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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 - Supplementary Information - Budget Economic and Fiscal Update 2026 "]
["Published 28 May 2026"]
[]
["Published by the New Zealand Treasury at:"]
["https://treasury.govt.nz/publications/efu/supplementary-information-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 Supplementary Information 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":41,"n_cols":7,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
[null,"Table 1: Real gross domestic product"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[]
[null,null,null,"$ million","Quarterly % change","Annual % change","Annual average % change"]
[]
[null,"2021Q4",null,67852,4.0999999999999996,2.2999999999999998,5.5]
[null,"2022Q1",null,67783,-0.1,0.3,4.3]
[null,"2022Q2",null,68439,1,0.4,0.4]
[null,"2022Q3",null,69729,1.9,6.9,2.4]
[null,"2022Q4",null,69879,0.2,3,2.6]
[null,"2023Q1",null,69880,0,3.1,3.3]
[null,"2023Q2",null,70520,0.9,3,4]
[null,"2023Q3",null,70564,0.1,1.2,2.6]
[null,"2023Q4",null,70882,0.5,1.4,2.2000000000000002]
[null,"2024Q1",null,70997,0.2,1.6,1.8]
[null,"2024Q2",null,70596,-0.6,0.1,1.1000000000000001]
[null,"2024Q3",null,69716,-1.2,-1.2,0.5]
[null,"2024Q4",null,69728,0,-1.6,-0.3]
[null,"2025Q1",null,70494,1.1000000000000001,-0.7,-0.9]
[null,"2025Q2",null,69886,-0.9,-1,-1.1000000000000001]
[null,"2025Q3",null,70489,0.9,1.1000000000000001,-0.6]
[null,"2025Q4",null,70664,0.2,1.3,0.2]
[null,"2026Q1",null,70975,0.4,0.7,0.5]
[null,"2026Q2",null,71144,0.2,1.8,1.2]
[null,"2026Q3",null,71590,0.6,1.6,1.3]
[null,"2026Q4",null,72153,0.8,2.1,1.5]
[null,"2027Q1",null,72763,0.8,2.5,2]
[null,"2027Q2",null,73368,0.8,3.1,2.2999999999999998]
[null,"2027Q3",null,73962,0.8,3.3,2.8]
[null,"2027Q4",null,74534,0.8,3.3,3.1]
[null,"2028Q1",null,75084,0.7,3.2,3.2]
[null,"2028Q2",null,75609,0.7,3.1,3.2]
[null,"2028Q3",null,76103,0.7,2.9,3.1]
[null,"2028Q4",null,76592,0.6,2.8,3]
[null,"2029Q1",null,77094,0.7,2.7,2.8]
[null,"2029Q2",null,77589,0.6,2.6,2.7]
[null,"2029Q3",null,78070.399999999994,0.6,2.6,2.7]
[null,"2029Q4",null,78542,0.6,2.5,2.6]
[null,"2030Q1",null,79010,0.6,2.5,2.6]
[null,"2030Q2",null,79478,0.6,2.4,2.5]

{"sheet":"Table 2","index":2,"n_rows":42,"n_cols":8,"rows_kept":42,"cut":false,"hidden":false,"merged":[[4,2,4,5]]}
[]
[null,"Table 2: Consumers price index and trade-weighted exchange rate"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Consumers price index",{"$nulls":4},"Exchange rate"]
[null,null,"Index","Quarterly % change","QPC s.a.","        Annual % change",null,"TWI"]
[]
[null,"2021Q4",1122,1.4,1.6,5.9,null,74.3]
[null,"2022Q1",1142,1.8,1.8,6.9,null,72.5]
[null,"2022Q2",1161,1.7,1.8,7.3,null,72.2]
[null,"2022Q3",1186,2.2000000000000002,1.8,7.2,null,70.599999999999994]
[null,"2022Q4",1203,1.4,1.6,7.2,null,70.8]
[null,"2023Q1",1218,1.2,1.3,6.7,null,71.3]
[null,"2023Q2",1231,1.1000000000000001,1.2,6,null,70.900000000000006]
[null,"2023Q3",1253,1.8,1.4,5.6,null,70.599999999999994]
[null,"2023Q4",1259,0.5,0.7,4.7,null,70.8]
[null,"2024Q1",1267,0.6,0.6,4,null,71.599999999999994]
[null,"2024Q2",1272,0.4,0.6,3.3,null,71.400000000000006]
[null,"2024Q3",1280,0.6,0.3,2.2000000000000002,null,70.900000000000006]
[null,"2024Q4",1287,0.5,0.7,2.2000000000000002,null,69.5]
[null,"2025Q1",1299,0.9,0.9,2.5,null,67.8]
[null,"2025Q2",1306,0.5,0.7,2.7,null,69.099999999999994]
[null,"2025Q3",1319,1,0.6,3,null,68.400000000000006]
[null,"2025Q4",1327,0.6,0.8,3.1,null,66.400000000000006]
[null,"2026Q1",1339,0.9,0.9,3.1,null,67.2]
[null,"2026Q2",1358,1.4,1.6,4,null,66.8]
[null,"2026Q3",1368,0.7,0.4,3.7,null,66.400000000000006]
[null,"2026Q4",1369,0.1,0.3,3.2,null,66.900000000000006]
[null,"2027Q1",1376,0.5,0.4,2.7,null,67.3]
[null,"2027Q2",1379,0.3,0.5,1.6,null,67.599999999999994]
[null,"2027Q3",1391,0.9,0.5,1.7,null,67.900000000000006]
[null,"2027Q4",1396,0.3,0.5,1.9,null,68.2]
[null,"2028Q1",1404,0.6,0.5,2,null,68.5]
[null,"2028Q2",1408,0.3,0.5,2.1,null,68.8]
[null,"2028Q3",1421,0.9,0.5,2.1,null,69]
[null,"2028Q4",1425,0.3,0.5,2.1,null,69.2]
[null,"2029Q1",1433,0.6,0.5,2.1,null,69.5]
[null,"2029Q2",1438,0.3,0.5,2.1,null,69.7]
[null,"2029Q3",1450,0.9,0.5,2.1,null,69.8]
[null,"2029Q4",1455,0.3,0.5,2.1,null,70]
[null,"2030Q1",1463,0.5,0.5,2.1,null,70.2]
[null,"2030Q2",1467,0.3,0.5,2,null,70.3]

