999996,7.2332729999999996,6.5400780000000003,8.1137689999999996]
[null,"2022-12-01",7.2192509999999999,7.2192509999999999,6.5783800000000001,8.1939019999999996]
[null,"2023-03-01",6.6549909999999999,6.6549909999999999,6.8165079999999998,6.3556499999999998]
[null,"2023-06-01",6.0292849999999998,6.0292849999999998,6.606033,5.1389440000000004]
[null,"2023-09-01",5.649241,5.649241,6.3110920000000004,4.7492729999999996]
[null,"2023-12-01",4.6550289999999999,4.6550289999999999,5.9378820000000001,2.995053]
[null,"2024-03-01",4.0229889999999999,4.0229889999999999,5.8091330000000001,1.621259]
[null,"2024-06-01",3.3306260000000001,3.3306260000000001,5.4146429999999999,0.31810699999999997]
[null,"2024-09-01",2.1548280000000002,2.1548280000000002,4.934679,-1.544899]
[null,"2024-12-01",2.2239870000000002,2.2239870000000002,4.540616,-1.096797]
[null,"2025-03-01",2.5256509999999999,2.5256509999999999,3.9714990000000001,0.32089000000000001]
[null,"2025-06-01",2.6729560000000001,2.6729560000000001,3.7256,1.1824410000000001]
[null,"2025-09-01",3.046875,3.046875,3.532311,2.2216879999999999]
[null,"2025-12-01",3.1080030000000001,2.8722449999999999,3.5250010000000001,2.6024470000000002]
[null,"2026-03-01",3.0792920000000001,2.5100690000000001,3.4618820000000001,2.5085169999999999]
[null,"2026-06-01",3.9603519999999999,2.3894380000000002,3.4355989999999998,4.5994609999999998,"forecast"]
[null,"2026-09-01",3.7002060000000001,2.3341609999999999,3.57748,3.8664019999999999]
[null,"2026-12-01",3.1985790000000001,2.3159390000000002,3.3107199999999999,2.9516979999999999]
[null,"2027-03-01",2.7448440000000001,2.2639710000000002,3.1468859999999999,2.1984270000000001]
[null,"2027-06-01",1.6006750000000001,2.2163430000000002,2.9657,-0.18886]
[null,"2027-09-01",1.7190890000000001,2.173289,2.7086229999999998,0.41826999999999998]
[null,"2027-12-01",1.9074260000000001,2.134512,2.7837369999999999,0.75439500000000004]
[null,"2028-03-01",2.0319989999999999,2.1021329999999998,2.810559,1.0067649999999999]
[null,"2028-06-01",2.0852710000000001,2.0769120000000001,2.8390529999999998,1.0924609999999999]
[null,"2028-09-01",2.1072540000000002,2.0595270000000001,2.8714919999999999,1.100759]
[null,"2028-12-01",2.1326890000000001,2.044136,2.9005869999999998,1.121402]
[null,"2029-03-01",2.1156199999999998,2.0310459999999999,2.9231210000000001,1.0525420000000001]
[null,"2029-06-01",2.1006070000000001,2.0191859999999999,2.9386060000000001,0.99766699999999997]
[null,"2029-09-01",2.086185,2.0082409999999999,2.9481480000000002,0.95193700000000003]
[null,"2029-12-01",2.070532,2.0012319999999999,2.9503219999999999,0.91300400000000004]
[null,"2030-03-01",2.0525980000000001,1.997951,2.9443250000000001,0.87948499999999996]
[null,"2030-06-01",2.032467,1.9986539999999999,2.9311150000000001,0.85032099999999999]

{"sheet":"Data 1.5","index":11,"n_rows":24,"n_cols":8,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.5: CPI forecasts"]
[null,"Sources: ANZ, ASB, BNZ, Westpac, the Treasury",null,null,null,"Sample as at 18 May 2026"]
[]
[null,null,"The Treasury","ANZ","ASB","BNZ","Westpac"]
[null,null,"Annual % change","Annual % change","Annual % change","Annual % change","Annual % change"]
[null,"2024-06-01",3.3306260000000001,3.3306260000000001,3.3306260000000001,3.3306260000000001,3.3306260000000001]
[null,"2024-09-01",2.1548280000000002,2.1548280000000002,2.1548280000000002,2.1548280000000002,2.1548280000000002]
[null,"2024-12-01",2.2239870000000002,2.2239870000000002,2.2239870000000002,2.2239870000000002,2.2239870000000002]
[null,"2025-03-01",2.5256509999999999,2.5256509999999999,2.5256509999999999,2.5256509999999999,2.5256509999999999]
[null,"2025-06-01",2.6729560000000001,2.6729560000000001,2.6729560000000001,2.6729560000000001,2.6729560000000001]
[null,"2025-09-01",3.046875,3.046875,3.046875,3.046875,3.046875]
[null,"2025-12-01",3.1080030000000001,3.1080030000000001,3.1080030000000001,3.1080030000000001,3.1080030000000001]
[null,"2026-03-01",3.0792920000000001,3.1,3.1,3.1,3.1]
[null,"2026-06-01",3.9603519999999999,4.4000000000000004,4.3,4,4.4000000000000004,"forecast"]
[null,"2026-09-01",3.7002060000000001,4.3,4.4000000000000004,3.6,4.5]
[null,"2026-12-01",3.1985790000000001,4.0999999999999996,4.3,3.2,4.4000000000000004]
[null,"2027-03-01",2.7448440000000001,3.2,3.7,2.9,4]
[null,"2027-06-01",1.6006750000000001,1.6,2.4,2.2000000000000002,2.1]
[null,"2027-09-01",1.7190890000000001,1.4,null,2.1,1.6]
[null,"2027-12-01",1.9074260000000001,1.4,null,2,1.6]
[null,"2028-03-01",2.0319989999999999,1.7,2.2000000000000002,2,1.4]
[null,"2028-06-01",2.0852710000000001,1.9,null,null,1.7]
[null,"2028-09-01",2.1072540000000002,1.9,null,null,2]
[null,"2028-12-01",2.1326890000000001,2,null,null,2.1]

{"sheet":"Data 1.6","index":13,"n_rows":93,"n_cols":4,"rows_kept":93,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.6: Consumer and business confidence"]
[null,"Source: ANZ Research"]
[]
[null,null,"Consumer confidence","Business confidence (RHS)"]
[null,null,"Index","Index"]
[null,"2019-01-01",121.7]
[null,"2019-02-01",120.8,-30.9]
[null,"2019-03-01",121.8,-38]
[null,"2019-04-01",123.2,-37.5]
[null,"2019-05-01",119.3,-32]
[null,"2019-06-01",122.6,-38.1]
[null,"2019-07-01",116.4,-44.3]
[null,"2019-08-01",118.2,-52.3]
[null,"2019-09-01",113.9,-53.5]
[null,"2019-10-01",118.4,-42.4]
[null,"2019-11-01",120.7,-26.4]
[null,"2019-12-01",123.3,-13.2]
[null,"2020-01-01",122.7]
[null,"2020-02-01",122.1,-19.399999999999999]
[null,"2020-03-01",106.3,-63.5]
[null,"2020-04-01",84.8,-66.599999999999994]
[null,"2020-05-01",97.3,-41.8]
[null,"2020-06-01",104.5,-34.4]
[null,"2020-07-01",104.3,-31.8]
[null,"2020-08-01",100.2,-41.8]
[null,"2020-09-01",100,-28.5]
[null,"2020-10-01",108.7,-15.7]
[null,"2020-11-01",106.9,-6.9]
[null,"2020-12-01",112,9.4]
[null,"2021-01-01",113.8]
[null,"2021-02-01",113.1,7]
[null,"2021-03-01",110.8,-4.0999999999999996]
[null,"2021-04-01",115.4,-2]
[null,"2021-05-01",114,1.8]
[null,"2021-06-01",114.1,-0.6]
[null,"2021-07-01",113.1,-3.8]
[null,"2021-08-01",109.6,-14.2]
[null,"2021-09-01",104.5,-7.2]
[null,"2021-10-01",98,-13.4]
[null,"2021-11-01",96.6,-16.399999999999999]
[null,"2021-12-01",98.3,-23.2]
[null,"2022-01-01",97.7]
[null,"2022-02-01",81.7,-51.8]
[null,"2022-03-01",77.900000000000006,-41.9]
[null,"2022-04-01",84.4,-42]
[null,"2022-05-01",82.3,-55.6]
[null,"2022-06-01",80.5,-62.6]
[null,"2022-07-01",81.900000000000006,-56.7]
[null,"2022-08-01",85.4,-47.8]
[null,"2022-09-01",85.4,-36.700000000000003]
[null,"2022-10-01",85.4,-42.7]
[null,"2022-11-01",80.7,-57.1]
[null,"2022-12-01",73.8,-70.2]
[null,"2023-01-01",83.4,-52]
[null,"2023-02-01",79.8,-43.3]
[null,"2023-03-01",77.7,-43.4]
[null,"2023-04-01",79.3,-43.8]
[null,"2023-05-01",79.2,-31.1]
[null,"2023-06-01",85.5,-18]
[null,"2023-07-01",83.7,-13.1]
[null,"2023-08-01",85,-3.7]
[null,"2023-09-01",86.4,1.5]
[null,"2023-10-01",88.1,23.4]
[null,"2023-11-01",91.9,30.8]
[null,"2023-12-01",93.1,33.200000000000003]
[null,"2024-01-01",93.6,36.6]
[null,"2024-02-01",94.5,34.700000000000003]
[null,"2024-03-01",86.4,22.9]
[null,"2024-04-01",82.1,14.9]
[null,"2024-05-01",84.9,11.2]
[null,"2024-06-01",83.2,6.1]
[null,"2024-07-01",87.9,27.1]
[null,"2024-08-01",92.2,50.6]
[null,"2024-09-01",95.1,60.9]
[null,"2024-10-01",91.2,65.7]
[null,"2024-11-01",99.8,64.900000000000006]
[null,"2024-12-01",100.2,62.3]
[null,"2025-01-01",96,54.4]
[null,"2025-02-01",96.6,58.4]
[null,"2025-03-01",93.2,57.5]
[null,"2025-04-01",98.3,49.3]
[null,"2025-05-01",92.9,36.6]
[null,"2025-06-01",98.8,46.3]
[null,"2025-07-01",94.7,47.8]
[null,"2025-08-01",92,49.7]
[null,"2025-09-01",94.6,49.6]
[null,"2025-10-01",92.4,58.1]
[null,"2025-11-01",98.4,67.099999999999994]
[null,"2025-12-01",101.5,73.599999999999994]
[null,"2026-01-01",107.2,64.099999999999994]
[null,"2026-02-01",100.1,59.2]
[null,"2026-03-01",91.3,32.5]
[null,"2026-04-01",80.3,-10.6]

{"sheet":"Data 1.7","index":15,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.7: Goods and services terms of trade"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"Index ","Index "]
[null,"2009-06-01",966.22879999999998,966.22879999999998]
[null,"2009-09-01",983.46010000000001,983.46010000000001]
[null,"2009-12-01",1000,1000]
[null,"2010-03-01",1034.472,1034.472]
[null,"2010-06-01",1062.1110000000001,1062.1110000000001]
[null,"2010-09-01",1058.7159999999999,1058.7159999999999]
[null,"2010-12-01",1099.7860000000001,1099.7860000000001]
[null,"2011-03-01",1077.328,1077.328]
[null,"2011-06-01",1103.5170000000001,1103.5170000000001]
[null,"2011-09-01",1105.8620000000001,1105.8620000000001]
[null,"2011-12-01",1093.143,1093.143]
[null,"2012-03-01",1065.3520000000001,1065.3520000000001]
[null,"2012-06-01",1052.9749999999999,1052.9749999999999]
[null,"2012-09-01",1040.345,1040.345]
[null,"2012-12-01",1030.5,1030.5]
[null,"2013-03-01",1053.752,1053.752]
[null,"2013-06-01",1088.479,1088.479]
[null,"2013-09-01",1142.18,1142.18]
[null,"2013-12-01",1223.5650000000001,1223.5650000000001]
[null,"2014-03-01",1204.047,1204.047]
[null,"2014-06-01",1205.1859999999999,1205.1859999999999]
[null,"2014-09-01",1176.7170000000001,1176.7170000000001]
[null,"2014-12-01",1135.489,1135.489]
[null,"2015-03-01",1146.3869999999999,1146.3869999999999]
[null,"2015-06-01",1159.806,1159.806]
[null,"2015-09-01",1135.412,1135.412]
[null,"2015-12-01",1100.4290000000001,1100.4290000000001]
[null,"2016-03-01",1149.0029999999999,1149.0029999999999]
[null,"2016-06-01",1133.684,1133.684]
[null,"2016-09-01",1144.6020000000001,1144.6020000000001]
[null,"2016-12-01",1179.5450000000001,1179.5450000000001]
[null,"2017-03-01",1182.8389999999999,1182.77]
[null,"2017-06-01",1189.721,1189.721]
[null,"2017-09-01",1223.232,1223.2260000000001]
[null,"2017-12-01",1232.26,1232.26]
[null,"2018-03-01",1203.3620000000001,1203.3620000000001]
[null,"2018-06-01",1200.655,1200.787]
[null,"2018-09-01",1205.3800000000001,1205.2380000000001]
[null,"2018-12-01",1171.472,1171.354]
[null,"2019-03-01",1170.1859999999999,1170.318]
[null,"2019-06-01",1186.4290000000001,1186.6189999999999]
[null,"2019-09-01",1213.1610000000001,1212.825]
[null,"2019-12-01",1227.03,1226.25]
[null,"2020-03-01",1222.6310000000001,1223.779]
[null,"2020-06-01",1213.9829999999999,1214.107]
[null,"2020-09-01",1221.2460000000001,1220.559]
[null,"2020-12-01",1208.7760000000001,1207.155]
[null,"2021-03-01",1181.7049999999999,1184.0889999999999]
[null,"2021-06-01",1206.289,1206.3789999999999]
[null,"2021-09-01",1228.4849999999999,1227.2950000000001]
[null,"2021-12-01",1208.5050000000001,1205.9090000000001]
[null,"2022-03-01",1200.9280000000001,1204.0709999999999]
[null,"2022-06-01",1180.6120000000001,1181.529]
[null,"2022-09-01",1156.731,1156.7049999999999]
[null,"2022-12-01",1138.4570000000001,1136.7850000000001]
[null,"2023-03-01",1123.5450000000001,1126.4010000000001]
[null,"2023-06-01",1140.5260000000001,1142.296]
[null,"2023-09-01",1167.4960000000001,1166.9010000000001]
[null,"2023-12-01",1100.922,1098.8810000000001]
[null,"2024-03-01",1148.2349999999999,1151.104]
[null,"2024-06-01",1144.952,1147.943]
[null,"2024-09-01",1175.748,1174.787]
[null,"2024-12-01",1199.277,1195.424]
[null,"2025-03-01",1193.4939999999999,1196.4459999999999]
[null,"2025-06-01",1243.1869999999999,1240.0830000000001]
[null,"2025-09-01",1237.1010000000001,1236.287,"forecast"]
[null,"2025-12-01",1241.0329999999999,1226.3]
[null,"2026-03-01",1210.2139999999999,1228.71]
[null,"2026-06-01",1153.2809999999999,1231.04]
[null,"2026-09-01",1175.3440000000001,1232.9490000000001]
[null,"2026-12-01",1197.8409999999999,1234.6769999999999]
[null,"2027-03-01",1212.3969999999999,1236.239]
[null,"2027-06-01",1226.2940000000001,1237.683]
[null,"2027-09-01",1235.6310000000001,1239.037]
[null,"2027-12-01",1243.269,1240.316]
[null,"2028-03-01",1250.1590000000001,1241.5219999999999]
[null,"2028-06-01",1257.722,1242.6610000000001]
[null,"2028-09-01",1263.0809999999999,1243.598]
[null,"2028-12-01",1266.7650000000001,1244.463]
[null,"2029-03-01",1269.472,1245.2660000000001]
[null,"2029-06-01",1271.539,1246.0060000000001]
[null,"2029-09-01",1273.1410000000001,1246.6890000000001]
[null,"2029-12-01",1274.4369999999999,1247.32]
[null,"2030-03-01",1275.492,1247.9069999999999]
[null,"2030-06-01",1276.3920000000001,1248.4559999999999]

{"sheet":"Data 1.8","index":17,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.8: 90-day interest rates"]
[null,"Sources: RBNZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"%","%"]
[null,"2009-06-01",2.9051979999999999,2.9051979999999999]
[null,"2009-09-01",2.7730100000000002,2.7730100000000002]
[null,"2009-12-01",2.7873019999999999,2.7873019999999999]
[null,"2010-03-01",2.7250580000000002,2.7250580000000002]
[null,"2010-06-01",2.8819210000000002,2.8819210000000002]
[null,"2010-09-01",3.2213639999999999,3.2213639999999999]
[null,"2010-12-01",3.175853,3.175853]
[null,"2011-03-01",3.0032540000000001,3.0032540000000001]
[null,"2011-06-01",2.6525479999999999,2.6525479999999999]
[null,"2011-09-01",2.8293330000000001,2.8293330000000001]
[null,"2011-12-01",2.7144699999999999,2.7144699999999999]
[null,"2012-03-01",2.7438479999999998,2.7438479999999998]
[null,"2012-06-01",2.6430660000000001,2.6430660000000001]
[null,"2012-09-01",2.6512570000000002,2.6512570000000002]
[null,"2012-12-01",2.6436920000000002,2.6436920000000002]
[null,"2013-03-01",2.6527240000000001,2.6527240000000001]
[null,"2013-06-01",2.6416490000000001,2.6416490000000001]
[null,"2013-09-01",2.6420029999999999,2.6420029999999999]
[null,"2013-12-01",2.6856140000000002,2.6856140000000002]
[null,"2014-03-01",2.9555220000000002,2.9555220000000002]
[null,"2014-06-01",3.379159,3.379159]
[null,"2014-09-01",3.687427,3.687427]
[null,"2014-12-01",3.6738960000000001,3.6738960000000001]
[null,"2015-03-01",3.644317,3.644317]
[null,"2015-06-01",3.497026,3.497026]
[null,"2015-09-01",2.9772789999999998,2.9772789999999998]
[null,"2015-12-01",2.8444440000000002,2.8444440000000002]
[null,"2016-03-01",2.5926580000000001,2.5926580000000001]
[null,"2016-06-01",2.3619520000000001,2.3619520000000001]
[null,"2016-09-01",2.278152,2.278152]
[null,"2016-12-01",2.0845910000000001,2.0845910000000001]
[null,"2017-03-01",1.9929809999999999,1.9929809999999999]
[null,"2017-06-01",1.966348,1.966348]
[null,"2017-09-01",1.9510700000000001,1.9510700000000001]
[null,"2017-12-01",1.914749,1.914749]
[null,"2018-03-01",1.904871,1.904871]
[null,"2018-06-01",2.0133709999999998,2.0133709999999998]
[null,"2018-09-01",1.915635,1.915635]
[null,"2018-12-01",1.951802,1.951802]
[null,"2019-03-01",1.8989720000000001,1.8989720000000001]
[null,"2019-06-01",1.7130050000000001,1.7130050000000001]
[null,"2019-09-01",1.3192999999999999,1.3192999999999999]
[null,"2019-12-01",1.1546019999999999,1.1546019999999999]
[null,"2020-03-01",1.052986,1.052986]
[null,"2020-06-01",0.30992500000000001,0.30992500000000001]
[null,"2020-09-01",0.29823300000000003,0.29823300000000003]
[null,"2020-12-01",0.26777800000000002,0.26777800000000002]
[null,"2021-03-01",0.29877199999999998,0.29877199999999998]
[null,"2021-06-01",0.33871299999999999,0.33871299999999999]
[null,"2021-09-01",0.50742399999999999,0.50742399999999999]
[null,"2021-12-01",0.81527099999999997,0.81527099999999997]
[null,"2022-03-01",1.2441720000000001,1.2441720000000001]
[null,"2022-06-01",2.2345079999999999,2.2345079999999999]
[null,"2022-09-01",3.3291439999999999,3.3291439999999999]
[null,"2022-12-01",4.2570300000000003,4.2570300000000003]
[null,"2023-03-01",4.9947309999999998,4.9947309999999998]
[null,"2023-06-01",5.6153829999999996,5.6153829999999996]
[null,"2023-09-01",5.6645380000000003,5.6645380000000003]
[null,"2023-12-01",5.6463950000000001,5.6463950000000001]
[null,"2024-03-01",5.6662140000000001,5.6662140000000001]
[null,"2024-06-01",5.6268929999999999,5.6268929999999999]
[null,"2024-09-01",5.3005500000000003,5.3005500000000003]
[null,"2024-12-01",4.4493299999999998,4.4493299999999998]
[null,"2025-03-01",3.8469419999999999,3.8469419999999999]
[null,"2025-06-01",3.3788279999999999,3.3788279999999999]
[null,"2025-09-01",3.0929769999999999,3.0929769999999999]
[null,"2025-12-01",2.514818,2.5,"forecast"]
[null,"2026-03-01",2.5050569999999999,2.23]
[null,"2026-06-01",2.54,2.1]
[null,"2026-09-01",2.56,2.08]
[null,"2026-12-01",2.61,2.0499999999999998]
[null,"2027-03-01",2.68,2.0380579999999999]
[null,"2027-06-01",2.76,2.0331510000000002]
[null,"2027-09-01",2.85,2.0437609999999999]
[null,"2027-12-01",2.905402,2.0637720000000002]
[null,"2028-03-01",2.9833219999999998,2.0891039999999998]
[null,"2028-06-01",3.0665529999999999,2.1249829999999998]
[null,"2028-09-01",3.1378149999999998,2.1726580000000002]
[null,"2028-12-01",3.1995490000000002,2.2262140000000001]
[null,"2029-03-01",3.2561879999999999,2.2813129999999999]
[null,"2029-06-01",3.3012480000000002,2.3347950000000002]
[null,"2029-09-01",3.3284389999999999,2.3865470000000002]
[null,"2029-12-01",3.335378,2.4379439999999999]
[null,"2030-03-01",3.3231679999999999,2.4911919999999999]
[null,"2030-06-01",3.29494,2.5491229999999998]

