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{"sheet":"Index","index":0,"n_rows":50,"n_cols":3,"rows_kept":50,"cut":false,"hidden":false,"merged":[[13,0,13,3],[14,0,14,3]]}
["Charts and Data - Fiscal Strategy Report 2026"]
["Published 28 May 2026"]
[]
["Published by the New Zealand Treasury at:"]
["https://www.treasury.govt.nz/publications/fiscal-strategy-report/fiscal-strategy-report-2026"]
[]
[]
["This spreadsheet contains the tables, charts and the data used to generate the charts that appear in the Fiscal Strategy Report 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."]
[]
[]
[]
["#","Chart title","Source(s)"]
[1,"Core Crown revenue and expenses","The Treasury"]
[2,"OBEGALx","The Treasury"]
[3,"Net core Crown debt","The Treasury"]
[4,"West Texas Intermediate crude oil forecast comparison","Haver Analytics, U.S. Energy Information Administration, the Treasury"]
[5,"Consumers price index inflation","Stats NZ, the Treasury"]
[6,"Real production GDP growth","Stats NZ, the Treasury"]
[7,"Core Crown expenses","The Treasury"]
[8,"OBEGALx","The Treasury"]
[9,"Net core Crown debt","The Treasury"]
[10,"General government net debt","IMF Fiscal Monitor April 2026"]
[11,"Overall balance","IMF Fiscal Monitor April 2026"]
[12,"Funding of the Budget 2026 operating package ","The Treasury"]
[13,"Operating allowances","The Treasury"]
[14,"Net worth attributable to the Crown for 2024/25 by entity","The Treasury"]
["A2.1","Net core Crown debt","The Treasury"]
["A2.2","OBEGALx","The Treasury"]
["A2.3","Core Crown expenses","The Treasury"]
["A3.1","Real GDP forecasts from PREFU 2023 and BEFU 2026","Stats NZ, the Treasury"]
["A3.2","Core Crown tax-to-GDP ratio forecasts from PREFU 2023 and BEFU 2026 ","Stats NZ, the Treasury"]
[]
["#","Table title","Source(s)"]
[1,"Increase in core Crown expenses from 2018/19 to 2025/26 by functional classification","The Treasury"]
[2,"Changes in nominal GDP and core Crown tax revenue forecasts","The Treasury"]
[3,"Changes in OBEGALx forecasts between HYEFU 2025 and BEFU 2026","The Treasury"]
["A1.1","BEFU fiscal forecasts","The Treasury"]
["A2.1 ","Fiscal indicators from Scenario 1","The Treasury"]
["A2.2","Fiscal indicators from Scenario 2","The Treasury"]
["A2.3","Fiscal indicators from Scenario 3","The Treasury"]
["A2.4","Fiscal indicators from Scenario 4","The Treasury"]
["A3.1","Changes in OBEGALx forecasts between PREFU 2023 and BEFU 2026","The Treasury"]
["A4.1","NZSF contributions","The Treasury"]

{"sheet":"Data 1","index":1,"n_rows":26,"n_cols":31,"rows_kept":26,"cut":false,"hidden":false,"merged":[[3,2,3,3]]}
[null,"Figure 1: Core Crown revenue and expenses"]
[null,"Source: The Treasury "]
[]
[null,null,"% of GDP"]
[null,"Year ending 30 June","Core Crown revenue","Core Crown expenses",{"$nulls":26},0.30299999999999999]
[null,2008,32.6,30]
[null,2009,31.2,33.6]
[null,2010,28.299999999999997,32.200000000000003]
[null,2011,27.800000000000004,34]
[null,2012,28.1,32]
[null,2013,29.099999999999998,31.900000000000002]
[null,2014,28.299999999999997,30]
[null,2015,29.4,29.4]
[null,2016,29.4,28.599999999999998]
[null,2017,29.7,27.700000000000003]
[null,2018,29.4,27.3]
[null,2019,30.099999999999998,28.000000000000004]