{"sheet":"Table 3","index":3,"n_rows":35,"n_cols":15,"rows_kept":35,"cut":false,"hidden":false,"merged":[[5,2,5,7],[5,9,5,14]]}
[]
[null,"Table 3: Expenditure on gross domestic product and gross domestic product (income) in current prices"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,"June Years",2025,2026,2027,2028,2029,2030,null,2025,2026,2027,2028,2029,2030]
[null,null,"$ million",{"$nulls":6},"Annual average % change"]
[null,"Private consumption",248680,258410,272169,285560,300096,315434,null,3.1,3.9,5.3,4.9000000000000004,5.0999999999999996,5.0999999999999996]
[null,"Government consumption",91540,96595,97943,101108,103754,106139,null,2.8,5.5,1.4,3.2,2.6,2.2999999999999998]
[]
[null,"Residential investment",28504,28399,31622,35682,38354,40419,null,-10.6,-0.4,11.3,12.8,7.5,5.4]
[null,"Business investment",71475,73174,74725,80206,85086,89289,null,0.2,2.4,2.1,7.3,6.1,4.9000000000000004]
[]
[null,"Change in stocks",-1498,491,660,800,800,800]
[]
[null,"Gross national expenditure",438712,457091,477118,503356,528089,552081,null,1.7,4.2,4.4000000000000004,5.5,4.9000000000000004,4.5]
[]
[null,"Exports",109061,118215,125428,131591,136808,142024,null,10,8.4,6.1,4.9000000000000004,4,3.8]
[null,"Imports",113163,122565,127623,131205,135059,139702,null,3.3,8.3000000000000007,4.0999999999999996,2.8,2.9,3.4]
[]
[null,"Gross domestic product(E)",434974,452159,474922,503742,529839,554403,null,3.4,4,5,6.1,5.2,4.5999999999999996]
[]
[]
[null,"Compensation of employees",190444,195231,203442,212983,223203,234066,null,1.4,2.5,4.2,4.7,4.8,4.9000000000000004]
[]
[null,"Net  operating surplus",122323,129592,138676,151125,160586,168025,null,5,5.9,7,9,6.3,4.5999999999999996]
[null,"  - Business ",104402,112105,120394,131873,140314,146678,null,5.9,7.4,7.4,9.5,6.4,4.5]
[null,"  - Imputed rent",17921,17487,18282,19251,20272,21347,null,-0.2,-2.4,4.5,5.3,5.3,5.3]
[]
[null,"Consumption of fixed capital",67864,69659,71359,74413,77386,80368,null,5.4,2.6,2.4,4.3,4,3.9]
[]
[null,"Taxes on production and imports",57189,59531,62825,66109,69184,72201,null,4.9000000000000004,4.0999999999999996,5.5,5.2,4.7,4.4000000000000004]
[]
[null,"Less: Subsidies",2349,2271,2464,2610,2744,2869,null,-3,-3.3,8.5,5.9,5.0999999999999996,4.5999999999999996]
[]
[null,"Gross domestic product(I)",435471,451742,473838,502018,527616,551791,null,3.5,3.7,4.9000000000000004,5.9,5.0999999999999996,4.5999999999999996]

{"sheet":"Table 4","index":4,"n_rows":42,"n_cols":22,"rows_kept":42,"cut":false,"hidden":false,"merged":[[4,2,4,5],[4,7,4,10],[4,12,5,13],[4,14,4,15],[4,17,4,18],[5,2,5,3],[5,4,5,5],[5,7,5,8],[5,9,5,10]]}
[]
[null,"Table 4: Nominal gross domestic product components"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Consumption",{"$nulls":4},"Investment",{"$nulls":4},"Change in stocks",null,"Exports",null,null,"Imports",null,null,"Expenditure GDP"]
[null,null,"Private",null,"Public",null,null,"Residential",null,"Business"]
[null,null,"$M","QPC","$M","QPC",null,"$M","QPC","$M","QPC",null,"$M",null,"$M","QPC",null,"$M","QPC",null,"$M","QPC"]
[null,"2021Q4",51615,6.6,19562,6.5,null,7667,13.1,15580,13.7,null,436,null,20510,1.9,null,24335,6.4,null,91173,5.4]
[null,"2022Q1",54894,6.4,19978,2.1,null,7746,1,16083,3.2,null,260,null,18779,-8.4,null,25403,4.4000000000000004,null,92559,1.5]
[null,"2022Q2",54654,-0.4,20327,1.7,null,7969,2.9,15762,-2,null,2017,null,22428,19.399999999999999,null,27209,7.1,null,95107,2.8]
[null,"2022Q3",56119,2.7,20839,2.5,null,8430,5.8,17054,8.1999999999999993,null,-688,null,25187,12.3,null,29167,7.2,null,97704,2.7]
[null,"2022Q4",57496,2.5,20738,-0.5,null,8199,-2.7,17348,1.7,null,1931,null,24236,-3.8,null,29848,2.2999999999999998,null,99981,2.2999999999999998]
[null,"2023Q1",58617,1.9,21164,2.1,null,8082,-1.4,17737,2.2000000000000002,null,275,null,23130,-4.5999999999999996,null,28442,-4.7,null,100996,1]
[null,"2023Q2",59552,1.6,21631,2.2000000000000002,null,8250,2.1,17996,1.5,null,-1076,null,25039,8.3000000000000007,null,27617,-2.9,null,103162,2.1]
[null,"2023Q3",59665,0.2,21890,1.2,null,8200,-0.6,17518,-2.7,null,-111,null,24571,-1.9,null,27489,-0.5,null,104531,1.3]
[null,"2023Q4",60241,1,22160,1.2,null,8153,-0.6,17795,1.6,null,-1742,null,24345,-0.9,null,26969,-1.9,null,103942,-0.6]
[null,"2024Q1",60474,0.4,22309,0.7,null,7946,-2.5,17856,0.3,null,-219,null,24684,1.4,null,27449,1.8,null,105841,1.8]
[null,"2024Q2",60728,0.4,22657,1.6,null,7588,-4.5,18152,1.7,null,-92,null,25533,3.4,null,27683,0.9,null,106539,0.7]
[null,"2024Q3",61052,0.5,22640,-0.1,null,7325,-3.5,17444,-3.9,null,-97,null,25489,-0.2,null,27280,-1.5,null,106858,0.3]
[null,"2024Q4",61616,0.9,22680,0.2,null,6979,-4.7,17946,2.9,null,-135,null,27178,6.6,null,27926,2.4,null,108067,1.1000000000000001]
[null,"2025Q1",62775,1.9,23044,1.6,null,7232,3.6,18235,1.6,null,-771,null,28357,4.3,null,29360,5.0999999999999996,null,109906,1.7]
[null,"2025Q2",63237,0.7,23176,0.6,null,6968,-3.7,17850,-2.1,null,-495,null,28037,-1.1000000000000001,null,28597,-2.6,null,110143,0.2]
[null,"2025Q3",63674,0.7,23644,2,null,7056,1.3,18439,3.3,null,-580,null,28755,2.6,null,29269,2.2999999999999998,null,111669,1.4]
[null,"2025Q4",64066,0.6,24479,3.5,null,7091,0.5,17946,-2.7,null,701,null,29741,3.4,null,30471,4.0999999999999996,null,113094,1.3]
[null,"2026Q1",64858,1.2,24225,-1,null,7036,-0.8,18201,1.4,null,210,null,29502,-0.8,null,30562,0.3,null,113424,0.3]
[null,"2026Q2",65812,1.5,24247,0.1,null,7216,2.6,18588,2.1,null,160,null,30217,2.4,null,32263,5.6,null,113972,0.5]
[null,"2026Q3",66773,1.5,24302,0.2,null,7445,3.2,18432,-0.8,null,150,null,30774,1.8,null,31992,-0.8,null,115883,1.7]
[null,"2026Q4",67691,1.4,24385,0.3,null,7760,4.2,18486,0.3,null,110,null,31134,1.2,null,31744,-0.8,null,117822,1.7]
[null,"2027Q1",68450,1.1000000000000001,24525,0.6,null,8066,4,18740,1.4,null,200,null,31535,1.3,null,31848,0.3,null,119667,1.6]
[null,"2027Q2",69255,1.2,24731,0.8,null,8351,3.5,19067,1.7,null,200,null,31985,1.4,null,32039,0.6,null,121550,1.6]
[null,"2027Q3",70085,1.2,24967,1,null,8607,3.1,19486,2.2000000000000002,null,200,null,32364,1.2,null,32362,1,null,123347,1.5]
[null,"2027Q4",70927,1.2,25193,0.9,null,8829,2.6,19884,2,null,200,null,32742,1.2,null,32699,1,null,125076,1.4]
[null,"2028Q1",71825,1.3,25392,0.8,null,9031,2.2999999999999998,20256,1.9,null,200,null,33083,1,null,32979,0.9,null,126808,1.4]
[null,"2028Q2",72724,1.3,25556,0.6,null,9214,2,20580,1.6,null,200,null,33401,1,null,33165,0.6,null,128511,1.3]
[null,"2028Q3",73621,1.2,25709,0.6,null,9372,1.7,20872,1.4,null,200,null,33713,0.9,null,33376,0.6,null,130112,1.2]
[null,"2028Q4",74523,1.2,25861,0.6,null,9518,1.6,21138,1.3,null,200,null,34046,1,null,33611,0.7,null,131675,1.2]
[null,"2029Q1",75494,1.3,26016,0.6,null,9664,1.5,21400,1.2,null,200,null,34366,0.9,null,33889,0.8,null,133250,1.2]
[null,"2029Q2",76459,1.3,26168,0.6,null,9801,1.4,21675,1.3,null,200,null,34684,0.9,null,34183,0.9,null,134803,1.2]
[null,"2029Q3",77418,1.3,26317,0.6,null,9928,1.3,21942,1.2,null,200,null,35003,0.9,null,34476,0.9,null,136333,1.1000000000000001]
[null,"2029Q4",78376,1.2,26464,0.6,null,10047,1.2,22200,1.2,null,200,null,35332,0.9,null,34772,0.9,null,137848,1.1000000000000001]
[null,"2030Q1",79337,1.2,26608,0.5,null,10164,1.2,22450,1.1000000000000001,null,200,null,35669,1,null,35072,0.9,null,139356,1.1000000000000001]
[null,"2030Q2",80303,1.2,26749,0.5,null,10280,1.1000000000000001,22697,1.1000000000000001,null,200,null,36019,1,null,35381,0.9,null,140867,1.1000000000000001]