{"sheet":"Data 1.9","index":19,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.9: Real production GDP growth"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"Annual average % change","Annual average % change"]
[null,"2009-06-01",-1.5869949999999999,-1.5714300000000001]
[null,"2009-09-01",-1.674955,-1.6578269999999999]
[null,"2009-12-01",-1.082301,-1.0625150000000001]
[null,"2010-03-01",-5.6965000000000002E-2,-5.3886999999999997E-2]
[null,"2010-06-01",1.1237060000000001,1.1179749999999999]
[null,"2010-09-01",1.922242,1.9117500000000001]
[null,"2010-12-01",1.77024,1.752548]
[null,"2011-03-01",1.487579,1.474213]
[null,"2011-06-01",0.95567899999999995,0.92916500000000002]
[null,"2011-09-01",0.94527700000000003,0.90420100000000003]
[null,"2011-12-01",1.678593,1.6320859999999999]
[null,"2012-03-01",2.1245379999999998,2.0721690000000001]
[null,"2012-06-01",2.676231,2.644104]
[null,"2012-09-01",2.641394,2.6450499999999999]
[null,"2012-12-01",2.5321820000000002,2.5670069999999998]
[null,"2013-03-01",2.2968459999999999,2.3612639999999998]
[null,"2013-06-01",2.165667,2.2368260000000002]
[null,"2013-09-01",2.3961450000000002,2.445106]
[null,"2013-12-01",2.13449,2.1738599999999999]
[null,"2014-03-01",2.5838100000000002,2.6070700000000002]
[null,"2014-06-01",2.7293959999999999,2.7483399999999998]
[null,"2014-09-01",2.9484059999999999,2.9845109999999999]
[null,"2014-12-01",3.7715990000000001,3.7914110000000001]
[null,"2015-03-01",3.8061880000000001,3.8147829999999998]
[null,"2015-06-01",4.0964130000000001,4.0839369999999997]
[null,"2015-09-01",4.1052489999999997,4.0653990000000002]
[null,"2015-12-01",3.6533370000000001,3.6129989999999998]
[null,"2016-03-01",3.7453099999999999,3.7055220000000002]
[null,"2016-06-01",3.7726500000000001,3.7476590000000001]
[null,"2016-09-01",3.8951709999999999,3.8923019999999999]
[null,"2016-12-01",3.9549599999999998,3.9709880000000002]
[null,"2017-03-01",3.7591510000000001,3.7958370000000001]
[null,"2017-06-01",3.5257109999999998,3.569321]
[null,"2017-09-01",3.221705,3.2680220000000002]
[null,"2017-12-01",3.283569,3.3342420000000002]
[null,"2018-03-01",3.3204470000000001,3.3833160000000002]
[null,"2018-06-01",3.3968349999999998,3.4903059999999999]
[null,"2018-09-01",3.3699780000000001,3.4923329999999999]
[null,"2018-12-01",3.332179,3.4747669999999999]
[null,"2019-03-01",3.3245550000000001,3.474424]
[null,"2019-06-01",3.0732249999999999,3.1964730000000001]
[null,"2019-09-01",3.1627000000000001,3.253924]
[null,"2019-12-01",2.981274,3.0302790000000002]
[null,"2020-03-01",2.3156319999999999,2.310238]
[null,"2020-06-01",-0.77361800000000003,-0.81173499999999998]
[null,"2020-09-01",-1.0024040000000001,-1.069142]
[null,"2020-12-01",-1.2696000000000001,-1.357693]
[null,"2021-03-01",-0.27695599999999998,-0.34424900000000003]
[null,"2021-06-01",6.2566139999999999,6.2396909999999997]
[null,"2021-09-01",5.337485,5.4078080000000002]
[null,"2021-12-01",5.5111129999999999,5.6810970000000003]
[null,"2022-03-01",4.3311130000000002,4.5549780000000002]
[null,"2022-06-01",0.445766,0.70329699999999995]
[null,"2022-09-01",2.4493279999999999,2.731643]
[null,"2022-12-01",2.6160909999999999,2.8595480000000002]
[null,"2023-03-01",3.3281900000000002,3.479082]
[null,"2023-06-01",3.9866600000000001,3.9703339999999998]
[null,"2023-09-01",2.5711919999999999,2.349475]
[null,"2023-12-01",2.181054,1.8037339999999999]
[null,"2024-03-01",1.811987,1.3830720000000001]
[null,"2024-06-01",1.0824689999999999,0.58743999999999996]
[null,"2024-09-01",0.47998299999999999,-1.4198000000000001E-2]
[null,"2024-12-01",-0.28703600000000001,-0.60275100000000004]
[null,"2025-03-01",-0.85841599999999996,-1.0619890000000001]
[null,"2025-06-01",-1.135886,-1.0913060000000001]
[null,"2025-09-01",-0.56486599999999998,-0.46651199999999998,"forecast"]
[null,"2025-12-01",0.17648900000000001,0.21320900000000001]
[null,"2026-03-01",0.52758000000000005,0.69650699999999999]
[null,"2026-06-01",1.232359,1.676304]
[null,"2026-09-01",1.3459159999999999,2.4008970000000001]
[null,"2026-12-01",1.5379210000000001,2.9742250000000001]
[null,"2027-03-01",1.998734,3.4764249999999999]
[null,"2027-06-01",2.3306610000000001,3.3958940000000002]
[null,"2027-09-01",2.7683520000000001,3.1413389999999999]
[null,"2027-12-01",3.0657100000000002,2.8949090000000002]
[null,"2028-03-01",3.2319469999999999,2.7014290000000001]
[null,"2028-06-01",3.2130130000000001,2.586144]
[null,"2028-09-01",3.1083219999999998,2.5356019999999999]
[null,"2028-12-01",2.973792,2.5202239999999998]
[null,"2029-03-01",2.8458359999999998,2.5252650000000001]
[null,"2029-06-01",2.7372260000000002,2.5346950000000001]
[null,"2029-09-01",2.6597849999999998,2.5354130000000001]
[null,"2029-12-01",2.6063909999999999,2.5294460000000001]
[null,"2030-03-01",2.5583469999999999,2.520073]
[null,"2030-06-01",2.5123639999999998,2.5165329999999999]

{"sheet":"Data 1.10","index":21,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.10: Real private consumption expenditure growth"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"Annual average % change","Annual average % change"]
[null,"2009-06-01",-1.028845,-1.008456]
[null,"2009-09-01",-0.98490200000000006,-0.95917699999999995]
[null,"2009-12-01",-0.55647100000000005,-0.53249299999999999]
[null,"2010-03-01",1.60023,1.601129]
[null,"2010-06-01",2.463063,2.4483670000000002]
[null,"2010-09-01",3.0730520000000001,3.0464470000000001]
[null,"2010-12-01",3.0844299999999998,3.063453]
[null,"2011-03-01",2.1935340000000001,2.1926290000000002]
[null,"2011-06-01",1.793018,1.8018259999999999]
[null,"2011-09-01",1.889983,1.9189020000000001]
[null,"2011-12-01",2.4162940000000002,2.4633880000000001]
[null,"2012-03-01",3.0859009999999998,3.1413160000000002]
[null,"2012-06-01",3.3728500000000001,3.4338280000000001]
[null,"2012-09-01",2.9483739999999998,3.0067919999999999]
[null,"2012-12-01",2.641689,2.6940879999999998]
[null,"2013-03-01",2.251023,2.3027009999999999]
[null,"2013-06-01",2.450437,2.5005000000000002]
[null,"2013-09-01",3.1240649999999999,3.1764619999999999]
[null,"2013-12-01",3.4709829999999999,3.5264980000000001]
[null,"2014-03-01",3.7728869999999999,3.8247550000000001]
[null,"2014-06-01",3.5641310000000002,3.621845]
[null,"2014-09-01",3.4589750000000001,3.5141100000000001]
[null,"2014-12-01",3.2778900000000002,3.326635]
[null,"2015-03-01",3.2470509999999999,3.2926299999999999]
[null,"2015-06-01",3.5358019999999999,3.5745110000000002]
[null,"2015-09-01",3.545083,3.5829810000000002]
[null,"2015-12-01",3.9833609999999999,4.0228729999999997]
[null,"2016-03-01",4.1799559999999998,4.2198770000000003]
[null,"2016-06-01",4.6632400000000001,4.7020489999999997]
[null,"2016-09-01",5.3541069999999999,5.3904940000000003]
[null,"2016-12-01",5.6881550000000001,5.7211959999999999]
[null,"2017-03-01",6.4172380000000002,6.4446500000000002]
[null,"2017-06-01",6.2501360000000004,6.2659649999999996]
[null,"2017-09-01",5.8089300000000001,5.8156509999999999]
[null,"2017-12-01",5.5374980000000003,5.5400010000000002]
[null,"2018-03-01",4.7861750000000001,4.7943220000000002]
[null,"2018-06-01",4.6603719999999997,4.6925429999999997]
[null,"2018-09-01",4.6207940000000001,4.6761619999999997]
[null,"2018-12-01",4.5130020000000002,4.582325]
[null,"2019-03-01",4.4659300000000002,4.5387829999999996]
[null,"2019-06-01",4.1162460000000003,4.1660979999999999]
[null,"2019-09-01",3.7774549999999998,3.7972079999999999]
[null,"2019-12-01",3.2140369999999998,3.200971]
[null,"2020-03-01",2.4720140000000002,2.4252189999999998]
[null,"2020-06-01",-1.134676,-1.197657]
[null,"2020-09-01",-1.6782589999999999,-1.7532559999999999]
[null,"2020-12-01",-1.641948,-1.710086]
[null,"2021-03-01",0.24043600000000001,0.21206900000000001]
[null,"2021-06-01",8.0421309999999995,8.0832719999999991]
[null,"2021-09-01",7.5672810000000004,7.7019120000000001]
[null,"2021-12-01",7.5677139999999996,7.7810160000000002]
[null,"2022-03-01",5.9626679999999999,6.2345119999999996]
[null,"2022-06-01",1.1625719999999999,1.4407840000000001]
[null,"2022-09-01",3.4528150000000002,3.7119870000000001]
[null,"2022-12-01",3.8280919999999998,4.0443100000000003]
[null,"2023-03-01",3.2044809999999999,3.3286760000000002]
[null,"2023-06-01",3.8106059999999999,3.8367089999999999]
[null,"2023-09-01",1.92926,1.840938]
[null,"2023-12-01",1.1335379999999999,0.94117600000000001]
[null,"2024-03-01",1.130976,0.87730600000000003]
[null,"2024-06-01",0.23458699999999999,-3.0532E-2]
[null,"2024-09-01",6.1308000000000001E-2,-0.15133099999999999]
[null,"2024-12-01",-0.18967899999999999,-0.36376900000000001]
[null,"2025-03-01",1.9463999999999999E-2,-7.7550999999999995E-2]
[null,"2025-06-01",0.60404100000000005,0.55363399999999996]
[null,"2025-09-01",1.0187600000000001,1.0598959999999999,"forecast"]
[null,"2025-12-01",1.420005,1.7652479999999999]
[null,"2026-03-01",1.3572,1.9223980000000001]
[null,"2026-06-01",1.006229,1.98817]
[null,"2026-09-01",0.82364999999999999,1.987924]
[null,"2026-12-01",1.0537209999999999,1.981295]
[null,"2027-03-01",1.535137,2.2131210000000001]
[null,"2027-06-01",2.387721,2.3957839999999999]
[null,"2027-09-01",2.9174880000000001,2.5051480000000002]
[null,"2027-12-01",3.054989,2.5550480000000002]
[null,"2028-03-01",3.1214789999999999,2.5844990000000001]
[null,"2028-06-01",2.9677449999999999,2.618824]
[null,"2028-09-01",2.9034970000000002,2.6555780000000002]
[null,"2028-12-01",2.9267310000000002,2.688895]
[null,"2029-03-01",2.9572910000000001,2.714925]
[null,"2029-06-01",2.9898359999999999,2.7340499999999999]
[null,"2029-09-01",3.024689,2.746235]
[null,"2029-12-01",3.062576,2.7568790000000001]
[null,"2030-03-01",3.0670389999999998,2.7709030000000001]
[null,"2030-06-01",3.0479379999999998,2.7935979999999998]

{"sheet":"Data 1.11","index":23,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.11: Wage growth"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Nominal wages - ordinary time hourly earnings","Real wages - ordinary time hourly earnings"]
[null,null,"Annual average % change","Annual average % change"]
[null,"2009-06-01",5.3033530000000004,1.9304209999999999]
[null,"2009-09-01",4.7640079999999996,2.2453370000000001]
[null,"2009-12-01",4.1141959999999997,1.961209]
[null,"2010-03-01",3.0078119999999999,1.1016760000000001]
[null,"2010-06-01",2.18302,0.342391]
[null,"2010-09-01",1.8241449999999999,4.1324E-2]
[null,"2010-12-01",1.5611550000000001,-0.71752000000000005]
[null,"2011-03-01",2.0920770000000002,-0.77983599999999997]
[null,"2011-06-01",2.467632,-1.2817289999999999]
[null,"2011-09-01",2.6978080000000002,-1.8104210000000001]
[null,"2011-12-01",2.9952100000000002,-1.002562]
[null,"2012-03-01",3.0234450000000002,-0.27918500000000002]
[null,"2012-06-01",2.9737309999999999,0.72638400000000003]
[null,"2012-09-01",2.955104,1.650549]
[null,"2012-12-01",2.7858749999999999,1.7081489999999999]
[null,"2013-03-01",2.5754999999999999,1.677211]
[null,"2013-06-01",2.6053289999999998,1.773574]
[null,"2013-09-01",2.551714,1.5710409999999999]
[null,"2013-12-01",2.6862490000000001,1.5342210000000001]
[null,"2014-03-01",2.7348249999999998,1.4138580000000001]
[null,"2014-06-01",2.5972580000000001,1.046214]
[null,"2014-09-01",2.625559,1.163626]
[null,"2014-12-01",2.6340469999999998,1.3891849999999999]
[null,"2015-03-01",2.5889310000000001,1.667799]
[null,"2015-06-01",2.640476,2.0203229999999999]
[null,"2015-09-01",2.5126840000000001,2.043142]
[null,"2015-12-01",2.2772589999999999,1.979708]
[null,"2016-03-01",2.2644220000000002,1.9242809999999999]
[null,"2016-06-01",2.2331189999999999,1.892944]
[null,"2016-09-01",2.2091609999999999,1.869262]
[null,"2016-12-01",2.1671689999999999,1.5109520000000001]
[null,"2017-03-01",2.2024460000000001,1.1066549999999999]
[null,"2017-06-01",2.2418260000000001,0.81442999999999999]
[null,"2017-09-01",2.3100480000000001,0.513235]
[null,"2017-12-01",2.6234229999999998,0.75800599999999996]
[null,"2018-03-01",2.6750919999999998,1.073782]
[null,"2018-06-01",2.7560440000000002,1.21397]
[null,"2018-09-01",2.9688949999999998,1.4230229999999999]
[null,"2018-12-01",3.0030899999999998,1.3820209999999999]
[null,"2019-03-01",3.0849139999999999,1.3683860000000001]
[null,"2019-06-01",3.3733919999999999,1.6082080000000001]
[null,"2019-09-01",3.3954529999999998,1.7389060000000001]
[null,"2019-12-01",3.4155419999999999,1.7672749999999999]
[null,"2020-03-01",3.5943580000000002,1.6809529999999999]
[null,"2020-06-01",3.3311039999999998,1.4788490000000001]
[null,"2020-09-01",3.5325929999999999,1.6827730000000001]
[null,"2020-12-01",3.7857189999999998,2.0356649999999998]
[null,"2021-03-01",3.8644630000000002,2.363362]
[null,"2021-06-01",4.1217610000000002,2.145823]
[null,"2021-09-01",3.9543330000000001,1.1260060000000001]
[null,"2021-12-01",3.813545,-0.104229]
[null,"2022-03-01",4.0152140000000003,-1.205131]
[null,"2022-06-01",4.6026259999999999,-1.5878909999999999]
[null,"2022-09-01",5.5919920000000003,-1.2021219999999999]
[null,"2022-12-01",6.4545779999999997,-0.68457599999999996]
[null,"2023-03-01",7.1576339999999998,4.4018000000000002E-2]
[null,"2023-06-01",7.2889439999999999,0.477356]
[null,"2023-09-01",7.1167040000000004,0.69241799999999998]
[null,"2023-12-01",7.0394370000000004,1.2298640000000001]
[null,"2024-03-01",6.4323569999999997,1.2892790000000001]
[null,"2024-06-01",5.9591390000000004,1.493992]
[null,"2024-09-01",5.2543189999999997,1.673306]
[null,"2024-12-01",4.5932589999999998,1.6236729999999999]
[null,"2025-03-01",4.4041189999999997,1.8029770000000001]
[null,"2025-06-01",4.285514,1.844668]
[null,"2025-09-01",4.2627189999999997,1.604026]
[null,"2025-12-01",4.0369200000000003,1.1685399999999999]
[null,"2026-03-01",3.6508600000000002,0.65929700000000002,"forecast"]
[null,"2026-06-01",3.1750729999999998,-0.11498700000000001]
[null,"2026-09-01",2.978815,-0.46473999999999999]
[null,"2026-12-01",2.8841519999999998,-0.57971300000000003]
[null,"2027-03-01",2.8657379999999999,-0.51692000000000005]
[null,"2027-06-01",2.929799,0.119502]
[null,"2027-09-01",2.8727550000000002,0.546377]
[null,"2027-12-01",2.8588529999999999,0.84975699999999998]
[null,"2028-03-01",2.875562,1.041353]
[null,"2028-06-01",2.9236460000000002,0.96818099999999996]
[null,"2028-09-01",2.9960979999999999,0.94319200000000003]
[null,"2028-12-01",3.0844200000000002,0.97405799999999998]
[null,"2029-03-01",3.1746279999999998,1.041777]
[null,"2029-06-01",3.2590469999999998,1.1208990000000001]
[null,"2029-09-01",3.3330760000000001,1.1986060000000001]
[null,"2029-12-01",3.3946130000000001,1.274392]
[null,"2030-03-01",3.4437799999999998,1.3382559999999999]
[null,"2030-06-01",3.4829539999999999,1.3937189999999999]

{"sheet":"Data 1.12","index":25,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.12: Unemployment rate"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"% of labour force","% of labour force"]
[null,"2009-06-01",5.8,5.8]
[null,"2009-09-01",6.2,6.2]
[null,"2009-12-01",6.6,6.6]
[null,"2010-03-01",5.9,5.9]
[null,"2010-06-01",6.6,6.6]
[null,"2010-09-01",6.1,6.1]
[null,"2010-12-01",6.2,6.2]
[null,"2011-03-01",6,6]
[null,"2011-06-01",6.1,6.1]
[null,"2011-09-01",6,6]
[null,"2011-12-01",6.1,6.1]
[null,"2012-03-01",6.4,6.4]
[null,"2012-06-01",6.4,6.4]
[null,"2012-09-01",6.7,6.7]
[null,"2012-12-01",6.3,6.3]
[null,"2013-03-01",5.8,5.8]
[null,"2013-06-01",6,6]
[null,"2013-09-01",5.8,5.8]
[null,"2013-12-01",5.7,5.7]
[null,"2014-03-01",5.6,5.6]
[null,"2014-06-01",5.3,5.3]
[null,"2014-09-01",5.3,5.3]
[null,"2014-12-01",5.5,5.5]
[null,"2015-03-01",5.5,5.5]
[null,"2015-06-01",5.5,5.5]
[null,"2015-09-01",5.7,5.7]
[null,"2015-12-01",5,5]
[null,"2016-03-01",5.3,5.3]
[null,"2016-06-01",5.0999999999999996,5.0999999999999996]
[null,"2016-09-01",5,5]
[null,"2016-12-01",5.3,5.3]
[null,"2017-03-01",4.9000000000000004,4.9000000000000004]
[null,"2017-06-01",4.9000000000000004,4.9000000000000004]
[null,"2017-09-01",4.7,4.7]
[null,"2017-12-01",4.5,4.5]
[null,"2018-03-01",4.4000000000000004,4.4000000000000004]
[null,"2018-06-01",4.5999999999999996,4.5999999999999996]
[null,"2018-09-01",4,4]
[null,"2018-12-01",4.3,4.3]
[null,"2019-03-01",4.2,4.2]
[null,"2019-06-01",4.0999999999999996,4.0999999999999996]
[null,"2019-09-01",4.0999999999999996,4.0999999999999996]
[null,"2019-12-01",4.0999999999999996,4.0999999999999996]
[null,"2020-03-01",4.2,4.2]
[null,"2020-06-01",4.0999999999999996,4.0999999999999996]
[null,"2020-09-01",5.2,5.2]
[null,"2020-12-01",4.9000000000000004,4.9000000000000004]
[null,"2021-03-01",4.5999999999999996,4.5999999999999996]
[null,"2021-06-01",4,4]
[null,"2021-09-01",3.3,3.3]
[null,"2021-12-01",3.2,3.2]
[null,"2022-03-01",3.3,3.3]
[null,"2022-06-01",3.3,3.3]
[null,"2022-09-01",3.3,3.3]
[null,"2022-12-01",3.4,3.4]
[null,"2023-03-01",3.5,3.5]
[null,"2023-06-01",3.7,3.7]
[null,"2023-09-01",4,3.9]
[null,"2023-12-01",4,4]
[null,"2024-03-01",4.4000000000000004,4.4000000000000004]
[null,"2024-06-01",4.7,4.7]
[null,"2024-09-01",4.9000000000000004,4.9000000000000004]
[null,"2024-12-01",5.0999999999999996,5.0999999999999996]
[null,"2025-03-01",5.0999999999999996,5.0999999999999996]
[null,"2025-06-01",5.2,5.2]
[null,"2025-09-01",5.3,5.4,"forecast"]
[null,"2025-12-01",5.4,5.5]
[null,"2026-03-01",5.42,5.5]
[null,"2026-06-01",5.46,5.34]
[null,"2026-09-01",5.43,5.16]
[null,"2026-12-01",5.25,5]
[null,"2027-03-01",5.14,4.9000000000000004]
[null,"2027-06-01",5,4.83]
[null,"2027-09-01",4.8600000000000003,4.7699999999999996]
[null,"2027-12-01",4.74,4.7300000000000004]
[null,"2028-03-01",4.63,4.6900000000000004]
[null,"2028-06-01",4.54,4.6500000000000004]
[null,"2028-09-01",4.4800000000000004,4.5999999999999996]
[null,"2028-12-01",4.4400000000000004,4.54]
[null,"2029-03-01",4.4000000000000004,4.5]
[null,"2029-06-01",4.3600000000000003,4.45]
[null,"2029-09-01",4.33,4.42]
[null,"2029-12-01",4.32,4.38]
[null,"2030-03-01",4.32,4.34]
[null,"2030-06-01",4.33,4.3]