[null,2020,28.9,34.200000000000003]
[null,2021,30.5,31.4]
[null,2022,32.200000000000003,34.4]
[null,2023,30.7,31.7]
[null,2024,31.7,33]
[null,2025,30.9,32.6]
[null,"2026*",30.4,32.6,"Forecast"]
[]
[null,"* 2026 shows the latest forecast"]

{"sheet":"Data 2","index":3,"n_rows":25,"n_cols":4,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2: OBEGALx"]
[null,"Source: The Treasury"]
[null,null,"% of GDP"]
[null,"Year ending 30 June","OBEGALx"]
[null,2008,3.0662474593495936]
[null,2009,-2.0012955755568078]
[null,2010,-3.8843904861315197]
[null,2011,-9.6998306786921997]
[null,2012,-5.5224844674315614]
[null,2013,-2.6717400528325648]
[null,2014,-1.6]
[null,2015,0.1]
[null,2016,0.8]
[null,2017,1.7000000000000002]
[null,2018,2]
[null,2019,2.7]
[null,2020,-6.6000000000000005]
[null,2021,-0.70000000000000007]
[null,2022,-2.4]
[null,2023,-1.7999999999999998]
[null,2024,-2.1]
[null,2025,-2.1]
[null,"2026*",-2.6,"Forecast"]
[]
[null,"* 2026 shows the latest forecast"]

{"sheet":"Data 3","index":5,"n_rows":60,"n_cols":4,"rows_kept":60,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 3: Net core Crown debt"]
[null,"Source: The Treasury "]
[null,null,"% of GDP"]
[null,"Year ending 30 June (from 1990)","Net core Crown debt","Core Crown net debt (pre-2009 definition)"]
[null,1974,null,4.365933126802692]
[null,1975,null,4.9103204939723613]
[null,1976,null,8.5677038067095364]
[null,1977,null,7.6538791869453195]
[null,1978,null,8.5485415203931829]
[null,1979,null,14.308102189781016]
[null,1980,null,15.703299912391708]
[null,1981,null,16.940674503918626]
[null,1982,null,20.336860961829959]
[null,1983,null,26.803685753604977]
[null,1984,null,29.60666255066706]
[null,1985,null,38.02457153678629]
[null,1986,null,39.602902888538104]
[null,1987,null,43.827756975480128]
[null,1988,null,39.233047401292062]
[null,1989,null,42.381510427727989]
[null,1990,null,47.518891402714928]
[null,1991,null,44.855341697494708]
[null,1992,54.822679527845665,49.938638136342355]
[null,1993,50.740400005041018]
[null,1994,45.309248991642548]
[null,1995,42.09115531518983]
[null,1996,34.678715357494262]
[null,1997,29.7]
[null,1998,28.999999999999996]
[null,1999,24]
[null,2000,22.6]
[null,2001,20.399999999999999]
[null,2002,19.5]
[null,2003,17.899999999999999]
[null,2004,16.2]
[null,2005,12.7]
[null,2006,9.8000000000000007]
[null,2007,7.5]
[null,2008,5.4]
[null,2009,9]
[null,2010,13.5]
[null,2011,19.5]
[null,2012,23.599999999999998]
[null,2013,25.5]
[null,2014,25.3]
[null,2015,24.7]
[null,2016,23.9]
[null,2017,21.6]
[null,2018,19.5]
[null,2019,18.600000000000001]
[null,2020,26.200000000000003]
[null,2021,29.7]
[null,2022,35.299999999999997]
[null,2023,38.6]
[null,2024,41.699999999999996]
[null,2025,41.9]
[null,"2026*",42.4]
[]
[null,"* 2026 shows the latest forecast"]
[null,"The measure of net core Crown debt adopted in 2009 is restated back to 1992. The earlier measure for the period before 1992 included advances. March years are used prior to 1990. "]

{"sheet":"Table 1","index":7,"n_rows":18,"n_cols":3,"rows_kept":18,"cut":false,"hidden":false,"merged":[]}
[null,"Table 1: Increase in core Crown expenses from 2018/19 to 2025/26 by functional classification"]
[null,"Source: The Treasury"]
[]
[]