{"sheet":"Table 5","index":5,"n_rows":42,"n_cols":22,"rows_kept":42,"cut":false,"hidden":false,"merged":[[4,2,4,5],[4,7,4,10],[4,12,5,13],[4,14,4,15],[4,17,4,18],[5,2,5,3],[5,4,5,5],[5,7,5,8],[5,9,5,10]]}
[]
[null,"Table 5: Real gross domestic product components"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Consumption",{"$nulls":4},"Investment",{"$nulls":4},"Change in stocks",null,"Exports",null,null,"Imports",null,null,"Expenditure GDP"]
[null,null,"Private",null,"Public",null,null,"Residential",null,"Business"]
[null,null,"$M","QPC","$M","QPC",null,"$M","QPC","$M","QPC",null,"$M",null,"$M","QPC",null,"$M","QPC",null,"$M","QPC"]
[null,"2021Q4",42887,5.3,14441,4.0999999999999996,null,4338,8.1999999999999993,14118,11.2,null,266,null,15827,-0.5,null,22753,2.2000000000000002,null,69088,4.0999999999999996]
[null,"2022Q1",44858,4.5999999999999996,14696,1.8,null,4250,-2,14250,0.9,null,20,null,13584,-14.2,null,22125,-2.8,null,69147,0.1]
[null,"2022Q2",43987,-1.9,14546,-1,null,4239,-0.3,13659,-4.0999999999999996,null,1298,null,15688,15.5,null,22528,1.8,null,70032,1.3]
[null,"2022Q3",44294,0.7,14746,1.4,null,4362,2.9,14496,6.1,null,-413,null,17152,9.3000000000000007,null,23035,2.2999999999999998,null,71628,2.2999999999999998]
[null,"2022Q4",44623,0.7,14450,-2,null,4176,-4.3,14342,-1.1000000000000001,null,1055,null,16593,-3.3,null,23325,1.3,null,71809,0.3]
[null,"2023Q1",44907,0.6,14378,-0.5,null,4054,-2.9,14478,0.9,null,252,null,16567,-0.2,null,22948,-1.6,null,71665,-0.2]
[null,"2023Q2",45214,0.7,14685,2.1,null,4111,1.4,14617,1,null,-987,null,18004,8.6999999999999993,null,22707,-1.1000000000000001,null,72210,0.8]
[null,"2023Q3",44678,-1.2,14756,0.5,null,4051,-1.5,14104,-3.5,null,236,null,17523,-2.7,null,22947,1.1000000000000001,null,72167,-0.1]
[null,"2023Q4",44978,0.7,14692,-0.4,null,4003,-1.2,14170,0.5,null,-985,null,17890,2.1,null,21875,-4.7,null,72447,0.4]
[null,"2024Q1",44952,-0.1,14636,-0.4,null,3851,-3.8,14115,-0.4,null,-112,null,18089,1.1000000000000001,null,23157,5.9,null,72492,0.1]
[null,"2024Q2",44850,-0.2,14544,-0.6,null,3666,-4.8,14100,-0.1,null,66,null,18374,1.6,null,22868,-1.2,null,72235,-0.4]
[null,"2024Q3",44752,-0.2,14351,-1.3,null,3528,-3.8,13600,-3.5,null,-73,null,18079,-1.6,null,22809,-0.3,null,71368,-1.2]
[null,"2024Q4",44882,0.3,14462,0.8,null,3346,-5.2,13814,1.6,null,-243,null,18702,3.4,null,23106,1.3,null,71462,0.1]
[null,"2025Q1",45373,1.1000000000000001,14651,1.3,null,3448,3,13931,0.8,null,-521,null,18743,0.2,null,23221,0.5,null,72244,1.1000000000000001]
[null,"2025Q2",45535,0.4,14675,0.2,null,3331,-3.4,13761,-1.2,null,-7,null,18466,-1.5,null,23476,1.1000000000000001,null,71768,-0.7]
[null,"2025Q3",45571,0.1,14885,1.4,null,3366,1.1000000000000001,14063,2.2000000000000002,null,-385,null,19026,3,null,24020,2.2999999999999998,null,72406,0.9]
[null,"2025Q4",45505,-0.1,15211,2.2000000000000002,null,3364,-0.1,13685,-2.7,null,229,null,19036,0.1,null,24267,1,null,72457,0.1]
[null,"2026Q1",45687,0.4,14899,-2,null,3314,-1.5,13863,1.3,null,350,null,19169,0.7,null,24095,-0.7,null,72918,0.6]
[null,"2026Q2",45596,-0.2,14703,-1.3,null,3347,1,13946,0.6,null,350,null,19404,1.2,null,23955,-0.6,null,73145,0.3]
[null,"2026Q3",46067,1,14692,-0.1,null,3440,2.8,13836,-0.8,null,240,null,19561,0.8,null,23963,0,null,73645,0.7]
[null,"2026Q4",46552,1.1000000000000001,14706,0.1,null,3574,3.9,13921,0.6,null,140,null,19668,0.5,null,24083,0.5,null,74258,0.8]
[null,"2027Q1",46882,0.7,14730,0.2,null,3699,3.5,14140,1.6,null,180,null,19784,0.6,null,24287,0.8,null,74916,0.9]
[null,"2027Q2",47212,0.7,14780,0.3,null,3809,3,14399,1.8,null,180,null,19897,0.6,null,24505,0.9,null,75566,0.9]
[null,"2027Q3",47544,0.7,14840,0.4,null,3904,2.5,14714,2.2000000000000002,null,180,null,19998,0.5,null,24774,1.1000000000000001,null,76201,0.8]
[null,"2027Q4",47882,0.7,14890,0.3,null,3982,2,15004,2,null,180,null,20100,0.5,null,25022,1,null,76813,0.8]
[null,"2028Q1",48236,0.7,14918,0.2,null,4048,1.7,15261,1.7,null,180,null,20204,0.5,null,25244,0.9,null,77401,0.8]
[null,"2028Q2",48592,0.7,14926,0.1,null,4105,1.4,15479,1.4,null,180,null,20309,0.5,null,25428,0.7,null,77961,0.7]
[null,"2028Q3",48943,0.7,14926,0,null,4150,1.1000000000000001,15669,1.2,null,180,null,20416,0.5,null,25595,0.7,null,78488,0.7]
[null,"2028Q4",49295,0.7,14927,0,null,4189,1,15832,1,null,180,null,20546,0.6,null,25761,0.6,null,79007,0.7]
[null,"2029Q1",49689,0.8,14929,0,null,4228,0.9,15986,1,null,180,null,20668,0.6,null,25941,0.7,null,79539,0.7]
[null,"2029Q2",50075,0.8,14929,0,null,4263,0.8,16143,1,null,180,null,20784,0.6,null,26114,0.7,null,80060,0.7]
[null,"2029Q3",50452,0.8,14928,0,null,4294,0.7,16290,0.9,null,180,null,20899,0.6,null,26275,0.6,null,80568,0.6]
[null,"2029Q4",50824,0.7,14926,0,null,4321,0.6,16424,0.8,null,180,null,21014,0.6,null,26426,0.6,null,81064,0.6]
[null,"2030Q1",51195,0.7,14924,0,null,4346,0.6,16549,0.8,null,180,null,21131,0.6,null,26570,0.5,null,81554,0.6]
[null,"2030Q2",51566,0.7,14920,0,null,4371,0.6,16668,0.7,null,180,null,21250,0.6,null,26712,0.5,null,82043,0.6]