{"sheet":"Data 1.13","index":27,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.13: House price growth"]
[null,"Sources: Cotality, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"Annual % change","Annual % change"]
[null,"2009-06-01",-3.165864,-3.165864]
[null,"2009-09-01",1.054111,1.054111]
[null,"2009-12-01",5.2329749999999997,5.2329749999999997]
[null,"2010-03-01",6.2183659999999996,6.2183659999999996]
[null,"2010-06-01",3.4115139999999999,3.4115139999999999]
[null,"2010-09-01",0.48678700000000003,0.48678700000000003]
[null,"2010-12-01",-1.6348769999999999,-1.6348769999999999]
[null,"2011-03-01",-1.497617,-1.497617]
[null,"2011-06-01",-0.20618600000000001,-0.20618600000000001]
[null,"2011-09-01",2.00692,2.00692]
[null,"2011-12-01",2.2853189999999999,2.2853189999999999]
[null,"2012-03-01",3.1789909999999999,3.1789909999999999]
[null,"2012-06-01",3.9944899999999999,3.9944899999999999]
[null,"2012-09-01",4.5454549999999996,4.5454549999999996]
[null,"2012-12-01",6.4319569999999997,6.4319569999999997]
[null,"2013-03-01",7.7695910000000001,7.7695910000000001]
[null,"2013-06-01",8.9403970000000008,8.9403970000000008]
[null,"2013-09-01",10.1233,10.1233]
[null,"2013-12-01",9.0966920000000009,9.0966920000000009]
[null,"2014-03-01",7.7687999999999997,7.7687999999999997]
[null,"2014-06-01",6.3221879999999997,6.3221879999999997]
[null,"2014-09-01",4.773129,4.773129]
[null,"2014-12-01",6.9970850000000002,6.9970850000000002]
[null,"2015-03-01",9.1118799999999993,9.1118799999999993]
[null,"2015-06-01",11.835330000000001,11.835330000000001]
[null,"2015-09-01",15.016870000000001,15.016870000000001]
[null,"2015-12-01",12.26158,12.26158]
[null,"2016-03-01",12.896409999999999,12.896409999999999]
[null,"2016-06-01",14.97955,14.97955]
[null,"2016-09-01",14.083130000000001,14.083130000000001]
[null,"2016-12-01",14.32039,14.32039]
[null,"2017-03-01",11.9382,11.9382]
[null,"2017-06-01",6.4917740000000004,6.4917740000000004]
[null,"2017-09-01",3.8148309999999999,3.8148309999999999]
[null,"2017-12-01",3.9915069999999999,3.9915069999999999]
[null,"2018-03-01",3.7641149999999999,3.7641149999999999]
[null,"2018-06-01",3.590814,3.590814]
[null,"2018-09-01",3.0140380000000002,3.0140380000000002]
[null,"2018-12-01",2.7766440000000001,2.7766440000000001]
[null,"2019-03-01",1.813785,1.813785]
[null,"2019-06-01",1.4913339999999999,1.4913339999999999]
[null,"2019-09-01",2.8056109999999999,2.8056109999999999]
[null,"2019-12-01",4.6086609999999997,4.6086609999999997]
[null,"2020-03-01",7.7593030000000001,7.7593030000000001]
[null,"2020-06-01",7.069102,7.069102]
[null,"2020-09-01",10.682259999999999,10.682259999999999]
[null,"2020-12-01",17.014810000000001,17.014810000000001]
[null,"2021-03-01",24.136659999999999,24.136659999999999]
[null,"2021-06-01",29.636500000000002,29.636500000000002]
[null,"2021-09-01",30.46847,30.46847]
[null,"2021-12-01",27.23142,27.23142]
[null,"2022-03-01",13.82066,13.82066]
[null,"2022-06-01",5.3218880000000004,5.3218880000000004]
[null,"2022-09-01",-4.2116629999999997,-4.2116629999999997]
[null,"2022-12-01",-11.122450000000001,-11.122450000000001]
[null,"2023-03-01",-12.06448,-12.06448]
[null,"2023-06-01",-9.0192879999999995,-9.0192879999999995]
[null,"2023-09-01",-4.0586250000000001,-4.0586250000000001]
[null,"2023-12-01",-0.57405300000000004,-0.57405300000000004]
[null,"2024-03-01",2.6020110000000001,2.6020110000000001]
[null,"2024-06-01",1.463123,1.463123]
[null,"2024-09-01",-0.67567600000000005,-0.67567600000000005]
[null,"2024-12-01",-1.4434180000000001,-1.4434180000000001]
[null,"2025-03-01",-1.67147,-1.67147]
[null,"2025-06-01",-0.67686900000000005,-0.70629799999999998]
[null,"2025-09-01",-0.14788499999999999,-0.41724299999999998,"forecast"]
[null,"2025-12-01",-0.73227900000000001,-0.36805199999999999]
[null,"2026-03-01",-0.61070500000000005,0.43964300000000001]
[null,"2026-06-01",-0.47195100000000001,1.870679]
[null,"2026-09-01",0.55327899999999997,3.9700449999999998]
[null,"2026-12-01",2.0798000000000001,5.5377330000000002]
[null,"2027-03-01",2.7997169999999998,6.1084750000000003]
[null,"2027-06-01",4.0227709999999997,6.6178090000000003]
[null,"2027-09-01",4.3065110000000004,6.7190130000000003]
[null,"2027-12-01",4.2859280000000002,6.6840729999999997]
[null,"2028-03-01",4.418501,6.8233769999999998]
[null,"2028-06-01",4.606967,7.0112569999999996]
[null,"2028-09-01",4.5307779999999998,6.9170699999999998]
[null,"2028-12-01",4.3002079999999996,6.6077159999999999]
[null,"2029-03-01",4.2611049999999997,6.5191660000000002]
[null,"2029-06-01",4.3312780000000002,6.5508430000000004]
[null,"2029-09-01",4.2451939999999997,6.4409340000000004]
[null,"2029-12-01",4.1094229999999996,6.3252800000000002]
[null,"2030-03-01",4.1862320000000004,6.4821090000000003]
[null,"2030-06-01",4.3943139999999996,6.8236350000000003]

{"sheet":"Data 1.14","index":29,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.14: Residential investment"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"$billions (2009/10 prices)","$billions (2009/10 prices)"]
[null,"2009-06-01",2.1949999999999998,2.194]
[null,"2009-09-01",2.169,2.1680000000000001]
[null,"2009-12-01",2.2839999999999998,2.2839999999999998]
[null,"2010-03-01",2.1880000000000002,2.1890000000000001]
[null,"2010-06-01",2.3919999999999999,2.3940000000000001]
[null,"2010-09-01",2.2879999999999998,2.2890000000000001]
[null,"2010-12-01",2.16,2.16]
[null,"2011-03-01",2.169,2.1669999999999998]
[null,"2011-06-01",2.1509999999999998,2.1459999999999999]
[null,"2011-09-01",2.2839999999999998,2.2759999999999998]
[null,"2011-12-01",2.4249999999999998,2.415]
[null,"2012-03-01",2.4329999999999998,2.4220000000000002]
[null,"2012-06-01",2.5329999999999999,2.52]
[null,"2012-09-01",2.6230000000000002,2.6080000000000001]
[null,"2012-12-01",2.8330000000000002,2.8149999999999999]
[null,"2013-03-01",2.972,2.952]
[null,"2013-06-01",3.032,3.0110000000000001]
[null,"2013-09-01",3.1,3.077]
[null,"2013-12-01",3.1949999999999998,3.1709999999999998]
[null,"2014-03-01",3.3159999999999998,3.2890000000000001]
[null,"2014-06-01",3.38,3.351]
[null,"2014-09-01",3.411,3.3809999999999998]
[null,"2014-12-01",3.4289999999999998,3.3980000000000001]
[null,"2015-03-01",3.4860000000000002,3.4540000000000002]
[null,"2015-06-01",3.4990000000000001,3.4670000000000001]
[null,"2015-09-01",3.6179999999999999,3.5840000000000001]
[null,"2015-12-01",3.694,3.6579999999999999]
[null,"2016-03-01",3.8769999999999998,3.835]
[null,"2016-06-01",4.0510000000000002,4.0060000000000002]
[null,"2016-09-01",4.0170000000000003,3.9689999999999999]
[null,"2016-12-01",4,3.95]
[null,"2017-03-01",3.9489999999999998,3.8959999999999999]
[null,"2017-06-01",3.907,3.8530000000000002]
[null,"2017-09-01",3.9950000000000001,3.9380000000000002]
[null,"2017-12-01",3.9609999999999999,3.9020000000000001]
[null,"2018-03-01",3.9079999999999999,3.8460000000000001]
[null,"2018-06-01",3.891,3.8260000000000001]
[null,"2018-09-01",3.8839999999999999,3.8180000000000001]
[null,"2018-12-01",3.92,3.851]
[null,"2019-03-01",4.0990000000000002,4.0229999999999997]
[null,"2019-06-01",4.1100000000000003,4.0359999999999996]
[null,"2019-09-01",4.085,4.016]
[null,"2019-12-01",4.1500000000000004,4.077]
[null,"2020-03-01",3.879,3.8090000000000002]
[null,"2020-06-01",3.198,3.1429999999999998]
[null,"2020-09-01",4.34,4.274]
[null,"2020-12-01",4.5,4.4240000000000004]
[null,"2021-03-01",4.5309999999999997,4.4459999999999997]
[null,"2021-06-01",4.4630000000000001,4.3719999999999999]
[null,"2021-09-01",4.008,3.931]
[null,"2021-12-01",4.3380000000000001,4.2450000000000001]
[null,"2022-03-01",4.25,4.157]
[null,"2022-06-01",4.2389999999999999,4.133]
[null,"2022-09-01",4.3620000000000001,4.2629999999999999]
[null,"2022-12-01",4.1760000000000002,4.0529999999999999]
[null,"2023-03-01",4.0540000000000003,3.9260000000000002]
[null,"2023-06-01",4.1109999999999998,3.9750000000000001]
[null,"2023-09-01",4.0510000000000002,3.931]
[null,"2023-12-01",4.0030000000000001,3.8540000000000001]
[null,"2024-03-01",3.851,3.7069999999999999]
[null,"2024-06-01",3.6659999999999999,3.53]
[null,"2024-09-01",3.528,3.42]
[null,"2024-12-01",3.3460000000000001,3.24]
[null,"2025-03-01",3.448,3.3479999999999999]
[null,"2025-06-01",3.331,3.286]
[null,"2025-09-01",3.3660000000000001,3.3845800000000001,"forecast"]
[null,"2025-12-01",3.3639999999999999,3.4184258000000001]
[null,"2026-03-01",3.3135400000000002,3.4977095794699999]
[null,"2026-06-01",3.3466754000000001,3.6069898634799999]
[null,"2026-09-01",3.4403823112,3.6917994784799997]
[null,"2026-12-01",3.5743530593899999,3.7643276972799997]
[null,"2027-03-01",3.69895301708,3.8215366712999996]
[null,"2027-06-01",3.80927002499,3.8734276642799998]
[null,"2027-09-01",3.9038855787200002,3.9183664816400001]
[null,"2027-12-01",3.9817601043599997,3.96878624511]
[null,"2028-03-01",4.0478740473399997,4.0160704808399998]
[null,"2028-06-01",4.1046219223899998,4.0676754238899999]
[null,"2028-09-01",4.1496822624599998,4.1188161944800008]
[null,"2028-12-01",4.1891888803700006,4.16745380449]
[null,"2029-03-01",4.2283158544399999,4.2169488372699995]
[null,"2029-06-01",4.2633369946900004,4.2640016985900004]
[null,"2029-09-01",4.2936904625099999,4.30999863097]
[null,"2029-12-01",4.32068958198,4.3559751247200005]
[null,"2030-03-01",4.3460120183400006,4.40291193915]
[null,"2030-06-01",4.3710378157300003,4.4518059854000001]

{"sheet":"Data 1.15","index":31,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.15: Nominal government consumption"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"$billions","$billions"]
[null,"2009-06-01",9.4689999999999994,9.4689999999999994]
[null,"2009-09-01",9.6389999999999993,9.6389999999999993]
[null,"2009-12-01",9.6579999999999995,9.6579999999999995]
[null,"2010-03-01",9.6620000000000008,9.6620000000000008]
[null,"2010-06-01",9.7889999999999997,9.7889999999999997]
[null,"2010-09-01",9.9570000000000007,9.9570000000000007]
[null,"2010-12-01",10.032999999999999,10.032999999999999]
[null,"2011-03-01",10.288,10.288]
[null,"2011-06-01",10.382,10.382]
[null,"2011-09-01",10.358000000000001,10.358000000000001]
[null,"2011-12-01",10.510999999999999,10.510999999999999]
[null,"2012-03-01",10.46,10.46]
[null,"2012-06-01",10.497,10.497]
[null,"2012-09-01",10.464,10.465]
[null,"2012-12-01",10.548999999999999,10.548999999999999]
[null,"2013-03-01",10.641999999999999,10.641]
[null,"2013-06-01",10.646000000000001,10.645]
[null,"2013-09-01",10.862,10.86]
[null,"2013-12-01",11.013,11.010999999999999]
[null,"2014-03-01",11.143000000000001,11.14]
[null,"2014-06-01",11.21,11.207000000000001]
[null,"2014-09-01",11.359,11.355]
[null,"2014-12-01",11.471,11.467000000000001]
[null,"2015-03-01",11.555,11.55]
[null,"2015-06-01",11.789,11.782999999999999]
[null,"2015-09-01",11.741,11.734999999999999]
[null,"2015-12-01",11.781000000000001,11.773]
[null,"2016-03-01",11.955,11.946999999999999]
[null,"2016-06-01",12.035,12.026999999999999]
[null,"2016-09-01",12.250999999999999,12.243]
[null,"2016-12-01",12.413,12.404]
[null,"2017-03-01",12.593999999999999,12.583]
[null,"2017-06-01",12.683,12.667999999999999]
[null,"2017-09-01",13.028,13.015000000000001]
[null,"2017-12-01",13.14,13.13]
[null,"2018-03-01",13.326000000000001,13.323]
[null,"2018-06-01",13.566000000000001,13.573]
[null,"2018-09-01",13.831,13.845000000000001]
[null,"2018-12-01",14.064,14.082000000000001]
[null,"2019-03-01",14.343,14.364000000000001]
[null,"2019-06-01",14.829000000000001,14.848000000000001]
[null,"2019-09-01",14.984999999999999,15.003]
[null,"2019-12-01",15.38,15.398999999999999]
[null,"2020-03-01",15.707000000000001,15.725]
[null,"2020-06-01",16.135999999999999,16.152999999999999]
[null,"2020-09-01",16.481999999999999,16.501999999999999]
[null,"2020-12-01",16.920999999999999,16.943999999999999]
[null,"2021-03-01",17.553999999999998,17.577999999999999]
[null,"2021-06-01",17.785,17.814]
[null,"2021-09-01",18.373999999999999,18.401]
[null,"2021-12-01",19.562000000000001,19.585999999999999]
[null,"2022-03-01",19.978000000000002,19.995999999999999]
[null,"2022-06-01",20.327000000000002,20.334]
[null,"2022-09-01",20.838999999999999,20.827000000000002]
[null,"2022-12-01",20.738,20.702000000000002]
[null,"2023-03-01",21.164000000000001,21.093]
[null,"2023-06-01",21.631,21.533000000000001]
[null,"2023-09-01",21.89,21.85]
[null,"2023-12-01",22.16,22.224]
[null,"2024-03-01",22.309000000000001,22.474]
[null,"2024-06-01",22.657,23.068999999999999]
[null,"2024-09-01",22.64,23.071000000000002]
[null,"2024-12-01",22.68,23.327999999999999]
[null,"2025-03-01",23.044,23.731000000000002]
[null,"2025-06-01",23.175999999999998,23.698]
[null,"2025-09-01",23.643999999999998,23.864000000000001,"forecast"]
[null,"2025-12-01",24.478999999999999,24.030999999999999]
[null,"2026-03-01",24.224699417700002,24.199000000000002]
[null,"2026-06-01",24.246887945699999,24.369]
[null,"2026-09-01",24.301847256599999,24.515000000000001]
[null,"2026-12-01",24.385384151300002,24.661999999999999]
[null,"2027-03-01",24.524639113300001,24.81]
[null,"2027-06-01",24.731129478700002,24.959]
[null,"2027-09-01",24.967161204700002,25.082999999999998]
[null,"2027-12-01",25.192749424000002,25.209]
[null,"2028-03-01",25.391634121999999,25.335000000000001]
[null,"2028-06-01",25.556455249300001,25.462]
[null,"2028-09-01",25.709083026600002,25.614000000000001]
[null,"2028-12-01",25.861400922000001,25.768000000000001]
[null,"2029-03-01",26.015667792699997,25.922999999999998]
[null,"2029-06-01",26.167848258700001,26.077999999999999]
[null,"2029-09-01",26.317440105099998,26.234999999999999]
[null,"2029-12-01",26.464133370700001,26.391999999999999]
[null,"2030-03-01",26.608071718600002,26.55]
[null,"2030-06-01",26.749354805700001,26.71]

{"sheet":"Data 1.16","index":33,"n_rows":16,"n_cols":5,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.16: Total fiscal impulse"]
[null,"Source: The Treasury"]
[]
[null,null,"Total fiscal impulse","Fiscal balance"]
[null,null,"% of nominal potential GDP","% of nominal potential GDP"]
[null,"2020-06-01",6.5127206877778967,-5.669711288749256]
[null,"2021-06-01",-4.2320358378352223,-1.4376754509140335]
[null,"2022-06-01",2.0230982451889123,-3.4607736961029456]
[null,"2023-06-01",-1.2738969864160308,-2.1868767096869148]
[null,"2024-06-01",1.2909243633574734,-3.4778010730443882]
[null,"2025-06-01",-0.33697018112428812,-3.1408308919201002]
[null,"2026-06-01",0.10685840612611672,-3.2476892980462169,"forecast"]
[null,"2027-06-01",1.074856638057077,-4.3225459361032943]
[null,"2028-06-01",-2.0107805953788356,-2.3117653407244583]
[null,"2029-06-01",-1.3071877166966355,-1.0045776240278228]
[null,"2030-06-01",-0.87433260102929389,-0.13024502299852905]

{"sheet":"Data 1.17","index":35,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.17: Business investment"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"$billions (2009/10 prices)","$billions (2009/10 prices)"]
[null,"2009-06-01",7.9630000000000001,7.9530000000000003]
[null,"2009-09-01",7.68,7.6769999999999996]
[null,"2009-12-01",7.4749999999999996,7.4740000000000002]
[null,"2010-03-01",7.7169999999999996,7.7329999999999997]
[null,"2010-06-01",7.601,7.6159999999999997]
[null,"2010-09-01",7.7519999999999998,7.7629999999999999]
[null,"2010-12-01",8.2490000000000006,8.26]
[null,"2011-03-01",8.5389999999999997,8.5440000000000005]
[null,"2011-06-01",8.3019999999999996,8.3000000000000007]
[null,"2011-09-01",8.2940000000000005,8.3010000000000002]
[null,"2011-12-01",8.5419999999999998,8.5419999999999998]
[null,"2012-03-01",8.9610000000000003,8.9689999999999994]
[null,"2012-06-01",8.85,8.8689999999999998]
[null,"2012-09-01",8.5980000000000008,8.6]
[null,"2012-12-01",8.7230000000000008,8.7240000000000002]
[null,"2013-03-01",8.8089999999999993,8.8010000000000002]
[null,"2013-06-01",9.0649999999999995,9.0619999999999994]
[null,"2013-09-01",9.3260000000000005,9.3339999999999996]
[null,"2013-12-01",9.3879999999999999,9.3859999999999992]
[null,"2014-03-01",9.57,9.5739999999999998]
[null,"2014-06-01",9.8089999999999993,9.8140000000000001]
[null,"2014-09-01",10.263999999999999,10.272]
[null,"2014-12-01",10.234,10.238]
[null,"2015-03-01",10.087,10.092000000000001]
[null,"2015-06-01",10.266,10.260999999999999]
[null,"2015-09-01",10.61,10.598000000000001]
[null,"2015-12-01",10.186999999999999,10.179]
[null,"2016-03-01",10.172000000000001,10.164999999999999]
[null,"2016-06-01",10.247,10.239000000000001]
[null,"2016-09-01",10.481,10.476000000000001]
[null,"2016-12-01",10.212999999999999,10.223000000000001]
[null,"2017-03-01",10.411,10.407999999999999]
[null,"2017-06-01",10.794,10.794]
[null,"2017-09-01",11.073,11.065]
[null,"2017-12-01",11.707000000000001,11.711]
[null,"2018-03-01",11.846,11.837]
[null,"2018-06-01",12.167,12.16]
[null,"2018-09-01",11.881,11.877000000000001]
[null,"2018-12-01",12.195,12.183]
[null,"2019-03-01",12.364000000000001,12.348000000000001]
[null,"2019-06-01",12.505000000000001,12.48]
[null,"2019-09-01",12.507999999999999,12.494]
[null,"2019-12-01",12.686999999999999,12.657]
[null,"2020-03-01",12.353999999999999,12.315]
[null,"2020-06-01",10.282,10.250999999999999]
[null,"2020-09-01",12.675000000000001,12.618]
[null,"2020-12-01",12.622,12.574999999999999]
[null,"2021-03-01",13.358000000000001,13.353]
[null,"2021-06-01",13.035,13.041]
[null,"2021-09-01",12.696999999999999,12.779]
[null,"2021-12-01",14.118,14.163]
[null,"2022-03-01",14.25,14.311999999999999]
[null,"2022-06-01",13.659000000000001,13.653]
[null,"2022-09-01",14.496,14.536]
[null,"2022-12-01",14.342000000000001,14.308999999999999]
[null,"2023-03-01",14.478,14.491]
[null,"2023-06-01",14.617000000000001,14.622]
[null,"2023-09-01",14.103999999999999,14.182]
[null,"2023-12-01",14.17,14.178000000000001]
[null,"2024-03-01",14.115,14.122999999999999]
[null,"2024-06-01",14.1,14.067]
[null,"2024-09-01",13.6,13.628]
[null,"2024-12-01",13.814,13.731999999999999]
[null,"2025-03-01",13.930999999999999,13.874000000000001]
[null,"2025-06-01",13.760999999999999,13.744]
[null,"2025-09-01",14.063000000000001,13.744,"forecast"]
[null,"2025-12-01",13.685,13.826459999999999]
[null,"2026-03-01",13.862909999999999,13.914339999999999]
[null,"2026-06-01",13.94608,14.1608]
[null,"2026-09-01",13.83595,14.40288]
[null,"2026-12-01",13.920540000000001,14.620509999999999]
[null,"2027-03-01",14.140120000000001,14.81908]
[null,"2027-06-01",14.39944,14.99174]
[null,"2027-09-01",14.71444,15.15077]
[null,"2027-12-01",15.003729999999999,15.294379999999999]
[null,"2028-03-01",15.26093,15.43436]
[null,"2028-06-01",15.479229999999999,15.569430000000001]
[null,"2028-09-01",15.668709999999999,15.70627]
[null,"2028-12-01",15.83192,15.84361]
[null,"2029-03-01",15.985700000000001,15.97767]
[null,"2029-06-01",16.14302,16.108319999999999]
[null,"2029-09-01",16.28952,16.235780000000002]
[null,"2029-12-01",16.42407,16.361740000000001]
[null,"2030-03-01",16.54909,16.487349999999999]
[null,"2030-06-01",16.668099999999999,16.613959999999999]