[null,"Functional classification ","$billions"]
[null,"Core Crown expenses 2018/19",87]
[null,"Health",14.9]
[null,"NZ Superannuation",10.199999999999999]
[null,"Welfare benefits ",9.4]
[null,"Education",7.2]
[null,"Finance costs",5.4]
[null,"Transport and communications",3.2]
[null,"Law and order",2.7]
[null,"Housing and community development",1.5]
[null,"Other",{"$f":"C16-C6-SUM(C7:C14)","v":5.6999999999999815}]
[null,"Core Crown expenses 2025/26*",147.19999999999999]
[]
[null,"*2025/26 shows the latest forecast"]

{"sheet":"Data 4","index":8,"n_rows":77,"n_cols":5,"rows_kept":77,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 4: West Texas Intermediate crude oil forecast comparison"]
[null,"Sources: Haver Analytics, U.S. Energy Information Administration, the Treasury"]
[]
[null,null,"HYEFU 2025","BEFU 2026"]
[null,"2012-06-01",93.477850000000004,93.477850000000004]
[null,"2012-09-01",92.269540000000006,92.269540000000006]
[null,"2012-12-01",88.157120000000006,88.157120000000006]
[null,"2013-03-01",94.32347,94.32347]
[null,"2013-06-01",94.222589999999997,94.222589999999997]
[null,"2013-09-01",105.8506,105.8506]
[null,"2013-12-01",97.342500000000001,97.342500000000001]
[null,"2014-03-01",98.746110000000002,98.746110000000002]
[null,"2014-06-01",103.3468,103.3468]
[null,"2014-09-01",97.778909999999996,97.778909999999996]
[null,"2014-12-01",73.158959999999993,73.158959999999993]
[null,"2015-03-01",48.542279999999998,48.542279999999998]
[null,"2015-06-01",57.845799999999997,57.845799999999997]
[null,"2015-09-01",46.420259999999999,46.420259999999999]
[null,"2015-12-01",41.950710000000001,41.950710000000001]
[null,"2016-03-01",33.324309999999997,33.324309999999997]
[null,"2016-06-01",45.441229999999997,45.441229999999997]
[null,"2016-09-01",44.88214,44.88214]
[null,"2016-12-01",49.20046,49.20046]
[null,"2017-03-01",51.834389999999999,51.834389999999999]
[null,"2017-06-01",48.259549999999997,48.259549999999997]
[null,"2017-09-01",48.162590000000002,48.162590000000002]
[null,"2017-12-01",55.395490000000002,55.395490000000002]
[null,"2018-03-01",62.874760000000002,62.874760000000002]
[null,"2018-06-01",67.858429999999998,67.858429999999998]
[null,"2018-09-01",69.719049999999996,69.719049999999996]
[null,"2018-12-01",58.904260000000001,58.904260000000001]
[null,"2019-03-01",54.852159999999998,54.852159999999998]
[null,"2019-06-01",59.78622,59.78622]
[null,"2019-09-01",56.404609999999998,56.404609999999998]
[null,"2019-12-01",56.916429999999998,56.916429999999998]
[null,"2020-03-01",45.841439999999999,45.841439999999999]
[null,"2020-06-01",27.823810000000002,27.823810000000002]
[null,"2020-09-01",40.890720000000002,40.890720000000002]
[null,"2020-12-01",42.50806,42.50806]
[null,"2021-03-01",57.824449999999999,57.824449999999999]
[null,"2021-06-01",66.091930000000005,66.091930000000005]
[null,"2021-09-01",70.56268,70.56268]
[null,"2021-12-01",77.43956,77.43956]
[null,"2022-03-01",94.412289999999999,94.412289999999999]
[null,"2022-06-01",108.57040000000001,108.57040000000001]
[null,"2022-09-01",92.631110000000007,92.631110000000007]
[null,"2022-12-01",82.782690000000002,82.782690000000002]
[null,"2023-03-01",76.115679999999998,76.115679999999998]
[null,"2023-06-01",73.766159999999999,73.766159999999999]