{"sheet":"Table 6","index":6,"n_rows":59,"n_cols":8,"rows_kept":59,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Table 6: Labour market indicators"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,"Annual average percentage change"]
[null,"Year ended June ",2025,2026,2027,2028,2029,2030]
[null,null,"Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"Real GDP (production measure)",-1.1000000000000001,1.2,2.2999999999999998,3.2,2.7,2.5]
[]
[null,"Working age population",1.2,1,1.2,1.3,1.3,1.3]
[null,"Labour force",-0.1,0.6,1.8,1.7,1.5,1.4]
[]
[null,"Employment - total",-1,0.3,2,2.2999999999999998,1.8,1.5]
[null,"Total hours worked (HLFS)",-2.5,0.9,2.1,2.2999999999999998,1.8,1.4]
[null,"Labour productivity (hours worked basis)",1.4,0.4,0.3,0.9,0.9,1.1000000000000001]
[]
[null,"CPI (annual percentage change)",2.7,4,1.6,2.1,2.1,2]
[]
[null,"Average ordinary time hourly wages",4.3,3.2,2.9,2.9,3.3,3.5]
[null,"Average ordinary time weekly earnings",4.4000000000000004,3.2,2.2999999999999998,2.7,3.2,3.4]
[null,"Real wages",1.8,-0.1,0.1,1,1.1000000000000001,1.4]
[]
[null,"Compensation of employees ",1.4,2.5,4.2,4.7,4.8,4.9000000000000004]
[]
[null,"Unit labour costs (hours worked basis)",2.8,2.8,2.7,2,2.2999999999999998,2.4]
[null,"Real unit labour costs",0.4,-0.5,-0.1,0.1,0.2,0.3]
[]
[]
[]
[null,"Number (000's)     ","        ","        ","        ","        ","        ","        "]
[null,"As at June quarter",2025,2026,2027,2028,2029,2030]
[null,"                   ","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"Total population",5323,5370,5432,5497,5562,5628]
[null,"     Natural increase",19,19,25,26,26,26]
[null,"     Net  migration",12,28,36,39,40,40]
[null,"     Annual change",31,47,62,65,66,66]
[null,"                            "]
[null,"Working age population      ",4300,4348,4404,4462,4521,4580]
[null,"     Annual change          ",37,48,56,58,59,59]
[]
[null,"Not in the labour force (s.a.)     ",1269,1275,1275,1282,1295,1310]
[null,"     Annual change          ",59,6,0,7,13,16]
[null,"                            "]
[null,"Labour force (s.a.)",3030,3074,3129,3180,3227,3270]
[null,"     Annual change          ",-22,44,56,51,46,43]
[null,"                            "]
[null,"Total employment (s.a.)           ",2872,2906,2973,3036,3086,3128]
[null,"     Annual change          ",-37,34,67,63,50,42]
[null,"                            "]
[null,"Unemployment (s.a.)             ",158,167.7,156.6,144.4,140.6,141.69999999999999]
[null,"     Annual change          ",15,9.6999999999999993,-11.1,-12.2,-3.8,1.1000000000000001]
[null,"                            "]
[null,"Participation rate (%, s.a.)    ",70.5,70.7,71.099999999999994,71.3,71.400000000000006,71.400000000000006]
[null,"                            "]
[null,"Unemployment rate (%, s.a.)     ",5.2,5.5,5,4.5,4.4000000000000004,4.3]
[{"$nulls":7}," "]
[null,"s.a. - seasonally adjusted "]