{"sheet":"Data 1.18","index":37,"n_rows":93,"n_cols":4,"rows_kept":93,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.18: Monthly commodity prices (world prices)"]
[null,"Sources: Haver Analytics, ANZ Research"]
[]
[null,null,"Dairy prices","Meat, skin and wool prices"]
[null,null,"Index (January 1986 = 100)","Index (January 1986 = 100)"]
[null,"2019-01-01",234.5761,316.6438]
[null,"2019-02-01",249.9641,318.7414]
[null,"2019-03-01",273.9819,322.20569999999998]
[null,"2019-04-01",286.1617,334.71589999999998]
[null,"2019-05-01",287.55110000000002,335.99529999999999]
[null,"2019-06-01",263.10899999999998,341.68299999999999]
[null,"2019-07-01",258.94139999999999,347.13249999999999]
[null,"2019-08-01",262.1918,344.83179999999999]
[null,"2019-09-01",260.83139999999997,350.27050000000003]
[null,"2019-10-01",261.84550000000002,361.98489999999998]
[null,"2019-11-01",269.291,393.91250000000002]
[null,"2019-12-01",269.8494,361.43990000000002]
[null,"2020-01-01",270.84190000000001,340.67619999999999]
[null,"2020-02-01",270.87790000000001,324.96809999999999]
[null,"2020-03-01",261.60329999999999,319.48509999999999]
[null,"2020-04-01",257.41370000000001,317.51549999999997]
[null,"2020-05-01",244.30189999999999,329.97089999999997]
[null,"2020-06-01",244.71010000000001,310.38150000000002]
[null,"2020-07-01",259.65649999999999,315.2303]
[null,"2020-08-01",251.221,316.6619]
[null,"2020-09-01",248.05449999999999,315.16570000000002]
[null,"2020-10-01",256.92430000000002,310.83170000000001]
[null,"2020-11-01",255.63720000000001,315.88959999999997]
[null,"2020-12-01",266.67189999999999,310.61660000000001]
[null,"2021-01-01",284.23020000000002,323.96969999999999]
[null,"2021-02-01",296.94940000000003,334.57569999999998]
[null,"2021-03-01",334.69920000000002,338.3356]
[null,"2021-04-01",334.81110000000001,359.27600000000001]
[null,"2021-05-01",335.59719999999999,377.26780000000002]
[null,"2021-06-01",330.65210000000002,383.9425]
[null,"2021-07-01",319.51839999999999,386.05950000000001]
[null,"2021-08-01",306.84769999999997,396.66739999999999]
[null,"2021-09-01",310.82900000000001,399.1977]
[null,"2021-10-01",322.34800000000001,407.13010000000003]
[null,"2021-11-01",342.77600000000001,424.82929999999999]
[null,"2021-12-01",348.12720000000002,427.44349999999997]
[null,"2022-01-01",356.73630000000003,417.88080000000002]
[null,"2022-02-01",382.38810000000001,416.8039]
[null,"2022-03-01",411.44479999999999,414.42340000000002]
[null,"2022-04-01",394.91149999999999,403.06700000000001]
[null,"2022-05-01",362.7867,404.48540000000003]
[null,"2022-06-01",368.80450000000002,392.5403]
[null,"2022-07-01",357.97919999999999,385.99689999999998]
[null,"2022-08-01",328.81029999999998,386.28930000000003]
[null,"2022-09-01",331.18830000000003,379.12470000000002]
[null,"2022-10-01",321.86739999999998,356.32080000000002]
[null,"2022-11-01",307.84570000000002,333.2346]
[null,"2022-12-01",309.37819999999999,319.55259999999998]
[null,"2023-01-01",301.49540000000002,322.1103]
[null,"2023-02-01",302.01319999999998,337.12470000000002]
[null,"2023-03-01",300.32589999999999,356.89960000000002]
[null,"2023-04-01",285.66520000000003,366.52870000000001]
[null,"2023-05-01",296.66730000000001,359.81400000000002]
[null,"2023-06-01",296.17680000000001,339.8236]
[null,"2023-07-01",286.84269999999998,322.32069999999999]
[null,"2023-08-01",261.9973,322.21789999999999]
[null,"2023-09-01",262.56569999999999,336.89440000000002]
[null,"2023-10-01",276.60849999999999,334.60509999999999]
[null,"2023-11-01",276.24380000000002,315.35230000000001]
[null,"2023-12-01",289.6551,317.03570000000002]
[null,"2024-01-01",302.5213,317.46379999999999]
[null,"2024-02-01",317.39960000000002,335.49990000000003]
[null,"2024-03-01",303.81299999999999,343.72800000000001]
[null,"2024-04-01",304.83019999999999,357.20330000000001]
[null,"2024-05-01",313.5258,353.76780000000002]
[null,"2024-06-01",320.57159999999999,360.68470000000002]
[null,"2024-07-01",302.29719999999998,373.23520000000002]
[null,"2024-08-01",312.0394,383.13850000000002]
[null,"2024-09-01",319.06700000000001,388.58589999999998]
[null,"2024-10-01",326.56760000000003,387.3689]
[null,"2024-11-01",344.06310000000002,390.53890000000001]
[null,"2024-12-01",344.2749,391.55529999999999]
[null,"2025-01-01",346.26519999999999,403.87180000000001]
[null,"2025-02-01",363.98919999999998,409.60669999999999]
[null,"2025-03-01",361.24720000000002,410.06509999999997]
[null,"2025-04-01",365.8535,412.39330000000001]
[null,"2025-05-01",382.25580000000002,411.34350000000001]
[null,"2025-06-01",367.97129999999999,414.92399999999998]
[null,"2025-07-01",351.48469999999998,420.63639999999998]
[null,"2025-08-01",353.04590000000002,425.53960000000001]
[null,"2025-09-01",341.82150000000001,429.15820000000002]
[null,"2025-10-01",333.13799999999998,442.41030000000001]
[null,"2025-11-01",315.20639999999997,457.7011]
[null,"2025-12-01",298.363,463.16989999999998]
[null,"2026-01-01",308.17750000000001,464.98759999999999]
[null,"2026-02-01",332.19009999999997,476.99380000000002]
[null,"2026-03-01",351.89170000000001,488.49829999999997]
[null,"2026-04-01",338.42180000000002,489.23930000000001]

{"sheet":"Data 1.19","index":39,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.19: Goods exports volumes"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"$billions (2009/10 prices)","$billions (2009/10 prices)"]
[null,"2009-06-01",9.8810000000000002,9.8810000000000002]
[null,"2009-09-01",9.9369999999999994,9.9369999999999994]
[null,"2009-12-01",9.9269999999999996,9.9269999999999996]
[null,"2010-03-01",10.173,10.173]
[null,"2010-06-01",10.335000000000001,10.335000000000001]
[null,"2010-09-01",10.359,10.359]
[null,"2010-12-01",10.183,10.183]
[null,"2011-03-01",10.183999999999999,10.183999999999999]
[null,"2011-06-01",10.55,10.55]
[null,"2011-09-01",10.436999999999999,10.436999999999999]
[null,"2011-12-01",10.673,10.673]
[null,"2012-03-01",10.484999999999999,10.484999999999999]
[null,"2012-06-01",10.744999999999999,10.744999999999999]
[null,"2012-09-01",11.305999999999999,11.305999999999999]
[null,"2012-12-01",11.161,11.161]
[null,"2013-03-01",11.257999999999999,11.257999999999999]
[null,"2013-06-01",10.856,10.856]
[null,"2013-09-01",10.786,10.786]
[null,"2013-12-01",11.183999999999999,11.183999999999999]
[null,"2014-03-01",11.504,11.504]
[null,"2014-06-01",11.038,11.038]
[null,"2014-09-01",11.054,11.054]
[null,"2014-12-01",11.625999999999999,11.625999999999999]
[null,"2015-03-01",11.907,11.907999999999999]
[null,"2015-06-01",11.494,11.494]
[null,"2015-09-01",11.667,11.667]
[null,"2015-12-01",11.897,11.896000000000001]
[null,"2016-03-01",11.744999999999999,11.747]
[null,"2016-06-01",12.242000000000001,12.241]
[null,"2016-09-01",12.135,12.134]
[null,"2016-12-01",11.590999999999999,11.59]
[null,"2017-03-01",11.654,11.657]
[null,"2017-06-01",12.128,12.125999999999999]
[null,"2017-09-01",12.349,12.348000000000001]
[null,"2017-12-01",12.396000000000001,12.394]
[null,"2018-03-01",12.196,12.201000000000001]
[null,"2018-06-01",12.286,12.282999999999999]
[null,"2018-09-01",12.682,12.682]
[null,"2018-12-01",12.659000000000001,12.657999999999999]
[null,"2019-03-01",13.345000000000001,13.349]
[null,"2019-06-01",12.744999999999999,12.74]
[null,"2019-09-01",12.548,12.554]
[null,"2019-12-01",12.516,12.513]
[null,"2020-03-01",12.659000000000001,12.66]
[null,"2020-06-01",11.541,11.535]
[null,"2020-09-01",12.362,12.372999999999999]
[null,"2020-12-01",12.721,12.718]
[null,"2021-03-01",12.85,12.846]
[null,"2021-06-01",13.055999999999999,13.051]
[null,"2021-09-01",12.739000000000001,12.757999999999999]
[null,"2021-12-01",12.653,12.648999999999999]
[null,"2022-03-01",11.898,11.89]
[null,"2022-06-01",11.96,11.948]
[null,"2022-09-01",13.093,13.132]
[null,"2022-12-01",12.343999999999999,12.333]
[null,"2023-03-01",12.15,12.144]
[null,"2023-06-01",12.731999999999999,12.705]
[null,"2023-09-01",12.176,12.238]
[null,"2023-12-01",12.635999999999999,12.612]
[null,"2024-03-01",12.968999999999999,12.971]
[null,"2024-06-01",12.752000000000001,12.71]
[null,"2024-09-01",12.638999999999999,12.728,"forecast"]
[null,"2024-12-01",12.731,12.691000000000001]
[null,"2025-03-01",13.122,13.135]
[null,"2025-06-01",12.749000000000001,12.798]
[null,"2025-09-01",13.221,12.964373999999999]
[null,"2025-12-01",12.879,13.09401774]
[null,"2026-03-01",12.943395000000001,13.198769881900001]
[null,"2026-06-01",13.059885555000001,13.224622332499999]
[null,"2026-09-01",13.113710765399999,13.237283918200001]
[null,"2026-12-01",13.142366879499999,13.255462784200001]
[null,"2027-03-01",13.172557702100001,13.2832665622]
[null,"2027-06-01",13.208240584499999,13.318746681799999]
[null,"2027-09-01",13.249114089000001,13.3608581044]
[null,"2027-12-01",13.295303038,13.4083700678]
[null,"2028-03-01",13.3461333626,13.4603195519]
[null,"2028-06-01",13.401335422800001,13.516016163800002]
[null,"2028-09-01",13.4603316255,13.574984367200001]
[null,"2028-12-01",13.523026658099999,13.6355553905]
[null,"2029-03-01",13.587858767899998,13.6981633975]
[null,"2029-06-01",13.655144589199999,13.7629796895]
[null,"2029-09-01",13.725244335799999,13.8300622331]
[null,"2029-12-01",13.7980396547,13.8994112675]
[null,"2030-03-01",13.8736819451,13.9710019094]
[null,"2030-06-01",13.9519575119,14.044799687999999]

{"sheet":"Data 1.20","index":41,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.20: Service exports and visitor arrivals"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025","Visitor arrivals "]
[null,null,"$billions (2009/10 prices)","$billions (2009/10 prices)","Thousands"]
[null,"2009-06-01",3.8730000000000002,3.8730000000000002,612.87]
[null,"2009-09-01",4.093,4.093,619.24]
[null,"2009-12-01",4.0289999999999999,4.0289999999999999,625.66]
[null,"2010-03-01",3.915,3.915,627.80999999999995]
[null,"2010-06-01",4.0860000000000003,4.0860000000000003,630.46]
[null,"2010-09-01",4.0540000000000003,4.0540000000000003,634.37]
[null,"2010-12-01",4.0640000000000001,4.0640000000000001,631.41]
[null,"2011-03-01",4.0819999999999999,4.0819999999999999,623.25]
[null,"2011-06-01",3.9980000000000002,3.9980000000000002,604.70000000000005]
[null,"2011-09-01",4.1890000000000001,4.1890000000000001,694.81]
[null,"2011-12-01",4.3360000000000003,4.3360000000000003,682.52]
[null,"2012-03-01",3.9710000000000001,3.9710000000000001,626.97]
[null,"2012-06-01",3.9950000000000001,3.9950000000000001,636.84]
[null,"2012-09-01",3.9950000000000001,3.9950000000000001,645.71]
[null,"2012-12-01",3.8889999999999998,3.8889999999999998,648.65]
[null,"2013-03-01",3.9950000000000001,3.9950000000000001,659.38]
[null,"2013-06-01",4.0309999999999997,4.0309999999999997,679.56]
[null,"2013-09-01",4.05,4.05,695.04]
[null,"2013-12-01",3.9159999999999999,3.9159999999999999,689.88]
[null,"2014-03-01",4.0780000000000003,4.0780000000000003,703.11]
[null,"2014-06-01",4.0460000000000003,4.0460000000000003,704.8]
[null,"2014-09-01",4.0949999999999998,4.0949999999999998,714.81]
[null,"2014-12-01",4.6680000000000001,4.6680000000000001,738.09]
[null,"2015-03-01",4.8330000000000002,4.8319999999999999,762.46]
[null,"2015-06-01",5.0309999999999997,5.0309999999999997,775.16]
[null,"2015-09-01",5.2759999999999998,5.2770000000000001,783.6]
[null,"2015-12-01",5.26,5.26,806.99]
[null,"2016-03-01",5.3869999999999996,5.3869999999999996,843.02]
[null,"2016-06-01",5.2729999999999997,5.2729999999999997,856.75]
[null,"2016-09-01",5.3019999999999996,5.3029999999999999,887.41]
[null,"2016-12-01",5.4219999999999997,5.4210000000000003,896.97]
[null,"2017-03-01",5.4539999999999997,5.4530000000000003,910.64]
[null,"2017-06-01",5.6829999999999998,5.6829999999999998,971.95]
[null,"2017-09-01",5.5979999999999999,5.6,931.31]
[null,"2017-12-01",5.5990000000000002,5.5990000000000002,932.77]
[null,"2018-03-01",5.7679999999999998,5.7670000000000003,958.85]
[null,"2018-06-01",5.9039999999999999,5.9039999999999999,970.47]
[null,"2018-09-01",5.6,5.6020000000000003,960.56]
[null,"2018-12-01",5.8719999999999999,5.8719999999999999,970.72]
[null,"2019-03-01",5.8109999999999999,5.81,989.74]
[null,"2019-06-01",5.8739999999999997,5.8739999999999997,980.32]
[null,"2019-09-01",6.133,6.1349999999999998,980.36]
[null,"2019-12-01",6.016,6.016,947.71]
[null,"2020-03-01",5.77,5.7690000000000001,781.28]
[null,"2020-06-01",3.1259999999999999,3.125,7.43]
[null,"2020-09-01",3.2440000000000002,3.246,13.78]
[null,"2020-12-01",2.8319999999999999,2.8330000000000002,16.09]
[null,"2021-03-01",2.1909999999999998,2.19,15.39]
[null,"2021-06-01",3.57,3.5680000000000001,141.12]
[null,"2021-09-01",3.1720000000000002,3.1739999999999999,35.200000000000003]
[null,"2021-12-01",2.9660000000000002,2.97,15.16]
[null,"2022-03-01",2.1989999999999998,2.198,37.89]
[null,"2022-06-01",3.2280000000000002,3.2210000000000001,221.71]
[null,"2022-09-01",4.1539999999999999,4.1580000000000004,415.2]
[null,"2022-12-01",4.1840000000000002,4.1989999999999998,759.04]
[null,"2023-03-01",4.6980000000000004,4.6920000000000002,660.69]
[null,"2023-06-01",5.0270000000000001,5.008,740.45]
[null,"2023-09-01",5.6040000000000001,5.6109999999999998,801.87]
[null,"2023-12-01",5.3719999999999999,5.4029999999999996,781.76]
[null,"2024-03-01",5.3479999999999999,5.3369999999999997,818.3]
[null,"2024-06-01",5.593,5.56,798.55]
[null,"2024-09-01",5.6440000000000001,5.6539999999999999,824.06]
[null,"2024-12-01",6.1639999999999997,6.2160000000000002,848.43]
[null,"2025-03-01",5.6589999999999998,5.641,856.24]
[null,"2025-06-01",5.64,5.5789999999999997,846.1]
[null,"2025-09-01",5.9260000000000002,5.6347899999999997,881.59]
[null,"2025-12-01",6.3849999999999998,5.7193118500000004,919]
["forecast","2026-03-01",6.2253749999999997,5.8336980870000001,938.76]
[null,"2026-06-01",6.343657125,5.9949149401600001]
[null,"2026-09-01",6.4473012243100003,6.1294276483600001]
[null,"2026-12-01",6.5258252404499997,6.2317447722499999]
[null,"2027-03-01",6.6112565376200001,6.3253998209000004]
[null,"2027-06-01",6.6890355897199996,6.4134770238899996]
[null,"2027-09-01",6.7491785459499996,6.4952928125499998]
[null,"2027-12-01",6.8051664398999998,6.5729131709699997]
[null,"2028-03-01",6.8579107426299997,6.6472258711499999]
[null,"2028-06-01",6.9076740445500002,6.7186464140400002]
[null,"2028-09-01",6.9555185785300004,6.7875255167699997]
[null,"2028-12-01",7.0229423931499992,6.8541791718500003]
[null,"2029-03-01",7.0801242803599997,6.9175004965099998]
[null,"2029-06-01",7.1291873177099996,6.9791890890300001]
[null,"2029-09-01",7.1738936671399998,7.0395100528700008]
[null,"2029-12-01",7.2162892099399993,7.0986707475899999]
[null,"2030-03-01",7.2573566355199999,7.1568563904399998]
[null,"2030-06-01",7.2982362462600001,7.2142282063599996]