[null,"2023-09-01",82.29965,82.29965]
[null,"2023-12-01",78.34939,78.34939]
[null,"2024-03-01",77.293880000000001,77.293880000000001]
[null,"2024-06-01",81.040589999999995,81.040589999999995]
[null,"2024-09-01",75.803790000000006,75.803790000000006]
[null,"2024-12-01",70.27619,70.27619]
[null,"2025-03-01",71.415520000000001,71.415520000000001]
[null,"2025-06-01",63.741210000000002,63.741210000000002]
[null,"2025-09-01",64.932010000000005,64.932010000000005]
[null,"2025-12-01",58,59.138469999999998]
[null,"2026-03-01",59.5,71.926640000000006]
[null,"2026-06-01",60.85,94.73,"Forecast"]
[null,"2026-09-01",62.064999999999998,80.709999999999994]
[null,"2026-12-01",63.158499999999997,75.459999999999994]
[null,"2027-03-01",64.142650000000003,73.22]
[null,"2027-06-01",65.028390000000002,71.489999999999995]
[null,"2027-09-01",65.825550000000007,71.391999999999996]
[null,"2027-12-01",66.542990000000003,71.313599999999994]
[null,"2028-03-01",67.188689999999994,71.250879999999995]
[null,"2028-06-01",67.769819999999996,71.200699999999998]
[null,"2028-09-01",68.292839999999998,71.160560000000004]
[null,"2028-12-01",68.763559999999998,71.128450000000001]
[null,"2029-03-01",69.187200000000004,71.102760000000004]
[null,"2029-06-01",69.568479999999994,71.082210000000003]
[null,"2029-09-01",69.911630000000002,71.065770000000001]
[null,"2029-12-01",70.220470000000006,71.052610000000001]
[null,"2030-03-01",70.498419999999996,71.042090000000002]
[null,"2030-06-01",70.748580000000004,71.033670000000001]

{"sheet":"Data 5","index":10,"n_rows":77,"n_cols":5,"rows_kept":77,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 5: Consumers price index inflation"]
[null,"Sources: Stats NZ, the Treasury"]
[null,null,"Annual percentage change"]
[null,"Quarterly","HYEFU 2025","BEFU 2026"]
[null,"2012-06-01",0.95073460145086441,0.95073460145086441]
[null,"2012-09-01",0.7745266607078336,0.7745266607078336]
[null,"2012-12-01",0.9499136936760405,0.9499136936760405]
[null,"2013-03-01",0.8591064390849078,0.8591064390849078]
[null,"2013-06-01",0.68493156148902767,0.68493156148902767]
[null,"2013-09-01",1.3663535483605107,1.3663535483605107]
[null,"2013-12-01",1.6253207850237121,1.6253207850237121]
[null,"2014-03-01",1.5332198317709893,1.5332198317709893]
[null,"2014-06-01",1.615646256198509,1.615646256198509]
[null,"2014-09-01",1.0109520604429041,1.0109520604429041]
[null,"2014-12-01",0.75757574037599706,0.75757574037599706]
[null,"2015-03-01",0.2516778465678679,0.2516778465678679]
[null,"2015-06-01",0.41840999805606865,0.41840999805606865]
[null,"2015-09-01",0.4170141347329458,0.4170141347329458]
[null,"2015-12-01",8.3542221063784491E-2,8.3542221063784491E-2]
[null,"2016-03-01",0.41840999805606865,0.41840999805606865]
[null,"2016-06-01",0.41666672541248867,0.41666672541248867]
[null,"2016-09-01",0.4152823486400426,0.4152823486400426]
[null,"2016-12-01",1.3355592690301974,1.3355592690301974]
[null,"2017-03-01",2.1666666860783215,2.1666666860783215]
[null,"2017-06-01",1.7427385490211253,1.7427385490211253]
[null,"2017-09-01",1.9023987017550408,1.9023987017550408]
[null,"2017-12-01",1.594398659280329,1.594398659280329]
[null,"2018-03-01",1.0999999999999999,1.0999999999999999]