{"sheet":"Table 7","index":7,"n_rows":44,"n_cols":6,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Table 7: Oil and fuel price assumptions"]
[null,"Sources: MBIE, Haver analytics, the Treasury"]
[]
[null,null,null,"Brent oil","Diesel","Unleaded 91"]
[null,null,null,"US$/barrel","cents/litre","cents/litre"]
[]
[null,"2025M01",null,79.270454545454498,197.5,268.3]
[null,"2025M02",null,75.438000000000002,199.2,268.60000000000002]
[null,"2025M03",null,72.7328571428571,194.7,263.10000000000002]
[null,"2025M04",null,68.134500000000003,188.8,257.5]
[null,"2025M05",null,64.453000000000003,181.7,251.6]
[null,"2025M06",null,71.444761904761904,180.8,251.4]
[null,"2025M07",null,71.041304347825999,184.9,254.5]
[null,"2025M08",null,67.87,184.8,252.9]
[null,"2025M09",null,67.985454545454502,186.7,254.9]
[null,"2025M10",null,64.543478260869506,189.6,257.89999999999998]
[null,"2025M11",null,63.796999999999997,194.4,262]
[null,"2025M12",null,62.544285714285699,194.5,262.10000000000002]
[null,"2026M01",null,66.602380952380898,189,256.10000000000002]
[null,"2026M02",null,70.887,186.7,253.4]
[null,"2026M03",null,103.13454545454501,274.8,304.5]
[null,"2026M04",null,113.0575,368,340]
[null,"2026M05",null,99,314,311.8]
[null,"2026M06",null,95.48,288.7,302.5]
[null,"2026M07",null,91.34,266.7,293.2]
[null,"2026M08",null,87.2,248.1,284.60000000000002]
[null,"2026M09",null,85.44,236.9,280.2]
[null,"2026M10",null,83.68,227.6,276.3]
[null,"2026M11",null,81.92,219.7,272.7]
[null,"2026M12",null,81.113299999999995,214.8,270.7]
[null,"2027M01",null,80.306700000000006,210.8,269]
[null,"2027M02",null,79.5,207.3,267.3]
[null,"2027M03",null,78.693299999999894,204.4,265.8]
[null,"2027M04",null,77.886700000000005,201.7,264.3]
[null,"2027M05",null,77.08,199.3,262.89999999999998]
[null,"2027M06",null,76.832499999999996,198.3,262.39999999999998]
[null,"2027M07",null,76.584999999999894,197.3,261.89999999999998]
[null,"2027M08",null,76.337500000000006,196.5,261.39999999999998]
[null,"2027M09",null,76.09,195.8,261]
[null,"2027M10",null,75.842500000000001,195.1,260.60000000000002]
[null,"2027M11",null,75.594999999999999,194.5,260.2]
[null,"2027M12",null,75.347499999999997,193.9,259.7]
[null,"2028M01",null,75.099999999999994,193.3,259.3]

{"sheet":"Table 8","index":8,"n_rows":19,"n_cols":8,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Table 8: Estimated tax effects of initiatives announced since the 2025 Budget Update "]
[null,"Sources: Inland Revenue, the Treasury"]
[]
[null,"Year ending 30 June",2026,2027,2028,2029,2030,"Total"]
[null,"$ millions","Forecast","Forecast","Forecast","Forecast","Forecast","5 years"]
[null,"Policy changes included at Half Year Update 2025:"]
[null,"Offshore gambling duty rate increase",0,8,16,16,16,56]
[null,"Policy changes included at Budget Update 2026:"]
[null,"Company loans to shareholders: taxation rules",7,31,28,46,40,152]
[null,"Research and Development Tax Incentive amendments",0,1.3,26.2,27.4,32.4,87.3]
[null,"Charities and Not-for-profits",0,-1.6,15,18.7,18.600000000000001,50.7]
[null,"Thin capitalisation: foreign-owned banks",0,3.2,13.1,14.4,14.5,45.2]
[null,"Thin capitalisation: infrastructure",-2.5,-10,-10,-10,-10,-42.5]
[null,"New Zealand-India Free Trade Agreement tariffs",0,-7.5,-15,-15,-15,-52.5]
[null,"Foreign Investment Funds tax rule reforms",-4.2,-17.100000000000001,-16.600000000000001,-17.100000000000001,-17.5,-72.5]
[null,"Other",-1.1000000000000001,-6.1,-9.1999999999999993,-9,-8.9,-34.299999999999997]
[null,"Total policy changes since Budget Update 2025",-0.8,1.2,47.5,71.400000000000006,70.099999999999994,189.4]
[null,"Sources: Inland Revenue, the Treasury"]

{"sheet":"Table 9","index":9,"n_rows":10,"n_cols":8,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Table 9: Change in total tobacco excise duty revenue since the Half Year Update"]
[null,"Source:  The Treasury"]
[]
[]
[null,"Year ending 30 June",2026,2027,2028,2029,2030,"Total"]
[null,"$millions","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"Budget Update 2026",1241,1138,1017,908,811]
[null,"Half Year Update 2025",1426,1385,1328,1292,1264]
[null,"Difference",-186,-247,-311,-384,-453,-1580]

{"sheet":"Data 1","index":11,"n_rows":21,"n_cols":5,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 1: Fiscal balance and total fiscal impulse"]
[null,"Source: The Treasury"]
[]
[null,null,"Fiscal balance","Total fiscal impulse (annual change)"]
[null,null,"% of nominal potential GDP","% of nominal potential GDP"]
[null,2016,0.79821673789943071,-0.38490783987983829]
[null,2017,1.7737348406525251,-0.97551810275309447]
[null,2018,1.5038045381645664,0.2699303024879588]
[null,2019,0.84300939902864103,0.66079513913592536]
[null,2020,-5.669711288749256,6.5127206877778967]
[null,2021,-1.4376754509140335,-4.2320358378352223]
[null,2022,-3.4607736961029456,2.0230982451889123]
[null,2023,-2.1868767096869148,-1.2738969864160308]
[null,2024,-3.4778010730443882,1.2909243633574734]
[null,2025,-3.1408308919201002,-0.33697018112428812]
[null,2026,-3.2476892980462169,0.10685840612611672,"forecast"]
[null,2027,-4.3225459361032943,1.074856638057077]
[null,2028,-2.3117653407244583,-2.0107805953788356]
[null,2029,-1.0045776240278228,-1.3071877166966355]
[null,2030,-0.13024502299852905,-0.87433260102929389]