{"sheet":"Data 1.21","index":43,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.21: Current account balance"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"% of GDP","% of GDP"]
[null,"2009-06-01",-4.9299080000000002,-4.92957]
[null,"2009-09-01",-2.6702159999999999,-2.6699510000000002]
[null,"2009-12-01",-2.2626010000000001,-2.262448]
[null,"2010-03-01",-1.489962,-1.489954]
[null,"2010-06-01",-1.7618180000000001,-1.7618180000000001]
[null,"2010-09-01",-2.4043619999999999,-2.404935]
[null,"2010-12-01",-2.2361580000000001,-2.2367300000000001]
[null,"2011-03-01",-2.7821940000000001,-2.7826849999999999]
[null,"2011-06-01",-2.9262920000000001,-2.9267629999999998]
[null,"2011-09-01",-3.2420840000000002,-3.2419600000000002]
[null,"2011-12-01",-2.8012609999999998,-2.8005230000000001]
[null,"2012-03-01",-3.1728830000000001,-3.1719529999999998]
[null,"2012-06-01",-3.6015389999999998,-3.600422]
[null,"2012-09-01",-3.6179969999999999,-3.616746]
[null,"2012-12-01",-3.9199820000000001,-3.918968]
[null,"2013-03-01",-3.6474880000000001,-3.6468750000000001]
[null,"2013-06-01",-3.589407,-3.5887820000000001]
[null,"2013-09-01",-3.6669109999999998,-3.6666069999999999]
[null,"2013-12-01",-3.0872700000000002,-3.0870639999999998]
[null,"2014-03-01",-2.514653,-2.5141749999999998]
[null,"2014-06-01",-2.4797639999999999,-2.4792130000000001]
[null,"2014-09-01",-2.5386359999999999,-2.5376099999999999]
[null,"2014-12-01",-3.1126550000000002,-3.111389]
[null,"2015-03-01",-3.4536579999999999,-3.4522219999999999]
[null,"2015-06-01",-3.395086,-3.3936500000000001]
[null,"2015-09-01",-2.9624990000000002,-2.9612020000000001]
[null,"2015-12-01",-2.7053639999999999,-2.704183]
[null,"2016-03-01",-2.401278,-2.4002439999999998]
[null,"2016-06-01",-2.0693359999999998,-2.0685289999999998]
[null,"2016-09-01",-2.2196989999999999,-2.2189380000000001]
[null,"2016-12-01",-2.0868790000000002,-2.086214]
[null,"2017-03-01",-2.6084429999999998,-2.6077029999999999]
[null,"2017-06-01",-2.6768909999999999,-2.6763080000000001]
[null,"2017-09-01",-2.6482890000000001,-2.64764]
[null,"2017-12-01",-2.9084240000000001,-2.9081299999999999]
[null,"2018-03-01",-3.1769729999999998,-3.1769669999999999]
[null,"2018-06-01",-3.7473350000000001,-3.7468360000000001]
[null,"2018-09-01",-4.0912980000000001,-4.0892549999999996]
[null,"2018-12-01",-4.2646199999999999,-4.2619899999999999]
[null,"2019-03-01",-3.9199030000000001,-3.9176120000000001]
[null,"2019-06-01",-3.6392479999999998,-3.6373600000000001]
[null,"2019-09-01",-3.36469,-3.363197]
[null,"2019-12-01",-2.872347,-2.8714729999999999]
[null,"2020-03-01",-2.3758080000000001,-2.3779620000000001]
[null,"2020-06-01",-1.6125780000000001,-1.6148640000000001]
[null,"2020-09-01",-1.1634599999999999,-1.165942]
[null,"2020-12-01",-1.263344,-1.264278]
[null,"2021-03-01",-2.519787,-2.5248970000000002]
[null,"2021-06-01",-3.2352750000000001,-3.2411699999999999]
[null,"2021-09-01",-4.4068959999999997,-4.4077140000000004]
[null,"2021-12-01",-5.6086239999999998,-5.6055780000000004]
[null,"2022-03-01",-6.503476,-6.4997670000000003]
[null,"2022-06-01",-7.9840350000000004,-7.9838740000000001]
[null,"2022-09-01",-8.3007779999999993,-8.2857629999999993]
[null,"2022-12-01",-8.7616230000000002,-8.7516370000000006]
[null,"2023-03-01",-8.2709480000000006,-8.2735280000000007]
[null,"2023-06-01",-7.4218039999999998,-7.4353800000000003]
[null,"2023-09-01",-7.1074460000000004,-7.1125809999999996]
[null,"2023-12-01",-6.2571640000000004,-6.2639399999999998]
[null,"2024-03-01",-5.721527,-5.7250370000000004]
[null,"2024-06-01",-5.5237809999999996,-5.5417379999999996]
[null,"2024-09-01",-5.1829010000000002,-5.1938139999999997]
[null,"2024-12-01",-4.6741789999999996,-4.6762499999999996]
[null,"2025-03-01",-4.2747529999999996,-4.2767489999999997]
[null,"2025-06-01",-3.8105730000000002,-3.7358790000000002]
[null,"2025-09-01",-3.4785180000000002,-3.2816999999999998,"forecast"]
[null,"2025-12-01",-3.6302979999999998,-3.1216930000000001]
[null,"2026-03-01",-3.7383890000000002,-2.8715079999999999]
[null,"2026-06-01",-4.148549,-2.7897609999999999]
[null,"2026-09-01",-4.3363189999999996,-2.7948970000000002]
[null,"2026-12-01",-4.2001280000000003,-2.7794620000000001]
[null,"2027-03-01",-3.9842610000000001,-2.7884679999999999]
[null,"2027-06-01",-3.513941,-2.7855850000000002]
[null,"2027-09-01",-3.2263679999999999,-2.7736519999999998]
[null,"2027-12-01",-3.068943,-2.756446]
[null,"2028-03-01",-2.9694129999999999,-2.733412]
[null,"2028-06-01",-2.9034270000000002,-2.7056849999999999]
[null,"2028-09-01",-2.8341099999999999,-2.6803279999999998]
[null,"2028-12-01",-2.760033,-2.658846]
[null,"2029-03-01",-2.6930459999999998,-2.6423899999999998]
[null,"2029-06-01",-2.6481520000000001,-2.6324740000000002]
[null,"2029-09-01",-2.6174330000000001,-2.6252520000000001]
[null,"2029-12-01",-2.5976750000000002,-2.6197689999999998]
[null,"2030-03-01",-2.5765690000000001,-2.6160060000000001]
[null,"2030-06-01",-2.54948,-2.6154269999999999]

{"sheet":"Data 1.22","index":45,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.22: Output gap"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"% of potential output","% of potential output"]
[null,"2009-06-01",-1.838228,-1.8128150000000001]
[null,"2009-09-01",-1.752829,-1.7325010000000001]
[null,"2009-12-01",-0.89322699999999999,-0.87777000000000005]
[null,"2010-03-01",-0.97118800000000005,-0.96875199999999995]
[null,"2010-06-01",-0.72874899999999998,-0.70512900000000001]
[null,"2010-09-01",-1.396601,-1.3802099999999999]
[null,"2010-12-01",-2.3791950000000002,-2.3861249999999998]
[null,"2011-03-01",-1.8248169999999999,-1.831073]
[null,"2011-06-01",-1.920623,-1.952258]
[null,"2011-09-01",-1.361988,-1.4092169999999999]
[null,"2011-12-01",-1.311313,-1.3647739999999999]
[null,"2012-03-01",-1.2730030000000001,-1.315661]
[null,"2012-06-01",-1.318538,-1.3336619999999999]
[null,"2012-09-01",-1.7970619999999999,-1.7778210000000001]
[null,"2012-12-01",-1.023299,-1.010313]
[null,"2013-03-01",-1.9804349999999999,-1.951519]
[null,"2013-06-01",-1.5884210000000001,-1.5665560000000001]
[null,"2013-09-01",-1.7007350000000001,-1.7067319999999999]
[null,"2013-12-01",-2.0915469999999998,-2.055059]
[null,"2014-03-01",-1.3115399999999999,-1.279544]
[null,"2014-06-01",-1.629224,-1.5929150000000001]
[null,"2014-09-01",-1.0873090000000001,-1.0581929999999999]
[null,"2014-12-01",-0.30421199999999998,-0.31155699999999997]
[null,"2015-03-01",-0.75228300000000004,-0.76563700000000001]
[null,"2015-06-01",-0.75987400000000005,-0.79585899999999998]
[null,"2015-09-01",-0.58685299999999996,-0.63547100000000001]
[null,"2015-12-01",-0.35458200000000001,-0.41829300000000003]
[null,"2016-03-01",9.0220999999999996E-2,2.2655999999999999E-2]
[null,"2016-06-01",0.190467,0.12690000000000001]
[null,"2016-09-01",0.41375499999999998,0.359906]
[null,"2016-12-01",-8.2411999999999999E-2,-0.14210400000000001]
[null,"2017-03-01",0.30216599999999999,0.24856400000000001]
[null,"2017-06-01",0.39092100000000002,0.31633]
[null,"2017-09-01",0.41261500000000001,0.35477999999999998]
[null,"2017-12-01",0.62853300000000001,0.58000399999999996]
[null,"2018-03-01",0.88227900000000004,0.88161800000000001]
[null,"2018-06-01",1.1298299999999999,1.156925]
[null,"2018-09-01",0.56935999999999998,0.61733499999999997]
[null,"2018-12-01",1.4451270000000001,1.487517]
[null,"2019-03-01",1.6886239999999999,1.772864]
[null,"2019-06-01",1.139899,1.171481]
[null,"2019-09-01",1.3168310000000001,1.3516570000000001]
[null,"2019-12-01",1.7709410000000001,1.7464139999999999]
[null,"2020-03-01",0.22758800000000001,0.219833]
[null,"2020-06-01",-0.710426,-0.71828999999999998]
[null,"2020-09-01",1.1741269999999999,1.086803]
[null,"2020-12-01",1.037204,0.86715900000000001]
[null,"2021-03-01",2.4245580000000002,2.3543639999999999]
[null,"2021-06-01",2.654855,2.6458919999999999]
[null,"2021-09-01",0.863151,0.85382599999999997]
[null,"2021-12-01",3.5209280000000001,3.586897]
[null,"2022-03-01",2.555069,2.6758790000000001]
[null,"2022-06-01",2.351359,2.6027279999999999]
[null,"2022-09-01",2.6534230000000001,3.0803600000000002]
[null,"2022-12-01",1.943244,2.0940219999999998]
[null,"2023-03-01",1.4399390000000001,1.385435]
[null,"2023-06-01",1.8763890000000001,1.7289870000000001]
[null,"2023-09-01",1.4637519999999999,1.355486]
[null,"2023-12-01",1.4586220000000001,1.052683]
[null,"2024-03-01",1.1746859999999999,0.70733000000000001]
[null,"2024-06-01",0.16974900000000001,-0.673794]
[null,"2024-09-01",-1.497171,-2.1620059999999999]
[null,"2024-12-01",-1.8914660000000001,-2.1727750000000001]
[null,"2025-03-01",-1.2243679999999999,-1.688723]
[null,"2025-06-01",-2.4796969999999998,-3.0497730000000001]
[null,"2025-09-01",-2.0423779999999998,-3.0936650000000001,"forecast"]
[null,"2025-12-01",-2.2015799999999999,-2.6881689999999998]
[null,"2026-03-01",-2.1891379999999998,-2.2327859999999999]
[null,"2026-06-01",-2.387705,-1.751204]
[null,"2026-09-01",-2.2229610000000002,-1.397016]
[null,"2026-12-01",-1.915934,-1.1662250000000001]
[null,"2027-03-01",-1.563566,-1.0017320000000001]
[null,"2027-06-01",-1.2358,-0.86926499999999995]
[null,"2027-09-01",-0.94145100000000004,-0.77253899999999998]
[null,"2027-12-01",-0.69295200000000001,-0.68461899999999998]
[null,"2028-03-01",-0.48925999999999997,-0.60599099999999995]
[null,"2028-06-01",-0.33476499999999998,-0.51718900000000001]
[null,"2028-09-01",-0.23507900000000001,-0.42296499999999998]
[null,"2028-12-01",-0.157306,-0.33782699999999999]
[null,"2029-03-01",-7.4313000000000004E-2,-0.26278099999999999]
[null,"2029-06-01",-1.4527E-2,-0.19807900000000001]
[null,"2029-09-01",1.6570999999999999E-2,-0.13838600000000001]
[null,"2029-12-01",2.3407000000000001E-2,-8.0602999999999994E-2]
[null,"2030-03-01",1.3265000000000001E-2,-2.1346E-2]
[null,"2030-06-01",-7.0609999999999996E-3,4.2945999999999998E-2]

{"sheet":"Data 1.23","index":47,"n_rows":11,"n_cols":6,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.23: Changes to nominal GDP forecasts relative to the Half Year Update"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Change in real activity","Change in prices","Change in nominal GDP"]
[null,null,"$billions","$billions","$billions"]
[null,2025,-1.146210168360013,7.8416298868369608E-2,-1.0679999999999981]
[null,2026,-3.5763581447263535,1.2475750882955878,-2.338600000000016,"forecast"]
[null,2027,-7.950440403248475,3.9496990691878615,-4.0662999999999885]
[null,2028,-4.9686000870746483,6.5340404237946643,1.5008000000000843]
[null,2029,-3.8887801431813371,7.5678068887415346,3.6230999999999232]
[null,2030,-3.8632345872706049,7.2486508352253995,3.334599999999964]

{"sheet":"Data 1.24","index":49,"n_rows":47,"n_cols":6,"rows_kept":47,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.24: CPI inflation under different scenarios"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Central","Upside","Downside 1"]
[null,null,"Annual % change","Annual % change","Annual % change"]
[null,null,"Annual % change","Annual % change","Annual % change"]
[null,"2020-06-01",1.4534883720930301,1.4534883720930301,1.4534883720930301]
[null,"2020-09-01",1.4436958614052,1.4436958614052,1.4436958614052]
[null,"2020-12-01",1.4367816091954,1.4367816091954,1.4367816091954]
[null,"2021-03-01",1.5209125475285099,1.5209125475285099,1.5209125475285099]
[null,"2021-06-01",3.34288443170965,3.34288443170965,3.34288443170965]
[null,"2021-09-01",4.9335863377609099,4.9335863377609099,4.9335863377609099]
[null,"2021-12-01",5.9490084985835798,5.9490084985835798,5.9490084985835798]
[null,"2022-03-01",6.9288389513108699,6.9288389513108699,6.9288389513108699]
[null,"2022-06-01",7.3012939001848398,7.3012939001848398,7.3012939001848398]
[null,"2022-09-01",7.2332730560578806,7.2332730560578806,7.2332730560578806]
[null,"2022-12-01",7.2192513368983997,7.2192513368983997,7.2192513368983997]
[null,"2023-03-01",6.6549912434325798,6.6549912434325798,6.6549912434325798]
[null,"2023-06-01",6.0292850990525402,6.0292850990525402,6.0292850990525402]
[null,"2023-09-01",5.6492411467116401,5.6492411467116401,5.6492411467116401]
[null,"2023-12-01",4.6550290939318302,4.6550290939318302,4.6550290939318302]
[null,"2024-03-01",4.0229885057471204,4.0229885057471204,4.0229885057471204]
[null,"2024-06-01",3.3306255077172997,3.3306255077172997,3.3306255077172997]
[null,"2024-09-01",2.1548284118116499,2.1548284118116499,2.1548284118116499]
[null,"2024-12-01",2.2239872915012002,2.2239872915012002,2.2239872915012002]
[null,"2025-03-01",2.5256511444356802,2.5256511444356802,2.5256511444356802]
[null,"2025-06-01",2.6729559748427603,2.6729559748427603,2.6729559748427603]
[null,"2025-09-01",3.046875,3.046875,3.046875]
[null,"2025-12-01",3.1080031080030999,3.1080031080030999,3.1080031080030999]
[null,"2026-03-01",3.07929176289454,3.07929176289454,3.07929176289454]
[null,"2026-06-01",3.9603520663779901,3.75754371882672,4.7304878053947297,"forecast"]
[null,"2026-09-01",3.7002062693359101,3.3223874414688801,5.3703698636962498]
[null,"2026-12-01",3.19857922887851,2.9768712646997399,4.7888302963363802]
[null,"2027-03-01",2.7448436951123201,2.6233262461826801,3.9818570236814299]
[null,"2027-06-01",1.60067496072213,1.7532107437764299,1.7797834011392599]
[null,"2027-09-01",1.7190888541276801,2.0881608348269598,0.74888477539753995]
[null,"2027-12-01",1.90742596030988,2.1707443195377798,0.79250487135338299]
[null,"2028-03-01",2.03199875641493,2.24270352891797,1.11955908429097]
[null,"2028-06-01",2.0852711572607099,2.2658816852002102,1.34086357209639]
[null,"2028-09-01",2.1072542368992502,2.28666889361208,1.5425846679463799]
[null,"2028-12-01",2.1326888637395398,2.3037183949181599,1.7017077496012301]
[null,"2029-03-01",2.1156204260001901,2.26914845853238,1.75544021048692]
[null,"2029-06-01",2.1006072140176801,2.2293186972061498,1.8124328690934699]
[null,"2029-09-01",2.0861850038010799,2.18531994854485,1.8651770775318799]
[null,"2029-12-01",2.0705322271312498,2.1381739946791001,1.90973671807002]
[null,"2030-03-01",2.0525977216043501,2.0943567820161202,1.9449580233999499]
[null,"2030-06-01",2.03246713887164,2.0539349451590101,1.97120471425387]

{"sheet":"Data 1.25","index":51,"n_rows":46,"n_cols":6,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.25: Unemployment rate under different scenarios"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Central","Upside","Downside 1"]
[null,null,"% of labour force","% of labour force","% of labour force"]
[null,"2020-06-01",4.0999999999999996,4.0999999999999996,4.0999999999999996]
[null,"2020-09-01",5.2,5.2,5.2]
[null,"2020-12-01",4.9000000000000004,4.9000000000000004,4.9000000000000004]
[null,"2021-03-01",4.5999999999999996,4.5999999999999996,4.5999999999999996]
[null,"2021-06-01",4,4,4]
[null,"2021-09-01",3.3,3.3,3.3]
[null,"2021-12-01",3.2,3.2,3.2]
[null,"2022-03-01",3.3,3.3,3.3]
[null,"2022-06-01",3.3,3.3,3.3]
[null,"2022-09-01",3.3,3.3,3.3]
[null,"2022-12-01",3.4,3.4,3.4]
[null,"2023-03-01",3.5,3.5,3.5]
[null,"2023-06-01",3.7,3.7,3.7]
[null,"2023-09-01",4,4,4]
[null,"2023-12-01",4,4,4]
[null,"2024-03-01",4.4000000000000004,4.4000000000000004,4.4000000000000004]
[null,"2024-06-01",4.7,4.7,4.7]
[null,"2024-09-01",4.9000000000000004,4.9000000000000004,4.9000000000000004]
[null,"2024-12-01",5.0999999999999996,5.0999999999999996,5.0999999999999996]
[null,"2025-03-01",5.0999999999999996,5.0999999999999996,5.0999999999999996]
[null,"2025-06-01",5.2,5.2,5.2]
[null,"2025-09-01",5.3,5.3,5.3]
[null,"2025-12-01",5.4,5.4,5.4]
[null,"2026-03-01",5.4162240033472999,5.4162240033472999,5.41619363431629,"forecast"]
[null,"2026-06-01",5.4554764682914998,5.3666791478159404,5.4884141881545903]
[null,"2026-09-01",5.4337606894816997,5.2094521276010397,5.6283699674288901]
[null,"2026-12-01",5.2532311038258799,4.9625354222540103,5.69592315417436]
[null,"2027-03-01",5.1433184945018402,4.7948509688451901,5.76804289125519]
[null,"2027-06-01",5.00341427150141,4.5863408322586201,5.7034912884264601]
[null,"2027-09-01",4.86429140774744,4.40180712639651,5.5461619323182596]
[null,"2027-12-01",4.7366590568145401,4.2587127156247897,5.3280914341259704]
[null,"2028-03-01",4.6272264719386698,4.1670523061690901,5.0932269583662597]
[null,"2028-06-01",4.5394525155563201,4.1252307006121898,4.8779631769793301]
[null,"2028-09-01",4.4785549537442302,4.1164455438766403,4.70180613631985]
[null,"2028-12-01",4.43695813500391,4.1259147078817104,4.5680518579312901]
[null,"2029-03-01",4.3958806940634796,4.1485328123061596,4.46254033293686]
[null,"2029-06-01",4.3567481997432402,4.1819465314611897,4.38240150678934]
[null,"2029-09-01",4.3316642448560101,4.2208754581885604,4.3361804530994599]
[null,"2029-12-01",4.3216327873598397,4.2603572498331603,4.3208814827929398]
[null,"2030-03-01",4.3232830141096796,4.2972116445660102,4.3294442008286396]
[null,"2030-06-01",4.3323580020073802,4.3296984772393499,4.3544881201966996]

{"sheet":"Data 1.26","index":53,"n_rows":24,"n_cols":8,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.26: Contributions to change in nominal GDP"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Nominal GDP ","Cycle ","Potential ","Terms of trade ","Price level"]
[null,null,"% point","% point","% point","% point","% point"]
[null,"2025-12-01",0,0,0,0,0]
[null,"2026-03-01",1.7499323138508702E-2,1.17437051471216E-2,-1.50979104475936E-2,2.0853528438317E-2,0,"forecast"]
[null,"2026-06-01",-6.6889548930021095E-2,-7.7904771016577404E-2,-4.2402462546306197E-2,-0.76477882786769003,0.81819651249998004]
[null,"2026-09-01",-0.182633789134342,-0.48087982348559399,-7.9482081520381997E-2,-1.30368145082756,1.6814095666992399]
[null,"2026-12-01",-0.406013245841222,-0.90981879507305696,-0.124293604686499,-1.14165859820473,1.76975775212292]
[null,"2027-03-01",-0.63209258723236394,-1.1741648597729799,-0.175122094744665,-0.860444288110362,1.57763865539766]
[null,"2027-06-01",-0.979187380711664,-1.2441352340415901,-0.23053001464108999,-0.80617987982641903,1.30165774779754]
[null,"2027-09-01",-1.1488465853697101,-1.18427760124808,-0.28931430046122802,-0.78667336217308403,1.1114186785117599]
[null,"2027-12-01",-1.1912232798151701,-1.0393783790478699,-0.35047009740696899,-0.806762795725529,1.0053879923656199]
[null,"2028-03-01",-1.1726546039796999,-0.84939512060051103,-0.41316063512590501,-0.82363177749321903,0.91353292923940899]
[null,"2028-06-01",-1.15298021745343,-0.65984469493603104,-0.47669161232192903,-0.85250589539886401,0.83606198520351405]
[null,"2028-09-01",-1.0945249725927999,-0.48380642677160901,-0.54048941763312497,-0.843753963991978,0.77352483580250397]
[null,"2028-12-01",-1.0430810977854801,-0.344382538658763,-0.60408261384190998,-0.81825046119796296,0.72363451591434103]
[null,"2029-03-01",-1.0002179848913699,-0.235463338806364,-0.66708619773976296,-0.78309226041773095,0.685423812072258]
[null,"2029-06-01",-0.96908009506819304,-0.15269375138600599,-0.72918822082715395,-0.74446663149200698,0.65726850863597897]
[null,"2029-09-01",-0.94911261526613,-9.1139676933550295E-2,-0.79013841547225605,-0.70562187946222599,0.63778735660173402]
[null,"2029-12-01",-0.93881293562048995,-4.6502543180427201E-2,-0.84973853349242701,-0.66837578357267502,0.625803924624733]
[null,"2030-03-01",-0.93651634465095401,-1.525396644109E-2,-0.907834134612585,-0.63371376494745202,0.62028552135109305]
[null,"2030-06-01",-0.94063120670489297,5.4274804643319697E-3,-0.964307610083324,-0.60206903687815405,0.62031795979214599]