[null,"2018-06-01",1.5,1.5]
[null,"2018-09-01",1.9012987125475476,1.9012987125475476]
[null,"2018-12-01",1.8886679920477136,1.8886679920477136]
[null,"2019-03-01",1.4836795252225521,1.4836795252225521]
[null,"2019-06-01",1.6748768472906401,1.6748769999999999]
[null,"2019-09-01",1.46484375,1.464844]
[null,"2019-12-01",1.8536585365853657,1.8536589999999999]
[null,"2020-03-01",2.53411306042885,2.5341130000000001]
[null,"2020-06-01",1.4534883720930232,1.4534879999999999]
[null,"2020-09-01",1.4436958614051971,1.4436960000000001]
[null,"2020-12-01",1.4367816091954022,1.436782]
[null,"2021-03-01",1.520912547528517,1.520913]
[null,"2021-06-01",3.3428844317096464,3.3428840000000002]
[null,"2021-09-01",4.9335863377609108,4.933586]
[null,"2021-12-01",5.9490084985835701,5.9490080000000001]
[null,"2022-03-01",6.9288389513108619,6.928839]
[null,"2022-06-01",7.3012939001848425,7.3012940000000004]
[null,"2022-09-01",7.2332730560578664,7.2332729999999996]
[null,"2022-12-01",7.2192513368983953,7.2192509999999999]
[null,"2023-03-01",6.6549912434325744,6.6549909999999999]
[null,"2023-06-01",6.0292850990525411,6.0292849999999998]
[null,"2023-09-01",5.6492411467116357,5.649241]
[null,"2023-12-01",4.6550290939318373,4.6550289999999999]
[null,"2024-03-01",4.0229885057471266,4.0229889999999999]
[null,"2024-06-01",3.3306255077173033,3.3306260000000001]
[null,"2024-09-01",2.1548284118116521,2.1548280000000002]
[null,"2024-12-01",2.2239872915011913,2.2239870000000002]
[null,"2025-03-01",2.5256511444356748,2.5256509999999999]
[null,"2025-06-01",2.6729559748427674,2.6729560000000001]
[null,"2025-09-01",3.046875,3.046875]
[null,"2025-12-01",2.8722451991362035,3.1080030000000001]
[null,"2026-03-01",2.5100691746243973,3.0792920000000001]
[null,"2026-06-01",2.3894381437715242,3.9603519999999999,"Forecast"]
[null,"2026-09-01",2.3341612917586039,3.7002060000000001]
[null,"2026-12-01",2.315938766574043,3.1985790000000001]
[null,"2027-03-01",2.2639706728580942,2.7448440000000001]
[null,"2027-06-01",2.2163426351563071,1.6006750000000001]
[null,"2027-09-01",2.1732886383427337,1.7190890000000001]
[null,"2027-12-01",2.1345120775318684,1.9074260000000001]
[null,"2028-03-01",2.1021329235472552,2.0319989999999999]
[null,"2028-06-01",2.0769119896148354,2.0852710000000001]
[null,"2028-09-01",2.0595273707149331,2.1072540000000002]
[null,"2028-12-01",2.0441362402533136,2.1326890000000001]
[null,"2029-03-01",2.031046072041863,2.1156199999999998]
[null,"2029-06-01",2.0191859323467263,2.1006070000000001]
[null,"2029-09-01",2.0082411487491703,2.086185]
[null,"2029-12-01",2.0012320215569583,2.070532]
[null,"2030-03-01",1.997950944323073,2.0525980000000001]
[null,"2030-06-01",1.9986540711717988,2.032467]

{"sheet":"Data 6","index":12,"n_rows":77,"n_cols":5,"rows_kept":77,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 6: Real production GDP growth"]
[null,"Sources: Stats NZ, the Treasury"]
[null,null,"Annual average percentage change"]
[null,null,"HYEFU 2025","BEFU 2026"]
[null,"2012-06-01",2.644104,2.676231]
[null,"2012-09-01",2.6450499999999999,2.641394]
[null,"2012-12-01",2.5670069999999998,2.5321820000000002]
[null,"2013-03-01",2.3612639999999998,2.2968459999999999]
[null,"2013-06-01",2.2368260000000002,2.165667]