{"sheet":"Data 2","index":13,"n_rows":25,"n_cols":7,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 2: Comparison with the Half Year Update"]
[null,"Source: The Treasury"]
[]
[null,null,"Fiscal balance (BEFU 2026)","Total fiscal impulse (BEFU 2026)","Fiscal balance (HYEFU 2026)","Total fiscal impulse (HYEFU 2026)"]
[null,null,"% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP"]
[null,2012,-3.0422753816489285,-0.30497507418840752,-3.0405056966507682,-0.30647706812551129]
[null,2013,-1.4665720617656239,-1.5757033198833048,-1.4664403537486446,-1.5740653429021236]
[null,2014,-0.81892096432092254,-0.6476510974447014,-0.81880749359257832,-0.64763286015606625]
[null,2015,0.41330889801959236,-1.232229862340515,0.41310431922767282,-1.2319118128202511]
[null,2016,0.79821673789943071,-0.38490783987983829,0.79741853192731516,-0.38431421269964228]
[null,2017,1.7737348406525251,-0.97551810275309447,1.7722776378458589,-0.97485910591854386]
[null,2018,1.5038045381645664,0.2699303024879588,1.503176082995727,0.26910155485013187]
[null,2019,0.84300939902864103,0.66079513913592536,0.84300032141173176,0.66017576158399538]
[null,2020,-5.669711288749256,6.5127206877778967,-5.6754703773544231,6.5184706987661549]
[null,2021,-1.4376754509140335,-4.2320358378352223,-1.4383393152995083,-4.2371310620549147]
[null,2022,-3.4607736961029456,2.0230982451889123,-3.4615581831218636,2.0232188678223553]
[null,2023,-2.1868767096869148,-1.2738969864160308,-2.1902197462872626,-1.271338436834601]
[null,2024,-3.4778010730443882,1.2909243633574734,-3.4676962888969549,1.2774765426096926]
[null,2025,-3.1408308919201002,-0.33697018112428812,-3.1173412613476801,-0.35035502754927478]
[null,2026,-3.2476892980462169,0.10685840612611672,-4.4342580511932805,1.3169167898456007,"forecast"]
[null,2027,-4.3225459361032943,1.074856638057077,-3.9874346155076998,-0.44682343568558103]
[null,2028,-2.3117653407244583,-2.0107805953788356,-2.1701448992099248,-1.817289716297775]
[null,2029,-1.0045776240278228,-1.3071877166966355,-1.2242752061535838,-0.94586969305634105]
[null,2030,-0.13024502299852905,-0.87433260102929389,-0.36075997925766157,-0.86351522689592231]

{"sheet":"Data 3","index":15,"n_rows":25,"n_cols":7,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 3: Policy decomposition of the fiscal balance"]
[null,"Source: The Treasury"]
[]
[null,null,"Automatic stabilisers","Discretionary residual","Net finance costs","Fiscal balance"]
[null,null,"% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP"]
[null,"2012",-0.54736082858169155,-1.9890152999451616,-0.50589925312208184,-3.0422753816489285]
[null,"2013",-0.64294803236402998,-0.26273073160497634,-0.56089329779661889,-1.4665720617656239]
[null,"2014",-0.64292568959358531,0.26630048089305519,-0.44229575562039242,-0.81892096432092254]
[null,"2015",-0.3440722659970708,1.1831275936440895,-0.42574642962742743,0.41330889801959236]
[null,"2016",-9.1667592415376684E-2,1.1544999048314777,-0.26461557451667156,0.79821673789943071]
[null,"2017",8.4012507404186282E-2,1.8664578964802072,-0.17673556323187525,1.7737348406525251]
[null,"2018",0.3061889423835954,1.4584923668017551,-0.26087677102078521,1.5038045381645664]
[null,"2019",0.5401226111347488,0.52510378915866429,-0.22221700126477695,0.84300939902864103]
[null,"2020",0.32565390737892541,-5.7743028299374197,-0.22106236619075975,-5.669711288749256]
[null,"2021",0.85794002595743091,-2.0429187615140214,-0.25269671535744292,-1.4376754509140335]
[null,"2022",1.2993102842898581,-4.5264523418506464,-0.23363163854216099,-3.4607736961029456]
[null,"2023",0.95710301677188325,-2.9194048960952625,-0.2245748303635321,-2.1868767096869148]
[null,"2024",0.36445888847634428,-3.2618660380554054,-0.58039392346532392,-3.4778010730443882]
[null,"2025",-0.83593680787962998,-1.9715943215504264,-0.33329976249004734,-3.1408308919201002]
[null,"2026",-1.0416715115309974,-1.7230602610399135,-0.48295752547530657,-3.2476892980462169,"forecast"]
[null,"2027",-0.75754360456175374,-2.6477287013478632,-0.91727363019367658,-4.3225459361032943]
[null,"2028",-0.26298289862604163,-0.97566716615744742,-1.0731152759409688,-2.3117653407244583]
[null,"2029",-4.0524786913841954E-2,0.26692706247350056,-1.2309798995874806,-1.0045776240278228]
[null,"2030",1.0074220989465432E-2,1.1080125553884863,-1.2483317993764835,-0.13024502299852905]

{"sheet":"Data 4","index":17,"n_rows":25,"n_cols":7,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 4: Policy decomposition of the TFI"]
[null,"Source: The Treasury"]
[]
[null,null,"Automatic stabilisers","Discretionary residual","Net finance costs","Total fiscal impulse"]
[null,null,"% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP"]
[null,"2012",-0.17240605190665037,-0.71130703514541849,0.57873801286367088,-0.30497507418840752]
[null,"2013",9.5587203782338412E-2,-1.7262845683401855,5.4994044674537126E-2,-1.5757033198833048]
[null,"2014",-2.2342770444622878E-5,-0.52903121249803153,-0.11859754217622655,-0.6476510974447014]
[null,"2015",-0.29885342359651457,-0.91682711275103412,-1.6549325992964992E-2,-1.232229862340515]
[null,"2016",-0.25240467358169416,2.8627688812611629E-2,-0.16113085511075587,-0.38490783987983829]
[null,"2017",-0.17568009981956295,-0.71195799164872953,-8.7880011284796292E-2,-0.97551810275309447]
[null,"2018",-0.22217643497940914,0.40796552967845223,8.4141207788909961E-2,0.2699303024879588]
[null,"2019",-0.23393366875115337,0.9333885776430908,-3.8659769756008287E-2,0.66079513913592536]
[null,"2020",0.21446870375582336,6.2994066190960849,-1.1546350740172014E-3,6.5127206877778967]
[null,"2021",-0.5322861185785055,-3.7313840684233988,3.1634349166683201E-2,-4.2320358378352223]
[null,"2022",-0.4413702583324271,2.4835335803366245,-1.9065076815281967E-2,2.0230982451889123]
[null,"2023",0.3422072675179747,-1.6070474457553834,-9.0568081786288751E-3,-1.2738969864160308]
[null,"2024",0.59264412829553903,0.34246114196014277,0.35581909310179188,1.2909243633574734]
[null,"2025",1.2003956963559741,-1.2902717165049791,-0.24709416097527664,-0.33697018112428812]
[null,"2026",0.20573470365136734,-0.24853406051051283,0.14965776298525926,0.10685840612611672,"forecast"]
[null,"2027",-0.28412790696924362,0.92466844030794981,0.43431610471837007,1.074856638057077]
[null,"2028",-0.49456070593571211,-1.672061535190416,0.15584164574729206,-2.0107805953788356]
[null,"2029",-0.22245811171219967,-1.2425942286309479,0.15786462364651177,-1.3071877166966355]
[null,"2030",-5.0599007903307382E-2,-0.84108549291498569,1.7351899789003027E-2,-0.87433260102929389]