{"sheet":"Table 1.1","index":54,"n_rows":12,"n_cols":8,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
[null,"Table 1.1: OBEGALx under different scenarios"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",2025,2026,2027,2028,2029,2030]
[null,"$billions","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"Central forecast",-9.3059999999999903,-11.936999999999999,-11.441000000000001,-4.2759999999999998,2.585,6.1150000000000002]
[null,"Downside 1 - fixed nominal baselines",-9.3059999999999903,-11.9016143317802,-12.100576299689999,-6.4141434213519899,0.528135836661764,4.5090353589344598]
[null,"Downside 2 - maintain real government spending",-9.3059999999999903,-12.1015231831643,-13.207582374750899,-6.7771926131162301,0.22286729744210601,4.35091902021537]
[null,"Upside",-9.3059999999999903,-11.8653785311646,-10.376086172307099,-1.80365311437228,5.0547275094093598,7.8357000567470596]
[]
[null,"Upside and downside scenario values are estimates from the Treasury's macroeconomic forecasting model"]

{"sheet":"Table 1.2","index":55,"n_rows":50,"n_cols":8,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
[null,"Table 1.2: Economic forecasts"]
[null,"Sources: Stats NZ, Reserve Bank of New Zealand, Cotality, the Treasury"]
[]
[null,"Year ending 30 June ",2025,2026,2027,2028,2029,2030]
[null,"Annual average % change","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"Private consumption",0.6,1,2.4,3,3,3]
[null,"Public consumption",-0.8,2.7,-1.3,1.1000000000000001,0.2,0]
[null,"Total consumption",0.2,1.4,1.5,2.5,2.2999999999999998,2.2999999999999998]
[null,"Residential investment",-12.3,-1.9,8.5,10.4,4.9000000000000004,3]
[null,"Business investment1",-2.4,0.8,1.3,7.4,5.2,3.6]
[null,"Total investment",-4.5999999999999996,0.3,2.7,8,5.2,3.5]
[null,"Stock change2",0,0.5,0.1,0,0,0]
[null,"Gross national expenditure",-1,1.9,2,3.8,3,2.6]
[null,"Exports",2.9,3.6,3,2.2000000000000002,2.2000000000000002,2.2999999999999998]
[null,"Imports",1.9,4,0.5,3.7,2.9,2.5]
[null,"GDP (expenditure measure)",-0.9,1.4,2.6,3.3,2.8,2.6]
[null,"GDP (production measure)",-1.1000000000000001,1.2,2.2999999999999998,3.2,2.7,2.5]
[null,"Real GDP per capita",-2.1,0.6,1.3,2,1.5,1.3]
[null,"Nominal GDP (expenditure measure)",3.4,4,5,6.1,5.2,4.5999999999999996]
[null,"GDP deflator",4.3,2.5,2.4,2.6,2.2999999999999998,2]
[null,"Potential GDP",1.7,1.7,1.8,2.1,2.2000000000000002,2.4]
[null,"Output gap (% of potential, June quarter)3",-2.5,-2.4,-1.2,-0.3,0,0]
[null,"Employment",-1,0.3,2,2.2999999999999998,1.8,1.5]
[null,"Unemployment rate4",5.2,5.5,5,4.5,4.4000000000000004,4.3]
[null,"Participation rate5",70.5,70.7,71.099999999999994,71.3,71.400000000000006,71.400000000000006]
[null,"Hourly wages (annual % change)6",4.5,2.6,2.8,3,3.4,3.5]
[null,"CPI inflation (annual % change)",2.7,4,1.6,2.1,2.1,2]
[null,"Terms of trade (goods)7",8.1,1.7,0.3,3.6,1.3,0.2]
[null,"House prices (annual % change)8",-0.7,-0.5,4,4.5999999999999996,4.3,4.4000000000000004]
[null,"Current account balance (annual)"]
[null,"  $billions",-16.600000000000001,-18.8,-16.7,-14.6,-14,-14.1]
[null,"  % of GDP",-3.8,-4.0999999999999996,-3.5,-2.9,-2.6,-2.5]
[null,"Net international investment position (% of GDP)",-48.2,-45.5,-46,-45.5,-45.1,-44.9]
[null,"Exchange rate (TWI)9",69.099999999999994,66.8,67.599999999999994,68.8,69.7,70.3]
[null,"90-day bank bill rate10",3.4,2.5,2.8,3.1,3.3,3.3]
[null,"10-year bond rate10",4.5999999999999996,4.5999999999999996,4.5,4.5,4.5,4.5]
[null,"Population growth",1,0.7,1.1000000000000001,1.2,1.2,1.2]
[null,"Net migration (4-quarter sum, 000s)",12,28.2,36.299999999999997,39,39.799999999999997,39.9]
[]
[null,"Notes:    "]
[null,"1   Business investment is non-residential public and private investment. "]
[null,"2   Contribution to GDP growth."]
[null,"3   Percentage difference between actual real GDP and potential real GDP."]
[null,"4   Percent of the labour force, June quarter, seasonally adjusted."]
[null,"5   Percent of working-age population, June quarter, seasonally adjusted."]
[null,"6   Quarterly Employment Survey (QES), average ordinary time hourly earnings."]
[null,"7   System of National Accounts. "]
[null,"8   Cotality Quarterly House Price Index."]
[null,"9   Trade-weighted index (TWI), average for the June quarter."]
[null,"10 Average for the June quarter."]

{"sheet":"Data 2.1 ","index":57,"n_rows":20,"n_cols":5,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.1: Core Crown tax revenue and nominal GDP growth"]
[null,"Source: The Treasury"]
[]
[null,null,"Tax revenue","Nominal GDP"]
[null,null,"% growth","% growth"]
[null,2016,5.7161294195329848,5.3139762457937803]
[null,2017,7.3802257079991485,6.5163217129588489]
[null,2018,6.0546771720162864,7.1808134410376754]
[null,2019,7.7832070203430401,4.9693729060205083]
[null,2020,-1.5797751769440718,2.4831223764725605]
[null,2021,15.135954501656833,8.1371352351231305]
[null,2022,10.690630007246154,6.2727278016652024]
[null,2023,3.5958619926607538,10.002354203622188]
[null,2024,7.3052208120472057,4.7307032846161317]
[null,2025,0.93890483220808518,3.3553283450515976]
[null,2026,2.5546845469933772,3.9507648733027692,"forecast"]
[null,2027,6.5533183234914709,5.0343817260661572]
[null,2028,6.95035567653738,6.0682991866878426]
[null,2029,6.5893734751703237,5.1806292071396083]
[null,2030,5.3456111767072771,4.6361828095294495]

{"sheet":"Data 2.2  ","index":59,"n_rows":6,"n_cols":6,"rows_kept":6,"cut":false,"hidden":false,"merged":[[2,2,2,5]]}
[null,"Figure 2.2: Components of core Crown tax revenue growth"]
[null,"Source: The Treasury"]
[]
[null,"Operating surplus","Salaries and wages","Private consumption","Fiscal drag","Other"]
[null,"$billions","$billions","$billions","$billions","$billions"]
[null,12.49255053119672,11.194660686313057,8.7869569738734175,2.9106075334218753,2.6222242751949496]

{"sheet":"Data 2.3","index":61,"n_rows":24,"n_cols":9,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.3: Total core Crown tax-to-GDP ratio"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"BEFU 2023","HYEFU 2023","BEFU 2024","HYEFU 2024","BEFU 2025","HYEFU 2025","BEFU 2026"]
[null,null,"% of GDP","% of GDP","% of GDP","% of GDP","% of GDP","% of GDP","% of GDP"]
[null,2012,25.62589453115914,25.627540068389585,25.630521124139214,25.630521124139214,25.597529705339756,25.597529705339756,25.60216956841019]
[null,2013,26.80311030476965,26.804319035563147,26.80664661819079,26.80664661819079,26.760171637398884,26.760171637398884,26.768232040416759]
[null,2014,25.986146462535931,25.985707713023032,25.982965864199617,25.98318519081263,25.970360808433629,25.970360808433629,25.981968112492513]
[null,2015,27.137481012091179,27.13396149586292,27.126671280276813,27.126671280276813,27.102178369232767,27.102288598492702,27.113757339268489]
[null,2016,27.224618553673018,27.218096779926903,27.225881193476081,27.226196871726891,27.206008210745033,27.206113282456904,27.216729707488017]
[null,2017,27.463387138936092,27.45561205601167,27.450231884689074,27.450630343586241,27.41958524844495,27.431815791668626,27.437785870515388]
[null,2018,27.141541261807454,27.1372261292254,27.142184058544707,27.142551384636207,27.119429241727151,27.14337790469488,27.149440590206098]
[null,2019,27.872605866027129,27.868383751136083,27.87961560411285,27.867755034952179,27.847023303447198,27.862905892019903,27.877368509288324]
[null,2020,26.822614623814527,26.832594061653616,26.813740854868893,26.835470871107606,26.792720798662597,26.799555030703825,26.772070555814214]
[null,2021,28.530966172314329,28.563695541271301,28.567526363819251,28.584277454286617,28.533916824163569,28.541480387530516,28.504946442389929]
[null,2022,29.876535938890253,29.827401359122376,29.805679313623649,29.798145471929317,29.656209189644425,29.664645033532818,29.689656286271163]
[null,2023,29.275817202314318,28.377846728141094,28.404677636684927,28.453303096835299,27.981380759911044,27.97908137855471,27.960769504507979]
[null,2024,29.685894444031334,29.055204662274392,28.810123707906396,29.168315902289386,28.663548744478419,28.695271529452089,28.647815745640404]
[null,2025,29.784161847945455,29.495283395294791,28.536465197641451,28.249997693566836,27.78261270260187,27.906835580058807,27.975355768390759]
[null,2026,30.384474666075072,29.797356005053405,28.91195641529794,28.495916681936091,27.39399659438962,27.326567084337569,27.602554593417626]
[null,2027,30.421749447067373,29.930422208317612,29.293865277299304,28.896805871371594,27.841112816126202,27.596345734107999,28.001793733491589]
[null,2028,null,30.017600243067687,29.504101937411029,29.110183484935831,28.049482025144766,27.925496536647113,28.23502518629401]
[null,2029,null,null,null,29.229149507403204,28.275713511895397,28.203450079527997,28.61278824284522]
[null,2030,{"$nulls":5},28.425757065836883,28.806862218052224]

{"sheet":"Data 2.4 ","index":63,"n_rows":15,"n_cols":5,"rows_kept":15,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 2.4: Core Crown expenses"]
[null,"Source: The Treasury"]
[]
[null,null,"Core Crown expenses ","Core Crown expenses "]
[null,null,"$millions","% of nominal GDP"]
[null,2021,107764,31.4]
[null,2022,125641,34.4]
[null,2023,127574,31.7]
[null,2024,138998,33]
[null,2025,141675,32.6]
[null,2026,147239,32.6,"forecast"]
[null,2027,154823,32.6]
[null,2028,158788,31.5]
[null,2029,162767,30.7]
[null,2030,167892,30.3]

{"sheet":"Data 2.5","index":65,"n_rows":6,"n_cols":5,"rows_kept":6,"cut":false,"hidden":false,"merged":[[2,2,2,4]]}
[null,"Figure 2.5: Drivers of NZ Super payment increases"]
[null,"Source: The Treasury"]
[]
[null,"2025/26","Recipient numbers","Indexation changes","2029/30"]
[null,"$billions","$billions","$billions","$billions"]
[null,24.73,3.2608853465377798,3.2159682033014185,31.207000000000001]

{"sheet":"Data 2.6","index":67,"n_rows":8,"n_cols":5,"rows_kept":8,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.6: Operating allowances"]
[null,"Source: The Treasury"]
[]
[null,null,"Budget 2027","Budget 2028","Budget 2029"]
[null,null,"$billion","$billion","$billion"]
[null,2028,2.4]
[null,2029,2.4,2.4]
[null,2030,2.4,2.4,2.4]

{"sheet":"Data 2.7","index":69,"n_rows":11,"n_cols":4,"rows_kept":11,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 2.7: Funding of the Budget 2026 operating package"]
[null,"Source: The Treasury"]
[]
[]
[null,null,"Gross cost","Funding"]
[null,null,"$ billions","$ billions"]
[null,"New spending initiatives",3.8]
[null,"Other savings and revenue initiatives",null,1.1000000000000001]
[null,"Budget allowance",null,2.1]
[null,"Baseline savings initiatives",null,0.6]
[null,null,3.8,3.8]

{"sheet":"Data 2.8","index":71,"n_rows":15,"n_cols":6,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.8: OBEGALx and cyclically adjusted balance (CAB)"]
[null,"Source: The Treasury"]
[]
[null,null,"OBEGALx ","OBEGALx ","Cyclically adjusted balance"]
[null,null,"$billions","% of GDP","% of GDP"]
[null,2021,-2.5585580000000001,-0.70000000000000007,-1.6111290542187449]
[null,2022,-8.664022000000001,-2.4,-3.743003709118764]
[null,2023,-7.1989050000000008,-1.7999999999999998,-2.7850602915667522]
[null,2024,-8.7729999999999997,-2.1,-2.4816887081673653]
[null,2025,-9.3059999999999992,-2.1,-1.2909658216292463]
[null,2026,-11.936999999999999,-2.6,-1.585429149504531,"forecast"]
[null,2027,-11.441000000000001,-2.4,-1.606711357279764]
[null,2028,-4.2759999999999998,-0.8,-0.58385138364277456]
[null,2029,2.585,0.5,0.52731021946345591]
[null,2030,6.1150000000000002,1.0999999999999999,1.0931074663227118]

{"sheet":"Data 2.9","index":73,"n_rows":15,"n_cols":5,"rows_kept":15,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 2.9: Growth in core Crown tax revenue and core Crown expenses"]
[null,"Source: The Treasury"]
[]
[null,null,"Core Crown tax revenue","Core Crown expenses"]
[null,null,"% growth","% growth"]
[null,2021,15.135954501656833,-0.98132902087621277]
[null,2022,10.690630007246154,16.589027875728444]
[null,2023,3.5958619926607538,1.5385105180633711]
[null,2024,7.3052208120472057,8.9548027027450736]
[null,2025,0.93890483220808518,1.9259269917552768]
[null,2026,2.5546845469933772,3.9272983942121051,"forecast"]
[null,2027,6.5533183234914709,5.150809228533201]
[null,2028,6.95035567653738,2.5609890003423263]
[null,2029,6.5893734751703237,2.5058568657581177]
[null,2030,5.3456111767072771,3.1486726424889566]

{"sheet":"Data 2.10","index":75,"n_rows":15,"n_cols":5,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.10: Net core Crown debt"]
[null,"Source: The Treasury"]
[]
[null,null,"Net core Crown debt in $billions ","Net core Crown debt"]
[null,null,"$billions","% of nominal GDP"]
[null,2021,102080,29.7]
[null,2022,128873,35.299999999999997]
[null,2023,155273,38.6]
[null,2024,175464,41.699999999999996]
[null,2025,182171,41.9]
[null,2026,191761,42.4,"forecast"]
[null,2027,216481,45.6]
[null,2028,232420,46.1]
[null,2029,241357,45.6]
[null,2030,246116,44.4]

{"sheet":"Data 2.11","index":77,"n_rows":11,"n_cols":7,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.11: Core Crown residual cash"]
[null,"Source: The Treasury"]
[]
[null,null,"Operating","Capital","Residual cash","Residual cash (without FLP)"]
[null,null,"$billions","$billions","$billions","$billions"]
[null,2025,-1.68,-4.3,-6,-15.3]
[null,2026,-5.125,-4.2,-9.3000000000000007,-16,"forecast"]
[null,2027,-8.8130000000000006,-15.4,-24.2,-24.2]
[null,2028,-0.9,-14.8,-15.6,-15.6]
[null,2029,4.7,-13.6,-8.8000000000000007,-8.8000000000000007]
[null,2030,8.4,-12.9,-4.5,-4.5]

{"sheet":"Data 2.12","index":79,"n_rows":6,"n_cols":7,"rows_kept":6,"cut":false,"hidden":false,"merged":[[2,2,2,6]]}
[null,"Figure 2.12: Components of the accumulated core Crown residual cash deficit"]
[null,"Source: The Treasury"]
[]
[null,"Operating residual cash deficit ","Net purchase of investments","Net purchase of physical assets","Net increase in advances","Forecast new capital spending","Other"]
[null,"$billions","$billions","$billions","$billions","$billions","$billions"]
[null,1.681,22.876999999999999,19.478000000000002,4.0979999999999999,13.766999999999999,0.50400000000000278]

{"sheet":"Data 2.13","index":81,"n_rows":15,"n_cols":5,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.13: Crown PPE investments "]
[null,"Source: The Treasury"]
[]
[null,null,"Crown PPE investment ","Capital allowances and unallocated contingencies"]
[null,null,"$billions","$billions"]
[null,2021,9,0]
[null,2022,10.1,0]
[null,2023,13.3,0]
[null,2024,15.6,0]
[null,2025,12.6,0]
[null,2026,13.7,0,"forecast"]
[null,2027,14,1.968]
[null,2028,12.8,3.2349999999999999]
[null,2029,10.7,3.89]
[null,2030,9.5,4.6740000000000004]

{"sheet":"Data 2.14","index":83,"n_rows":15,"n_cols":7,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.14: Net worth attributable to the Crown"]
[null,"Source: The Treasury"]
[]
[null,null,"Assets","Liabilities",null,"Net worth "]
[null,null,"$m","$m",null," % of GDP"]
[null,2021,438596,-281403,null,44.1]
[null,2022,501844,-327525,null,45.7]
[null,2023,536666,-345194,null,45.7]
[null,2024,570868,-379819,null,43.2]
[null,2025,597976,-408848,null,41.199999999999996]
[null,2026,611609,-426277,null,38.800000000000004,"forecast"]
[null,2027,633055,-443300,null,37.9]
[null,2028,657506,-468014,null,35.6]
[null,2029,680837,-484460,null,35.099999999999994]
[null,2030,705642,-498295,null,35.6]

{"sheet":"Data 2.15","index":85,"n_rows":6,"n_cols":6,"rows_kept":6,"cut":false,"hidden":false,"merged":[[2,2,2,4]]}
[null,"Figure 2.15: Increase in assets"]
[null,"Source: The Treasury"]
[]
[null,"2024/25","Financial Assets","PPE","Other","2029/30"]
[null,"$billions","$billions","$billions","$billions","$billions"]
[null,597976,66120,30531,11015,705642]

{"sheet":"Data 2.16","index":87,"n_rows":6,"n_cols":6,"rows_kept":6,"cut":false,"hidden":false,"merged":[[2,2,2,4]]}
[null,"Figure 2.16: Increase in liabilities"]
[null,"Source: The Treasury"]
[]
[null,"2024/25","Borrowings","Insurance Liabilities","Other","2029/30"]
[null,"$billions","$billions","$billions","$billions","$billions"]
[null,408848,92031,3896,-6380,498295]

{"sheet":"Data 2.17 ","index":89,"n_rows":10,"n_cols":4,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.17: OBEGALx compared to the the Half Year Update"]
[null,"Source: The Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"$billions","$billions"]
[null,2026,-11.936999999999999,-13.852]
[null,2027,-11.441000000000001,-10.362]
[null,2028,-4.2759999999999998,-5.1210000000000004]
[null,2029,2.585,-0.94499999999999995]
[null,2030,6.1150000000000002,2.2989999999999999]

{"sheet":"Data 2.18 ","index":91,"n_rows":11,"n_cols":4,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.18: Net core Crown debt compared to the Half Year Update"]
[null,"Source: The Treasury"]
[]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"$billions","$billions"]
[null,2026,191.8,196.98699999999999]
[null,2027,216.5,220.56800000000001]
[null,2028,232.4,235.661]
[null,2029,241.4,246.76]
[null,2030,246.1,253.905]

{"sheet":"Table 2.1","index":92,"n_rows":23,"n_cols":8,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
[null,"Table 2.1: Key fiscal indicators"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June","2025","2026","2027","2028","2029","2030"]
[null,"$billions","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"Core Crown tax revenue",121.69799999999999,124.807,132.98599999999999,142.22900000000001,151.601,159.70500000000001]
[null,"Core Crown expenses",141.67500000000001,147.239,154.82300000000001,158.78800000000001,162.767,167.892]
[null,"OBEGALx",-9.3059999999999992,-11.936999999999999,-11.441000000000001,-4.2759999999999998,2.585,6.1150000000000002]
[null,"Operating balance ",-4.4000000000000004,-4.1369999999999996,-8.1120000000000001,-0.56999999999999995,6.72,10.984999999999999]
[null,"Core Crown residual cash",-5.9960000000000004,-9.3140000000000001,-24.221,-15.635999999999999,-8.8420000000000005,-4.492]
[null,"Net core Crown debt",182.17099999999999,191.761,216.48099999999999,232.42,241.357,246.11600000000001]
[null,"Net worth attributable to the Crown",179.26,175.459,179.88499999999999,179.369,186.16200000000001,197.19800000000001]
[null,"Net worth attributable to the Crown"]
[null,"% of GDP"]
[null,"Core Crown tax revenue ",27.978223985801449,27.602470636422428,28.001639005293917,28.234498658936253,28.612659432895548,28.806651909657088]
[null,"Core Crown expenses",32.570912284412408,32.563559528201161,32.599655269852619,31.521697917127799,30.720092465841976,30.283374987734557]
[null,"OBEGALx",-2.1394382192958661,-2.6400016985183083,-2.4090261520729079,-0.84884739585887137,0.48788414742669894,1.1029878615419249]
[null,"Operating balance ",-1.0115547136150669,-0.91494404178355027,-1.7080692374456281,-0.1131531842000834,1.2683100466953257,1.9814099197118633]
[null,"Core Crown residual cash",-1.3784731960990773,-2.0598957711317354,-5.099993219942129,-3.1039705055307087,-1.6688091417976298,-0.81024063353169684]
[null,"Net core Crown debt",41.880894030447799,42.410100168347938,45.582413287902732,46.138707143479621,45.552902967298174,44.39296165678698]
[null,"Net worth attributable to the Crown",41.211658627872012,38.804729665772292,37.8767301254816,35.607321924183786,35.135585552514179,35.569419512730086]