{"sheet":"Data 5","index":19,"n_rows":25,"n_cols":9,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 5: Financial decomposition of the fiscal balance"]
[null,"Source: The Treasury"]
[]
[null,null,"Taxes","Other revenue","Operational spending","Capital spending","Net finance costs","Fiscal balance"]
[null,null,"% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP"]
[null,"2012",24.825756005203008,5.282358747241175,-31.99549047918704,-0.64900040178399432,-0.50589925312208184,-0.30497507418840752]
[null,"2013",25.85812408360858,5.8182014141337026,-31.085440350636901,-1.4965639110743869,-0.56089329779661889,-1.5757033198833048]
[null,"2014",25.384706026839797,5.4038085564727867,-29.656824963736728,-1.508314828276391,-0.44229575562039242,-0.6476510974447014]
[null,"2015",26.733967455845974,4.4675099731303103,-29.106191823406519,-1.256230277922745,-0.42574642962742743,-1.232229862340515]
[null,"2016",26.818749903565752,4.4085880483251305,-28.499965283670981,-1.6645403558037988,-0.26461557451667156,-0.38490783987983829]
[null,"2017",27.101271295998981,4.0736456364680382,-27.836889075887566,-1.3875574526950538,-0.17673556323187525,-0.97551810275309447]
[null,"2018",27.233829817635197,3.5127995010262856,-27.296065466769925,-1.6858825427062092,-0.26087677102078521,0.2699303024879588]
[null,"2019",27.257966202131978,3.6918695334943998,-27.924075205281522,-1.9605341300514396,-0.22221700126477695,0.66079513913592536]
[null,"2020",26.633264502071274,3.7339903974055262,-34.024918605976914,-1.7909852160583755,-0.22106236619075975,6.5127206877778967]
[null,"2021",28.544656516138815,4.071883180056334,-31.927770806152882,-1.8737476255988588,-0.25269671535744292,-4.2320358378352223]
[null,"2022",29.495574165159077,3.986024682034063,-34.985357403181531,-1.7233835015723915,-0.23363163854216099,2.0230982451889123]
[null,"2023",28.158131131400381,3.9763701602220882,-31.884550774212212,-2.2122523967336414,-0.2245748303635321,-1.2738969864160308]
[null,"2024",28.578577581042037,3.992159279110886,-32.827675833304717,-2.6404681764272664,-0.58039392346532392,1.2909243633574734]
[null,"2025",27.276385440852163,3.8918844217587845,-31.796707016411631,-2.1790939756293746,-0.33329976249004734,-0.33697018112428812]
[null,"2026",27.549342016331448,3.8245131764352203,-31.856596436322821,-2.2819905290147604,-0.48295752547530657,0.10685840612611672,"forecast"]
[null,"2027",27.04891574242675,3.9122247972190034,-31.935110081112398,-2.431302764442973,-0.91727363019367658,1.074856638057077]
[null,"2028",27.897445772559148,3.9162098018298011,-30.422492527751743,-2.6298131114206971,-1.0731152759409688,-2.0107805953788356]
[null,"2029",28.384926095020717,3.7983176105341721,-29.585555647926178,-2.3712857820690529,-1.2309798995874806,-1.3071877166966355]
[null,"2030",28.665811114410328,3.7300226323276799,-29.04680486589633,-2.2309421044637241,-1.2483317993764835,-0.87433260102929389]

{"sheet":"Data 6","index":21,"n_rows":25,"n_cols":9,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 6: Financial decomposition of the TFI  "]
[null,"Source: The Treasury"]
[]
[null,null,"Taxes","Other revenue","Operational spending","Capital spending","Net finance costs","Total fiscal impulse"]
[null,null,"% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP","% of nominal potential GDP"]
[null,"2012",-0.42096292916981859,-0.56354968476646572,1.0361611670610504,-0.93536164017684431,0.57873801286367088,-0.30497507418840752]
[null,"2013",-1.0323680784055711,-0.53584266689252824,-0.91005012855013834,0.84756350929039259,5.4994044674537126E-2,-1.5757033198833048]
[null,"2014",0.47341805676878179,0.41439285766091616,-1.4286153869001728,1.1750917202004059E-2,-0.11859754217622655,-0.6476510974447014]
[null,"2015",-1.3492614290061766,0.9362985833424764,-0.55063314033020894,-0.2520845503536458,-1.6549325992964992E-2,-1.232229862340515]
[null,"2016",-8.4782447719777831E-2,5.8921924805180326E-2,-0.60622653973553819,0.40831007788105361,-0.16113085511075587,-0.38490783987983829]
[null,"2017",-0.28252139243322705,0.33494241185709206,-0.66307620778341403,-0.27698290310874485,-8.7880011284796292E-2,-0.97551810275309447]
[null,"2018",-0.13255852163621684,0.56084613544175255,-0.54082360911764105,0.29832509001115526,8.4141207788909961E-2,0.2699303024879588]
[null,"2019",-2.4136384496781238E-2,-0.17907003246811423,0.62800973851159791,0.27465158734523049,-3.8659769756008287E-2,0.66079513913592536]
[null,"2020",0.62470170006070358,-4.2120863911126322E-2,6.1008434006953935,-0.16954891399306415,-1.1546350740172014E-3,6.5127206877778967]
[null,"2021",-1.9113920140675422,-0.33789278265080813,-2.0971477998240342,8.2762409540483237E-2,3.1634349166683201E-2,-4.2320358378352223]
[null,"2022",-0.95091764902026088,8.5858498022271107E-2,3.0575865970286498,-0.15036412402646726,-1.9065076815281967E-2,2.0230982451889123]
[null,"2023",1.3374430337586951,9.6545218119747922E-3,-3.1008066289693215,0.48886889516124993,-9.0568081786288751E-3,-1.2738969864160308]
[null,"2024",-0.42044644964165379,-1.5789118888797499E-2,0.94312505909250888,0.42821577969362479,0.35581909310179188,1.2909243633574734]
[null,"2025",1.3021921401898728,0.10027485735210132,-1.0309688168930908,-0.46137420079789165,-0.24709416097527664,-0.33697018112428812]
[null,"2026",-0.27295657547928287,6.7371245323564338E-2,5.9889419911191011E-2,0.10289655338538567,0.14965776298525926,0.10685840612611672,"forecast"]
[null,"2027",0.50042627390469718,-8.7711620783783445E-2,7.8513644789579562E-2,0.14931223542821276,0.43431610471837007,1.074856638057077]
[null,"2028",-0.84853003013239947,-3.9850046107972603E-3,-1.5126175533606567,0.19851034697772399,0.15584164574729206,-2.0107805953788356]
[null,"2029",-0.4874803224615698,0.11789219129562864,-0.83693687982556719,-0.25852732935164391,0.15786462364651177,-1.3071877166966355]
[null,"2030",-0.28088501938960952,6.8294978206492191E-2,-0.53875078202984539,-0.14034367760532884,1.7351899789003027E-2,-0.87433260102929389]