{"sheet":"Table 2.2","index":93,"n_rows":25,"n_cols":9,"rows_kept":25,"cut":false,"hidden":false,"merged":[[6,1,6,2],[11,1,11,2]]}
[null,"Table 2.2: Movements in core Crown tax revenue by major tax type"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",null,2026,2027,2028,2029,2030,"Total"]
[null,"$billions",null,"Forecast","Forecast","Forecast","Forecast","Forecast","change"]
[{"$nulls":8}," "]
[null,"Movement in core Crown tax revenue owing to:"]
[null,"Source deductions",null,2.2999999999999998,3.1,3.2,3.7,3.8,16.100000000000001]
[null,"Goods and services tax (GST)",null,1.8,1.8,2.2999999999999998,2,1.9,9.8000000000000007]
[null,"Corporate tax",null,0.1,2.2000000000000002,1.8,2.1,1.2,7.4000000000000012]
[null,"Net other persons tax",null,-0.2,0.7,0.9,0.7,0.6,2.6999999999999997]
[null,"Motor vehicle fees and road user charges ",null,-0.2,0.1,0.2,0.1,0.1,0.30000000000000004]
[null,"Customs and excise duties ",null,0.2,0.3,0.4,0.3,0.3,1.5]
[null,"Resident withholding tax ",null,-0.7,-0.1,0.30000000000000004,0.30000000000000004,0.4,0.20000000000000018]
[null,"Other taxes",null,-0.2,0.1,0.1,0.2,-0.2,0]
[null,"Total movement in core Crown tax revenue",null,3.0999999999999988,8.2000000000000011,9.1999999999999993,9.4,8.1,38]
[null,"Plus previous year",null,121.7,124.8,133,142.19999999999999,151.6]
[null,"Core Crown tax revenue",null,124.8,133,142.19999999999999,151.6,159.69999999999999]
[null,"As a % of GDP",null,27.6,28,28.2,28.6,28.8]
[]
[]
[]
[]
[]
[{"$nulls":7}," "]

{"sheet":"Table 2.3","index":94,"n_rows":16,"n_cols":4,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[null,"Table 2.3: Increase in core Crown expenses between 2025/26 and 2026/27"]
[null,"Source: The Treasury"]
[]
[null,null,"Year ending 30 June"]
[null,null,"$billions"]
[null,null,"Core Crown expenses - 2025/26",147.19999999999999]
[null,null,"Movement in core Crown expenses"]
[null,null,"Budget 2026 spending decisions ",3.9]
[null,null,"City Rail Link divestment expenses",0]
[null,null,"New Zealand Superannuation",1.8]
[null,null,"Other benefit payments ",0.79999999999999982]
[null,null,"Finance costs",1.1000000000000001]
[null,null,"Other one-off impairment expenses ",0]
[null,null,"Other",2.3092638912203256E-14]
[null,null,"Total increase",7.6000000000000227]
[null,null,"Core Crown expenses - 2026/27",154.80000000000001]

{"sheet":"Table 2.4","index":95,"n_rows":23,"n_cols":9,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
[null,"Table 2.4 - Impact of Budget 2026 operating package on key fiscal indicators"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June","2026","2027","2028","2029","2030","5-year","4-year"]
[null,"$millions","Forecast","Forecast","Forecast","Forecast","Forecast","Total","Average"]
[null,"Budget 2026 package"]
[null,"Gross cost of Budget 2026",297,4148,3519,3271,3370,14605,"3,6511"]
[null,"Savings and revenue raising initiatives",-510,-502,-1317,-1972,-2032,-6333,"(1,583)1"]
[null,"Net Budget 2026 package",-213,3646,2202,1299,1338,8272,2067.75]
[]
[null,"Impact of net Budget package on key fiscal indicators"]
[null,"Tax revenue changes",5,18,52,75,73,223,55.75]
[null,"Change in other revenue",0,3,71,72,74,220,55]
[null,"Change in core Crown revenue",5,21,123,147,147,443,110.75]
[null,"Core Crown expense changes",-141,3764,2409,1506,1545,9083,2270.75]
[null,"Other expense changes",-67,-97,-84,-60,-60,-368,-92]
[null,"Impact on OBEGALx",-213,3646,2202,1299,1338,8272,2068]
[null,"Budget 2026 allowance signalled in the 2026 BPS",0,2400,2400,2400,2400,9600,2400]
[null,"Change in OBEGALx against 2025 Half Year Update",213,-1246,198,1101,1062,1328,332]
[]
[null,"1     These amounts will not match the headline Budget 2026 package as some initiatives have impacts beyond the forecast period, so are excluded "]
[null,"        from the above table. Including these items would result in a gross cost of $3.8 billion and savings and revenue raising initiatives of $1.7 billion."]

{"sheet":"Table 2.5","index":96,"n_rows":22,"n_cols":10,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[null,"Table 2.5: Budget 2026 capital decisions (by sectors) and impact on the fiscal forecasts"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",null,2026,2027,2028,2029,2030,"Post","Overall Budget 2026"]
[null,"$millions",null,"Forecast","Forecast","Forecast","Forecast","Forecast","2030","Total2"]
[]
[null,"Transport and communications",null,0,0,298,201,206,0,705]
[null,"Education",null,0,315,112,43,28,4,502]
[null,"Defence ",null,0,89,132,29,0,0,250]
[null,"Health",null,195,30,20,2,0,0,247]
[null,"Economic and industrial services",null,199,7,5,0,0,0,211]
[null,"Unallocated contingency1",null,0,592,1045,1070,855,1246,4808]
[null,"Savings",null,-391,-678,-2,-8,-7,0,-1086]
[null,"Other",null,0,32,26,7,0,0,65]
[null,"Total 2026 Budget capital package  ",null,3,387,1636,1344,1082,1250,5702]
[]
[]
[null,1,"Unallocated contingencies represent centrally held contingencies that are for a known initiative within sectors but have not yet been allocated to "]
[null,null,"a particular departmental baseline. They are used when final costs are subject to negotiation or it is likely to be funded but needs further work "]
[null,null,"before funding can be appropriated. For further information on the key initiatives where funding has been set aside in a tagged contingency "]
[null,null,"through Budget 2026 refer to the Summary of Initiatives document."]
[null,2,"The breakdown by sector in Table 2.5 may be different from the presentation in other Budget documents due to the classifications used."]

{"sheet":"Table 2.6","index":97,"n_rows":20,"n_cols":10,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
[null,"Table 2.6: Net issuance of market government bonds and short-term borrowing1"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",null,null,2026,2027,2028,2029,2030]
[null,"$billions",null,null,"Forecast","Forecast","Forecast","Forecast","Forecast","Total"]
[]
[null,"Face value of market government bonds issued",null,null,35,34,32,30,28,159]
[null,"Debt programme cash flows"]
[null,"Cash proceeds from issue of market government bonds",null,null,34.1,31.2,30.3,28.7,26.7,151]
[null,"Repayment of market government bonds ",null,null,-18.2,-22.5,-15.2,-17.100000000000001,-22.6,-95.6]
[null,"Net issue/(repayment) of short-term borrowings",null,null,-4.5999999999999996,5,0,-2,0,-1.5999999999999996]
[null,"Net debt programme cash flows",null,null,11.300000000000002,13.7,15.100000000000001,9.5999999999999979,4.0999999999999979,53.8]
[]
[]
[null,"Note: ",1,"The table above only reflects the transactions forecast by New Zealand Debt Management. It is not consolidated with "]
[null,null,null,"other entities within the Crown."]
[]
[null,null,null,"More information on the bond programme can be found at ",null," "]
[null,null,null,"https://debtmanagement.treasury.govt.nz/investor-resources/media-statements"]

{"sheet":"Table 2.7","index":98,"n_rows":49,"n_cols":8,"rows_kept":49,"cut":false,"hidden":false,"merged":[]}
[null,"Table 2.7: Key fiscal indicators compared to the Half Year Update"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",2025,2026,2027,2028,2029,2030]
[null,"$billions","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"Core Crown revenue "]
[null,"Half Year Update",133.19999999999999,134.4,137.19999999999999,145.6,155.6,165.6]
[null,"Budget Update",null,136.00399999999999,144.208,153.08500000000001,161.67099999999999]
[null,"Core Crown tax revenue"]
[null,"Budget Update",121.7,124.8,133,142.19999999999999,151.6,159.69999999999999]
[null,"Half Year Update",null,124.2,132.19999999999999,140.19999999999999,148.4,156.6]
[null,"Core Crown expenses"]
[null,"Budget Update",141.69999999999999,147.19999999999999,154.80000000000001,158.80000000000001,162.80000000000001,167.9]
[null,"Half Year Update",null,149,153.5,157.6,162.6,167.9]
[null,"OBEGALx"]
[null,"Budget Update",-9.3000000000000007,-11.9,-11.4,-4.3,2.6,6.1]
[null,"Half Year Update",null,-13.9,-10.4,-5.0999999999999996,-0.9,2.2999999999999998]
[null,"Core Crown residual cash "]
[null,"Budget Update",-6,-9.3000000000000007,-24.2,-15.6,-8.8000000000000007,-4.5]
[null,"Half Year Update",null,-14.8,-23.2,-14.3,-10.7,-6.6]
[null,"Net core Crown debt"]
[null,"Budget Update",182.2,191.8,216.5,232.4,241.4,246.1]
[null,"Half Year Update",null,197,220.6,235.7,246.8,253.9]
[null,"Net worth attributable to the Crown"]
[null,"Budget Update",179.3,175.5,179.9,179.4,186.2,197.2]
[null,"Half Year Update",null,172.7,166,165.2,169.4,177.3]
[null,"% of GDP"]
[null,"Core Crown revenue"]
[null,"Half Year Update",28.6,28,27.6,28,28.2,28.6]
[null,"Budget Update",null,31.587147781513771,31.729812581195034,31.992614895979965,32.174665494066794]
[null,"Core Crown tax revenue "]
[null,"Budget Update",28,27.6,28,28.2,28.6,28.8]
[null,"Half Year Update",null,27.3,27.6,27.9,28.2,28.4]
[null,"Core Crown expenses "]
[null,"Budget Update",32.6,32.6,32.6,31.5,30.7,30.3]
[null,"Half Year Update",null,32.799999999999997,32,31.4,30.9,30.5]
[null,"OBEGALx"]
[null,"Budget Update",-2.1,-2.6,-2.4,-0.8,0.5,1.1000000000000001]
[null,"Half Year Update",null,-3,-2.2000000000000002,-1,-0.2,0.4]
[null,"Core Crown residual cash"]
[null,"Budget Update",-1.4,-2.1,-5.0999999999999996,-3.1,-1.7,-0.8]
[null,"Half Year Update",null,-3.3,-4.8,-2.8,-2,-1.2]
[null,"Net core Crown debt"]
[null,"Budget Update",41.9,42.4,45.6,46.1,45.6,44.4]
[null,"Half Year Update",null,43.3,46,46.9,46.9,46.1]
[null,"Net worth attributable to the Crown"]
[null,"Budget Update",41.2,38.799999999999997,37.9,35.6,35.1,35.6]
[null,"Half Year Update",null,38,34.700000000000003,32.9,32.200000000000003,32.200000000000003]

{"sheet":"Table 2.8","index":99,"n_rows":19,"n_cols":8,"rows_kept":19,"cut":false,"hidden":false,"merged":[[6,1,6,2],[13,1,13,2]]}
[null,"Table 2.8: Changes in OBEGALx since the Half Year Update"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",null,2026,2027,2028,2029,2030]
[null,"$billions",null,"Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"OBEGALx - Half Year Update 2025",null,-13.9,-10.4,-5.0999999999999996,-0.9,2.2999999999999998]
[null,"Tax revenue (excluding Budget 2026 decisions)",null,0.6,0.8,1.9,3.1,3]
[null,"Benefit expenses (excluding Budget 2026 decisions)",null,0.1,-0.4,-0.7,-0.7,-0.6]
[null,"Net finance costs ",null,-0.1,-0.1,0.2,0.2,0.1]
[null,"Budget 2026 package impact ",null,0.2,-1.2,0.2,1.1000000000000001,1.1000000000000001]
[null,"Other movements",null,1.2,-0.10000000000000009,-0.79999999999999971,-0.20000000000000107,0.19999999999999962]
[null,"Total movement",null,2,-1,0.79999999999999982,3.5,3.8]
[null,"OBEGALx - Budget Update 2026",null,-11.9,-11.4,-4.3,2.6,6.1]
[]
[]
[]
[]
[{"$nulls":7}," "]

{"sheet":"Data 3.1 ","index":101,"n_rows":14,"n_cols":11,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.1: Core Crown tax revenue fan chart"]
[null,"Source: The Treasury"]
[]
[null,null,"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
[null,"Baseline",29.689792611085565,27.960671207411853,28.648007736668145,27.978223985801449,26.465650219094861,26.098501903337951,25.853956094424984,25.810518277238014,25.901888063276591]
[null,"10-90 percentiles",null,null,null,0,0.39024291011072693,0.65331192849651321,0.81718944679734018,0.96191565462284967,0.99714933782643245]
[null,"20-80 percentiles",null,null,null,0,0.28139259392029869,0.4710838645256743,0.58925108490337874,0.6936088630285806,0.71901482750134726]
[null,"30-70 percentiles",null,null,null,0,0.24043959613522151,0.40252379266404642,0.50349332547301706,0.59266319905220433,0.61437165893792545]
[null,"40-60 percentiles",null,null,null,0,0.22473310797355989,0.37622930836991458,0.47060310238526026,0.55394803869845444,0.57423841406863163]
[null,"40-60 percentiles top",null,null,null,0,0.22473310797355989,0.37622930836991458,0.47060310238526026,0.55394803869845444,0.57423841406863163]
[null,"30-70 percentiles top",null,null,null,0,0.24043959613522142,0.40252379266404625,0.50349332547301684,0.5926631990522041,0.61437165893792511]
[null,"20-80 percentiles top",null,null,null,0,0.28139259392029903,0.47108386452567486,0.5892510849033793,0.69360886302858127,0.71901482750134804]
[null,"10-90 percentiles top",null,null,null,0,0.3902429101107267,0.65331192849651287,0.81718944679733974,0.96191565462284911,0.99714933782643189]
[null,null,29.689792611085565,27.960671207411853,28.648007736668145,27.978223985801449,27.602458427234666,28.001650797394102,28.234493053983982,28.612654032640105,28.806662301610924]

{"sheet":"Data 3.2","index":103,"n_rows":14,"n_cols":11,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.2: Core Crown expenses fan chart"]
[null,"Source: The Treasury"]
[]
[null,null,"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
[null,"Baseline",34.393546197139919,31.74722466236814,33.02768425079541,32.570912284412401,30.417486005496571,29.090854746201554,28.870426520686227,26.926348470922722,26.047266794853652]
[null,"10-90 percentiles",null,null,null,0,0.73669801987457106,1.2045038687825482,0.91012487056670255,1.3023124072833157,1.4541726917308551]
[null,"20-80 percentiles",null,null,null,0,0.53121110307842356,0.8685320328499665,0.65626406395820103,0.93905887047649794,1.0485608197676273]
[null,"30-70 percentiles",null,null,null,0,0.45390030102532875,0.74212859798327702,0.56075344520567527,0.80239118030419121,0.89595655847130773]
[null,"40-60 percentiles",null,null,null,0,0.42424969513835337,0.69364975246026472,0.52412275920260665,0.74997573885010638,0.83742904759045222]
[null,"40-60 percentiles top",null,null,null,0,0.42424969513835337,0.69364975246026472,0.52412275920260665,0.74997573885010638,0.83742904759045222]
[null,"30-70 percentiles top",null,null,null,0,0.45390030102532858,0.74212859798327668,0.56075344520567494,0.80239118030419088,0.8959565584713074]
[null,"20-80 percentiles top",null,null,null,0,0.53121110307842412,0.86853203284996738,0.65626406395820169,0.93905887047649894,1.0485608197676284]
[null,"10-90 percentiles top",null,null,null,0,0.73669801987457073,1.2045038687825476,0.91012487056670222,1.302312407283315,1.4541726917308544]
[null,"Core Crown Expenses",34.393546197139919,31.74722466236814,33.02768425079541,32.570912284412401,32.563545124613249,32.599668998277615,31.52169165961941,30.720086667836831,30.283385912413895]

{"sheet":"Data 3.3","index":105,"n_rows":14,"n_cols":11,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.3: OBEGAL fan chart"]
[null,"Source: The Treasury"]
[]
[null,null,"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
[null,"Baseline",-2.6528589886779232,-2.3506692912406089,-3.0542731072369689,-3.3234469153798214,-4.8844497395947242,-7.0398844809093992,-5.6440266507010968,-5.1386319908107385,-5.0920976451999289]
[null,"10-90 percentiles",null,null,null,3.8128394243913538E-2,0.53352675588462384,1.3982052299161805,1.4331988568343672,1.7245948755254223,1.9340784134676821]
[null,"20-80 percentiles",null,null,null,0,0.38471032752820167,1.0082043421811464,1.0334372091828654,1.2435542399682762,1.3946066091412312]
[null,"30-70 percentiles",null,null,null,0,0.32872079002238797,0.86147343637790286,0.88303399085697887,1.0625712463310351,1.1916399262604742]
[null,"40-60 percentiles",null,null,null,0,0.30724741675122746,0.80519850268334658,0.82535063442703405,0.99315978927620574,1.1137971803250359]
[null,"40-60 percentiles top",null,null,null,0,0.30724741675122746,0.80519850268334658,0.82535063442703405,0.99315978927620574,1.1137971803250359]
[null,"30-70 percentiles top",null,null,null,0,0.32872079002238785,0.86147343637790252,0.88303399085697853,1.0625712463310346,1.1916399262604738]
[null,"20-80 percentiles top",null,null,null,0,0.38471032752820211,1.0082043421811475,1.0334372091828665,1.2435542399682773,1.3946066091412326]
[null,"10-90 percentiles top",null,null,null,0,0.53352675588462362,1.3982052299161798,1.4331988568343663,1.7245948755254215,1.9340784134676812]
[null,"Core Crown Expenses",-2.6528589886779232,-2.3506692912406089,-3.0542731072369689,-3.2123759121234832,-3.330244449408283,-2.9668029697508222,-1.4690059593998515,-0.11475183970979863,0.54202448399449499]

{"sheet":"Data 3.4","index":107,"n_rows":14,"n_cols":11,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.4: Net core Crown debt fan chart"]
[null,"Source: The Treasury"]
[]
[null,null,"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
[null,"Baseline",35.278288767711274,38.640215208427172,41.692467441125522,41.880894030447799,40.103840012220033,39.248991703814134,38.610363194709763,36.205151577717331,32.705969389477083]
[null,"10-90 percentiles",null,null,null,0,0.79168530611875043,2.1741401436407641,2.5843227164758433,3.2088881167718895,4.0119099156742006]
[null,"20-80 percentiles",null,null,null,0,0.57086080511784643,1.5677080062562521,1.8634784998655145,2.3138340950826262,2.8928693090819046]
[null,"30-70 percentiles",null,null,null,0,0.48777950947365389,1.3395486875854676,1.5922736688700452,1.9770859196925017,2.4718501601525449]
[null,"40-60 percentiles",null,null,null,0,0.45591577648543008,1.2520439423533305,1.4882599043644351,1.8479346605347786,2.310378897091518]
[null,"40-60 percentiles top",null,null,null,0,0.45591577648543008,1.2520439423533305,1.4882599043644351,1.8479346605347786,2.310378897091518]
[null,"30-70 percentiles top",null,null,null,0,0.48777950947365362,1.3395486875854672,1.5922736688700443,1.9770859196925006,2.4718501601525436]
[null,"20-80 percentiles top",null,null,null,0,0.57086080511784698,1.5677080062562538,1.8634784998655167,2.3138340950826288,2.8928693090819073]
[null,"10-90 percentiles top",null,null,null,0,0.79168530611874988,2.1741401436407632,2.584322716475842,3.2088881167718881,4.0119099156741989]
[null,"Core Crown Expenses",35.278288767711274,38.640215208427172,41.692467441125522,41.880894030447799,42.41008140941571,45.582432483649946,46.138697984285606,45.552894369799127,44.392977671477247]

{"sheet":"Data 3.5","index":109,"n_rows":14,"n_cols":11,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.5: Net worth fan chart"]
[null,"Source: The Treasury"]
[]
[null,null,"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
[null,"Baseline",47.718886187942097,47.648459721831657,45.395660717637746,43.480299971952348,35.373202025281678,28.88626959072516,22.675621045298364,20.083248738843462,19.275053489352647]
[null,"10-90 percentiles",null,null,null,0,1.9275259927512949,3.799661669013215,5.12902572425602,5.8289794374340369,6.2219391007406779]
[null,"20-80 percentiles",null,null,null,0,1.3898818528059573,2.7398233904103164,3.6983884022975055,4.203104275084077,4.4864558391971263]
[null,"30-70 percentiles",null,null,null,0,1.1876027961808806,2.3410780656817027,3.1601365246004529,3.5913976282605273,3.8335110921952666]
[null,"40-60 percentiles",null,null,null,0,1.1100237719319757,2.1881493654376878,2.9537036087634232,3.3567929905935676,3.5830906225430827]
[null,"40-60 percentiles top",null,null,null,0,1.1100237719319757,2.1881493654376878,2.9537036087634232,3.3567929905935676,3.5830906225430827]
[null,"30-70 percentiles top",null,null,null,0,1.1876027961808799,2.3410780656817018,3.1601365246004516,3.5913976282605251,3.8335110921952653]
[null,"20-80 percentiles top",null,null,null,0,1.3898818528059587,2.7398233904103191,3.6983884022975086,4.2031042750840815,4.4864558391971316]
[null,"10-90 percentiles top",null,null,null,0,1.9275259927512938,3.7996616690132128,5.1290257242560173,5.8289794374340342,6.2219391007406744]
[null,"Core Crown Expenses",47.718886187942097,47.648459721831657,45.395660717637746,43.480299971952348,40.988236438951787,39.954982081268078,37.616875305215764,37.063523070215673,37.400050144028803]

{"sheet":"Data 3.6","index":111,"n_rows":32,"n_cols":5,"rows_kept":32,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.6: Total number of published specific fiscal risks 2015-2025"]
[null,"Source: The Treasury"]
[]
[null,null,"Budget Update","Half Year Update","Pre-election Update"]
[null,null,"Number of risks","Number of risks","Number of risks"]
[null,2000,33,42]
[null,2001,38,41]
[null,2002,38,38,38]
[null,2003,42,54]
[null,2004,50,50]
[null,2005,34,52,46]
[null,2006,54,51]
[null,2007,66,66]
[null,2008,53,null,54]
[null,2009,79,72]
[null,2010,54,40]
[null,2011,43,null,42]
[null,2012,39,41]
[null,2013,41,43]
[null,2014,40,48,45]
[null,2015,47,42]
[null,2016,39,40]
[null,2017,39,68,46]
[null,2018,78,70]
[null,2019,72,76]
[null,2020,76,95,90]
[null,2021,84,87]
[null,2022,76,78]
[null,2023,76,88,83]
[null,2024,70,70]
[null,2025,72,66]
[null,2026,64]

{"sheet":"Data 3.7","index":113,"n_rows":14,"n_cols":6,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.7: New, Changed and Unchanged risks based on potential fiscal impact"]
[null,"Source: The Treasury"]
[]
[null,"Potential Fiscal Impact","Changed","New","Unchanged "]
[null,"$100m-$200m",null,1,9,{"$f":"SUM(C5:E5)","v":10}]
[null,"$200m-$500m",1,1,9,{"$f":"SUM(C6:E6)","v":11}]
[null,"$500m-$1b",null,null,7,7]
[null,"$1b-$2b",null,null,2,2]
[null,"$2b-$5b",null,null,3,3]
[null,"$5b-$10b",null,null,2,2]
[null,"Unquantified",null,4,14,18]
[null,"Withheld",1,3,7,11]
[{"$nulls":5},{"$f":"SUM(F5:F12)","v":64}]
[{"$nulls":5},{"$f":"(F13-F11)/F13","v":0.71875}]

{"sheet":"Table 4.1","index":114,"n_rows":16,"n_cols":3,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[null,"Table 4.1: Impact of adoption of PBE IFRS 17 on net worth"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",2027]
[null,"$billions","Forecast"]
[null,"Opening net worth",185.33199999999999]
[]
[null,"Changes in relation to ACC"]
[null,"Removal of PBE IFRS 4 risk margin above the OCL",7.7]
[null,"PBE IFRS 17 risk adjustment - assessed as zero",0]
[null,"Illiquidity premium adjustment to discount rate to value the OCL",4]
[null,"Other impacts",0.6]
[null,"Total ACC movement",12.299999999999999]
[null,"Changes in relation to NHC",0.1]
[null,"Total PBE IFRS 17 movement",12.399999999999999]
[null,"Opening net worth at 1 July 2026 (adjusted for PBE IFRS 17)",197.69175392700001]

{"sheet":"Table 4.2","index":115,"n_rows":21,"n_cols":8,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[null,"Table 4.2: Impact of adoption of PBE IFRS 17 on net worth"]
[null,"Source: The Treasury, Stats NZ, Reserve Bank of New Zealand"]
[]
[]
[null,"Year ending 30 June","2025","2026","2027","2028",2029,2030]
[null,null,"Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"Real GDP1 (ann avg % chg)",-1.1000000000000001,1.2,2.2999999999999998,3.2,2.7,2.5]
[null,"Nominal GDP2 ($b)",435,452.2,474.9,503.7,529.79999999999995,554.4]
[null,"CPI (ann avg % chg)",2.4,3.3,2.8,1.9,2.1,2.1]
[null,"Govt 10-year bonds (ann avg, %)",4.5,4.5,4.5999999999999996,4.5,4.5,4.5]
[null,"5-year bonds (ann avg, %)",4,3.8,4.0999999999999996,4.2,4.2,4.2]
[null,"90-day bill rate (ann avg, %)",4.2,2.7,2.7,3,3.2,3.3]
[null,"Unemployment rate (ann avg, %)",5.0999999999999996,5.4,5.2,4.7,4.4000000000000004,4.3]
[null,"Employment (ann avg % chg)",-1,0.3,2,2.2999999999999998,1.8,1.5]
[null,"Average weekly earnings3 (ann % chg)",4.2,2.4,2.4,2.9,3.3,3.5]
[]
[null,"Notes"]
[null,"1  Production measure."]
[null,"2  Expenditure measure."]
[null,"3  Ordinary time."]

{"sheet":"Fiscal Time Series","index":116,"n_rows":62,"n_cols":18,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[null,"Time Series of Fiscal Indicators"]
[null,"Source: The Treasury"]
[]
[null,"June years",null,2016,2017,2018,2019,2020,2021,2022,2023,2024,"2025","2026","2027","2028","2029","2030"]
[null,null,null,"Actual","Actual","Actual","Actual","Actual","Actual","Actual","Actual","Actual","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"$millions"]
[]
[null,"Revenue and expenses"]
[null,null,"Core Crown tax revenue",70445,75644,80224,86468,85102,97983,108458,112358,120566,121698,124807,132986,142229,151601,159705]
[null,null,"Core Crown revenue",76121,81782,86778,93474,91923,104968,117515,123398,133220,134411,137235,145590,155575,165562,174255]
[null,null,"Total Crown revenue ",97416,103422,109973,119142,116003,129335,141627,153011,167347,169811,171990,184053,195731,207536,217653]
[null,null,"Core Crown expenses",73929,76339,80576,86959,108832,107764,125641,127574,138998,141675,147239,154823,158788,162767,167892]
[null,null,"Total Crown expenses",95137,99007,104014,111376,138916,133722,150956,161822,180061,183502,186836,197953,202781,207695,214217]
[null,null,"Operating balance (excluding minority interests)",-5369,12317,8396,389,-30040,16159,-16932,5321,-8365,-4400,-4137,-8112,-570,6720,10985]
[]
[null,"Fiscal strategy indicators"]
[null,null,"OBEGAL (excluding ACC)",2121.2370000000001,4653,5942.3509999999997,8503.7459999999992,-20902.222999999998,-2558.558,-8664.0220000000008,-7198.9050000000007,-8773,-9306,-11937,-11441,-4276,2585,6115]
[null,null,"OBEGAL (excluding minority interests)",1831,4069,5534,7429,-23057,-4560,-9691,-9446,-12854,-13973,-15058,-14090,-7400,-608,3005]
[null,null,"Core Crown residual cash",-1322,2574,1346,-710,-23692,-13767,-27043,-25648,-19302,-5996,-9314,-24221,-15636,-8842,-4492]
[null,null,"Net debt",23192.832999999999,16248.603999999999,11218.778,5432.2860000000001,35710.485999999997,35921,61850,71367,82197,88719,98736,115182,123972,124363,120299]
[null,null,"Net debt (excl. NZS Fund)",53228.999999999993,51548,50763,50822,79930,95188,117115,136268,158255,172926,190849,214427,229726,237303,240996]
[null,null,"Gross debt1",86928,87141,88053,84449.361000000004,102257,100835,118950.05100000001,135789,175966,203687.799,223760.67600000001,250219.50200000001,267129.50199999998,278378.50199999998,284277.50199999998]
[null,null,"Net core Crown debt2",61880,59480,57495,57736,83375,102080,128873,155273,175464,182171,191761,216481,232420,241357,246116]
[]
[null,"Statement of financial position"]
[null,null,"Total assets",292679,313609,339932,364652,393400,438596,501844,536666,570868,597976,611609,633055,657506,680837,705642]
[null,null,"Total liabilities",197158,197137,204295,221313,277457,281403,327525,345194,379819,408848,426277,443300,468014,484460,498295]
[null,null,"Net worth",95521,116472,135637,143339,115943,157193,174319,191472,191049,189128,185332,189755,189492,196377,207347]
[null,null,"Net worth attributable to the Crown",89366,110532,129644,136949,110320,151469,167036,183514,181818,179260,175459,179885,179369,186162,197198]
[]
[null,"Nominal expenditure GDP (revised)",null,258827,275693,295490,310174,317876,343742,365304,401843,420853,434974,452158.8,474922.2,503741.9,529838.9,554403.19999999995]
[]
[]
[null,"% GDP"]
[]
[null,"Revenue and expenses"]
[null,null,"Core Crown tax revenue",0.27200000000000002,0.27400000000000002,0.27100000000000002,0.27900000000000003,0.26800000000000002,0.28499999999999998,0.29699999999999999,0.28000000000000003,0.28599999999999998,0.28000000000000003,0.27600000000000002,0.28000000000000003,0.28199999999999997,0.28599999999999998,0.28799999999999998]
[null,null,"Core Crown revenue",0.29399999999999998,0.29699999999999999,0.29399999999999998,0.30099999999999999,0.28899999999999998,0.30499999999999999,0.32200000000000001,0.307,0.317,0.309,0.30399999999999999,0.307,0.309,0.312,0.314]
[null,null,"Total Crown revenue ",0.376,0.375,0.372,0.38400000000000001,0.36499999999999999,0.376,0.38800000000000001,0.38100000000000001,0.39800000000000002,0.39,0.38,0.38800000000000001,0.38900000000000001,0.39200000000000002,0.39300000000000002]
[null,null,"Core Crown expenses",0.28599999999999998,0.27700000000000002,0.27300000000000002,0.28000000000000003,0.34200000000000003,0.314,0.34399999999999997,0.317,0.33,0.32600000000000001,0.32600000000000001,0.32600000000000001,0.315,0.307,0.30299999999999999]
[null,null,"Total Crown expenses",0.36799999999999999,0.35899999999999999,0.35199999999999998,0.35899999999999999,0.437,0.38900000000000001,0.41299999999999998,0.40300000000000002,0.42799999999999999,0.42199999999999999,0.41299999999999998,0.41699999999999998,0.40300000000000002,0.39200000000000002,0.38600000000000001]
[null,null,"Operating balance (excluding minority interests)",-2.1000000000000001E-2,4.4999999999999998E-2,2.8000000000000001E-2,1E-3,-9.5000000000000001E-2,4.7E-2,-4.5999999999999999E-2,1.2999999999999999E-2,-0.02,-0.01,-8.9999999999999993E-3,-1.7000000000000001E-2,-1E-3,1.2999999999999999E-2,0.02]
[]
[null,"Fiscal strategy indicators"]
[null,null,"OBEGAL (excluding ACC)",8.0000000000000002E-3,1.7000000000000001E-2,0.02,2.7E-2,-6.6000000000000003E-2,-7.0000000000000001E-3,-2.4E-2,-1.7999999999999999E-2,-2.1000000000000001E-2,-2.1000000000000001E-2,-2.5999999999999999E-2,-2.4E-2,-8.0000000000000002E-3,5.0000000000000001E-3,1.0999999999999999E-2]
[null,null,"OBEGAL (excluding minority interests)",7.0000000000000001E-3,1.4999999999999999E-2,1.9E-2,2.4E-2,-7.2999999999999995E-2,-1.2999999999999999E-2,-2.7E-2,-2.4E-2,-3.1E-2,-3.2000000000000001E-2,-3.3000000000000002E-2,-0.03,-1.4999999999999999E-2,-1E-3,5.0000000000000001E-3]
[null,null,"Core Crown residual cash",-5.0000000000000001E-3,8.9999999999999993E-3,5.0000000000000001E-3,-2E-3,-7.4999999999999997E-2,-0.04,-7.3999999999999996E-2,-6.4000000000000001E-2,-4.5999999999999999E-2,-1.4E-2,-2.1000000000000001E-2,-5.0999999999999997E-2,-3.1E-2,-1.7000000000000001E-2,-8.0000000000000002E-3]
[null,null,"Net debt",0.09,5.8999999999999997E-2,3.7999999999999999E-2,1.7999999999999999E-2,0.112,0.104,0.16900000000000001,0.17799999999999999,0.19500000000000001,0.20399999999999999,0.218,0.24299999999999999,0.246,0.23499999999999999,0.217]
[null,null,"Net debt (excl. NZS Fund)",0.20599999999999999,0.187,0.17199999999999999,0.16400000000000001,0.251,0.27700000000000002,0.32100000000000001,0.33900000000000002,0.376,0.39800000000000002,0.42199999999999999,0.45100000000000001,0.45600000000000002,0.44800000000000001,0.435]
[null,null,"Gross debt1",0.33600000000000002,0.316,0.29799999999999999,0.27200000000000002,0.32200000000000001,0.29299999999999998,0.32600000000000001,0.33800000000000002,0.41799999999999998,0.46800000000000003,0.495,0.52700000000000002,0.53,0.52500000000000002,0.51300000000000001]
[null,null,"Net core Crown debt2",0.23899999999999999,0.216,0.19500000000000001,0.186,0.26200000000000001,0.29699999999999999,0.35299999999999998,0.38600000000000001,0.41699999999999998,0.41899999999999998,0.42399999999999999,0.45600000000000002,0.46100000000000002,0.45600000000000002,0.44400000000000001]
[]
[null,"Statement of financial position"]
[null,null,"Total assets",1.131,1.1379999999999999,1.1499999999999999,1.1759999999999999,1.238,1.276,1.3740000000000001,1.3360000000000001,1.3560000000000001,1.375,1.353,1.333,1.3049999999999999,1.2849999999999999,1.2729999999999999]
[null,null,"Total liabilities",0.76200000000000001,0.71499999999999997,0.69099999999999995,0.71399999999999997,0.873,0.81899999999999995,0.89700000000000002,0.85899999999999999,0.90200000000000002,0.94,0.94299999999999995,0.93300000000000005,0.92900000000000005,0.91400000000000003,0.89900000000000002]
[null,null,"Net worth",0.36899999999999999,0.42199999999999999,0.45900000000000002,0.46200000000000002,0.36499999999999999,0.45700000000000002,0.47699999999999998,0.47599999999999998,0.45400000000000001,0.435,0.41,0.4,0.376,0.371,0.374]
[null,null,"Net worth attributable to the Crown",0.34499999999999997,0.40100000000000002,0.439,0.442,0.34699999999999998,0.441,0.45700000000000002,0.45700000000000002,0.432,0.41199999999999998,0.38800000000000001,0.379,0.35599999999999998,0.35099999999999998,0.35599999999999998]
[]
[null,null,"1.  Excludes Reserve Bank settlement cash and bank bills."]
[null,null,"2.  Excludes advances."]
[null,null,"3. The '2019 Actual', '2020 Actual' and '2021 Actual' comparators have been restated for the impact of new accounting standards and interpretations.  At this point in time, the earlier years in this time series have not yet been restated."]

{"sheet":"Economic Time Series","index":117,"n_rows":45,"n_cols":17,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[null,"Time Series of Fiscal and Economic Indicators"]
[null,"Source: The Treasury"]
[]
[null,"June Years",2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030]
[null,"Annual average % change"," Actual "," Actual "," Actual "," Actual "," Actual "," Actual "," Actual "," Actual "," Actual "," Actual ","Forecast ","Forecast ","Forecast ","Forecast ","Forecast"]
[null,"Private consumption",4.7,6.3,4.7,4.0999999999999996,-1.1000000000000001,8,1.2,3.8,0.2,0.6,1,2.4,3,3,3]
[null,"Public consumption",1.1000000000000001,2.7,4.0999999999999996,2.9,6.4,7.1,7.9,1.2,0.6,-0.8,2.7,-1.3,1.1000000000000001,0.2,0]
[]
[null,"TOTAL CONSUMPTION",3.8,5.4,4.5,3.8,0.6,7.8,2.8,3.2,0.3,0.2,1.4,1.5,2.5,2.2999999999999998,2.2999999999999998]
[]
[null,"Residential investment                ",10.199999999999999,4.2,-0.7,1.6,-4.4000000000000004,16.5,-5.6,-0.8,-6.8,-12.3,-1.9,8.5,10.4,4.9000000000000004,3]
[null,"Business investment                 ",0.9,1.7,11.7,4.5999999999999996,-2.2999999999999998,8.1,5.9,5.9,-2.5,-2.4,0.8,1.3,7.4,5.2,3.6]
[]
[null,"TOTAL INVESTMENT",3.3,2.2999999999999998,8.3000000000000007,3.9,-2.8,10.1,2.9,4.3,-3.5,-4.5999999999999996,0.3,2.7,8,5.2,3.5]
[]
[null,"Stock change (contribution to growth) ",-0.3,0.4,0.2,-0.5,-0.4,0.2,1,-1,-0.2,0,0.5,0.1,0,0,0]
[]
[null,"GROSS NATIONAL EXPENDITURE",3.2,5.0999999999999996,5.7,3.3,-0.6,8.5,4,2.4,-0.9,-1,1.9,2,3.8,3,2.6]
[]
[null,"Exports",6.3,0.9,4,3.3,-5.4,-10.8,-3.1,12,5.2,2.9,3.6,3,2.2000000000000002,2.2000000000000002,2.2999999999999998]
[null,"Imports",2.1,6.3,8.8000000000000007,2.7,-5.7,-4.2,12,2.6,-1.3,1.9,4,0.5,3.7,2.9,2.5]
[]
[null,"EXPENDITURE ON GDP",4.3,3.6,4.4000000000000004,3.4,-0.6,6.7,0.6,4.5999999999999996,0.7,-0.9,1.4,2.6,3.3,2.8,2.6]
[null,"GDP (production measure)",3.8,3.5,3.4,3.1,-0.8,6.3,0.4,4,1.1000000000000001,-1.1000000000000001,1.2,2.2999999999999998,3.2,2.7,2.5]
[null," - annual % change",4.2,3.2,3.5,2.5,-9.6999999999999993,17.7,0.4,3,0.1,-1,1.8,3.1,3.1,2.6,2.4]
[]
[null,"Real GDP per capita",1.6,1.3,1.4,1.5,-2.5,5.0999999999999996,0.4,3.1,-1.4,-2.1,0.6,1.3,2,1.5,1.3]
[null,"Nominal GDP (expenditure basis)",5.3,6.5,7.2,5,2.5,8.1,6.3,10,4.7,3.4,4,5,6.1,5.2,4.5999999999999996]
[null,"GDP deflator",0.9,2.8,2.6,1.5,3.1,1.4,5.7,5.2,4,4.3,2.5,2.4,2.6,2.2999999999999998,2]
[null,"Output gap (% deviation, June year average)",-0.2,0.3,0.8,1.2,0.7,1.8,2.2999999999999998,2,1.1000000000000001,-1.8,-2.2000000000000002,-1.7,-0.6,-0.1,0]
[null,"                                      "]
[null,"Employment",2.7,5.3,3.6,1.8,1.4,0.4,2.5,2.4,1.6,-1,0.3,2,2.2999999999999998,1.8,1.5]
[null,"Unemployment (% June quarter s.a.)          ",5.0999999999999996,4.9000000000000004,4.5999999999999996,4.0999999999999996,4.0999999999999996,4,3.3,3.7,4.7,5.2,5.5,5,4.5,4.4000000000000004,4.3]
[null,"                                             "]
[null,"Wages (average ordinary-time hourly, ann % change)         ",2.4,2.5,2.8,4,2.9,4,6.3,6.9,5,4.5,2.6,2.8,3,3.4,3.5]
[null,"CPI inflation (ann % change)      ",0.4,1.7,1.5,1.7,1.5,3.3,7.3,6,3.3,2.7,4,1.6,2.1,2.1,2]
[null,"Merchandise terms of trade (SNA basis)       ",-2,4.3,4.7,-2.8,4.7,0.4,2.8,-7,-2.7,8.1,1.7,0.3,3.6,1.3,0.2]
[null,"House prices (ann % change)",15,6.5,3.6,1.5,7.1,29.6,5.3,-9,1.5,-0.7,-0.5,4,4.5999999999999996,4.3,4.4000000000000004]
[null,"                                             "]
[null,"Current account balance - $billion           ",-5.4,-7.4,-11.1,-11.3,-5.0999999999999996,-11.1,-29.2,-29.8,-23.2,-16.600000000000001,-18.8,-16.7,-14.6,-14,-14.1]
[null,"Current account balance - % of GDP           ",-2.1,-2.7,-3.7,-3.6,-1.6,-3.2,-8,-7.4,-5.5,-3.8,-4.0999999999999996,-3.5,-2.9,-2.6,-2.5]
[null,"                                             "]
[null,"TWI (June quarter)                          ",73.599999999999994,76.5,73.8,72.7,69.7,74.7,72.2,70.900000000000006,71.400000000000006,69.099999999999994,66.8,67.599999999999994,68.8,69.7,70.3]
[null,"90-day bank bill rate (June quarter)        ",2.4,2,2,1.7,0.3,0.3,2.2000000000000002,5.6,5.6,3.4,2.5,2.8,3.1,3.3,3.3]
[null,"10-year bond rate (June quarter)            ",2.7,2.9,2.8,1.8,0.8,1.7,3.7,4.3,4.7,4.5999999999999996,4.5999999999999996,4.5,4.5,4.5,4.5]