{"sheet":"Data 7","index":23,"n_rows":25,"n_cols":7,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 7: Cyclically adjusted OBEGAL "]
[null,"Source: The Treasury"]
[]
[null,null,"OBEGAL","Cyclically-adjusted OBEGAL","Structural OBEGAL","One-off adjustments"]
[null,null,"% of potential output","% of potential output","% of potential output","% of potential output"]
[null,2012,-4.2379955565258713,-3.6895624539604288,-2.8181131512116027,-0.87144930274882615]
[null,2013,-1.9822121829257613,-1.340829889659412,-1.2213762329629341,-0.11945365669647784]
[null,2014,-1.1625822769684235,-0.53243823173993488,-0.39717705319185992,-0.13526117854807501]
[null,2015,0.16722867349692119,0.5060070526958792,0.48379068302841388,2.2216369667465378E-2]
[null,2016,0.70628442702627636,0.79764056254282389,1.0240681751394511,-0.22642761259662714]
[null,2017,1.4797057752890954,1.3962652989550211,1.3962652989550211,0]
[null,2018,1.8871791514104908,1.5844518335388647,1.5844518335388647,0]
[null,2019,2.4241558038120821,1.869731359578449,1.869731359578449,0]
[null,2020,-7.3023423742984912,-7.6257271494516843,-3.4993193812314582,-4.1264077682202265]
[null,2021,-1.3508757585345132,-2.2039146666809293,-0.49002955984917135,-1.713885106831758]
[null,2022,-2.7147772291511774,-4.0307011824794348,0.44335954269748368,-4.4740607251769182]
[null,2023,-2.3969873984338128,-3.3552519795067037,-2.3917856099047463,-0.96346636960195731]
[null,2024,-3.0866294961618843,-3.4616587543659532,-3.165540429886609,-0.29611832447934416]
[null,2025,-3.1552829141418908,-2.3448343795838875,-2.2572113172274766,-8.7623062356411222E-2]
[null,2026,-3.2567731386507681,-2.2604450191903491,-2.2098088799956317,-5.0636139194717295E-2,"forecast"]
[null,2027,-2.9154941234894887,-2.1548408060465243,-2.1515572023385285,-3.2836037079955055E-3]
[null,2028,-1.4600207835931547,-1.200216914446155,-1.2112605905732958,1.1043676127140897E-2]
[null,2029,-0.11461497380538868,-7.460690448490935E-2,-7.2726502570914689E-2,-1.8804019139946658E-3]
[null,2030,0.54208627993155101,0.53207973567807831,0.55979721149345363,-2.7717475815375314E-2]

{"sheet":"Data 8","index":25,"n_rows":25,"n_cols":7,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 8: Cyclically adjusted OBEGALx "]
[null,"Source: The Treasury"]
[]
[null,null,"OBEGALx","Cyclically-adjusted OBEGALx","Structural OBEGALx","One-off adjustments"]
[null,null,"% of potential output","% of potential output","% of potential output","% of potential output"]
[null,2012,-4.9374482863637441,-4.3890151837983025,-3.5175658810494759,-0.87144930274882615]
[null,2013,-2.6297767429119299,-1.9883944496455803,-1.8689407929491026,-0.11945365669647784]
[null,2014,-1.5903561269164768,-0.96021208168798788,-0.82495090313991282,-0.13526117854807501]
[null,2015,0.13451001998665402,0.473288399185612,0.45107202951814662,2.2216369667465378E-2]
[null,2016,0.81814815386277018,0.90950428937931782,1.1359319019759448,-0.22642761259662714]
[null,2017,1.6957159081280542,1.6122754317939796,1.6122754317939796,0]
[null,2018,2.0263134292882428,1.7235861114166164,1.7235861114166164,0]
[null,2019,2.7749388821669059,2.2205144379332733,2.2205144379332733,0]
[null,2020,-6.6198360718040972,-6.9432208469572902,-2.8168130787370642,-4.1264077682202265]
[null,2021,-0.75809014607232883,-1.6111290542187449,0.10275605261301304,-1.713885106831758]
[null,2022,-2.4270797557905071,-3.743003709118764,0.73105701605815432,-4.4740607251769182]
[null,2023,-1.8267957104938615,-2.7850602915667522,-1.8215939219647952,-0.96346636960195731]
[null,2024,-2.106659449963296,-2.4816887081673653,-2.1855703836880211,-0.29611832447934416]
[null,2025,-2.1014143561872496,-1.2909658216292463,-1.203342759272835,-8.7623062356411222E-2]
[null,2026,-2.5817572689649504,-1.585429149504531,-1.5347930103098135,-5.0636139194717295E-2,"forecast"]
[null,2027,-2.3673646747227282,-1.606711357279764,-1.6034277535717685,-3.2836037079955055E-3]
[null,2028,-0.84365525278977427,-0.58385138364277456,-0.59489505976991552,1.1043676127140897E-2]
[null,2029,0.48730215014297656,0.52731021946345591,0.52919062137745054,-1.8804019139946658E-3]
[null,2030,1.1031140105761843,1.0931074663227118,1.1208249421380871,-2.7717475815375314E-2]

{"sheet":"Data 9","index":27,"n_rows":12,"n_cols":5,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 9: Cyclically adjusted OBEGAL"]
[null,"Source: The Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"% of potential output","% of potential output"]
[null,2025,-2.3448343795838875,-2.141127926299081]
[null,2026,-2.2604450191903491,-2.5831751715428117,"forecast"]
[null,2027,-2.1548408060465243,-2.1914175030828869]
[null,2028,-1.200216914446155,-1.2341205569346185]
[null,2029,-7.460690448490935E-2,-0.48688455612076453]
[null,2030,0.53207973567807831,-2.7083187328669996E-3]

{"sheet":"Data 10","index":29,"n_rows":12,"n_cols":5,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Figure 10: Cyclically adjusted OBEGALx"]
[null,"Source: The Treasury"]
[]
[null,null,"Budget Update 2026","Half Year Update 2025"]
[null,null,"% of potential output","% of potential output"]
[null,2025,-1.2909658216292463,-1.0951410353141346]
[null,2026,-1.585429149504531,-1.9215891080399945,"forecast"]
[null,2027,-1.606711357279764,-1.649863058072961]
[null,2028,-0.58385138364277456,-0.72313748723003923]
[null,2029,0.52731021946345591,-4.866905753932859E-2]
[null,2030,1.0931074663227118,0.42516136003476679]