[null,"2013-09-01",2.445106,2.3961450000000002]
[null,"2013-12-01",2.1738599999999999,2.13449]
[null,"2014-03-01",2.6070700000000002,2.5838100000000002]
[null,"2014-06-01",2.7483399999999998,2.7293959999999999]
[null,"2014-09-01",2.9845109999999999,2.9484059999999999]
[null,"2014-12-01",3.7914110000000001,3.7715990000000001]
[null,"2015-03-01",3.8147829999999998,3.8061880000000001]
[null,"2015-06-01",4.0839369999999997,4.0964130000000001]
[null,"2015-09-01",4.0653990000000002,4.1052489999999997]
[null,"2015-12-01",3.6129989999999998,3.6533370000000001]
[null,"2016-03-01",3.7055220000000002,3.7453099999999999]
[null,"2016-06-01",3.7476590000000001,3.7726500000000001]
[null,"2016-09-01",3.8923019999999999,3.8951709999999999]
[null,"2016-12-01",3.9709880000000002,3.9549599999999998]
[null,"2017-03-01",3.7958370000000001,3.7591510000000001]
[null,"2017-06-01",3.569321,3.5257109999999998]
[null,"2017-09-01",3.2680220000000002,3.221705]
[null,"2017-12-01",3.3342420000000002,3.283569]
[null,"2018-03-01",3.3833160000000002,3.3204470000000001]
[null,"2018-06-01",3.4903059999999999,3.3968349999999998]
[null,"2018-09-01",3.4923329999999999,3.3699780000000001]
[null,"2018-12-01",3.4747669999999999,3.332179]
[null,"2019-03-01",3.474424,3.3245550000000001]
[null,"2019-06-01",3.1964730000000001,3.0732249999999999]
[null,"2019-09-01",3.253924,3.1627000000000001]
[null,"2019-12-01",3.0302790000000002,2.981274]
[null,"2020-03-01",2.310238,2.3156319999999999]
[null,"2020-06-01",-0.81173499999999998,-0.77361800000000003]
[null,"2020-09-01",-1.069142,-1.0024040000000001]
[null,"2020-12-01",-1.357693,-1.2696000000000001]
[null,"2021-03-01",-0.34424900000000003,-0.27695599999999998]
[null,"2021-06-01",6.2396909999999997,6.2566139999999999]
[null,"2021-09-01",5.4078080000000002,5.337485]
[null,"2021-12-01",5.6810970000000003,5.5111129999999999]
[null,"2022-03-01",4.5549780000000002,4.3311130000000002]
[null,"2022-06-01",0.70329699999999995,0.445766]
[null,"2022-09-01",2.731643,2.4493279999999999]
[null,"2022-12-01",2.8595480000000002,2.6160909999999999]
[null,"2023-03-01",3.479082,3.3281900000000002]
[null,"2023-06-01",3.9703339999999998,3.9866600000000001]
[null,"2023-09-01",2.349475,2.5711919999999999]
[null,"2023-12-01",1.8037339999999999,2.181054]
[null,"2024-03-01",1.3830720000000001,1.811987]
[null,"2024-06-01",0.58743999999999996,1.0824689999999999]
[null,"2024-09-01",-1.4198000000000001E-2,0.47998299999999999]
[null,"2024-12-01",-0.60275100000000004,-0.28703600000000001]
[null,"2025-03-01",-1.0619890000000001,-0.85841599999999996]
[null,"2025-06-01",-1.0913060000000001,-1.135886]
[null,"2025-09-01",-0.46651199999999998,-0.56486599999999998]
[null,"2025-12-01",0.21320900000000001,0.17648900000000001]
[null,"2026-03-01",0.69650699999999999,0.52758000000000005,"Forecast"]
[null,"2026-06-01",1.676304,1.232359]
[null,"2026-09-01",2.4008970000000001,1.3459159999999999]
[null,"2026-12-01",2.9742250000000001,1.5379210000000001]
[null,"2027-03-01",3.4764249999999999,1.998734]
[null,"2027-06-01",3.3958940000000002,2.3306610000000001]
[null,"2027-09-01",3.1413389999999999,2.7683520000000001]
[null,"2027-12-01",2.8949090000000002,3.0657100000000002]
[null,"2028-03-01",2.7014290000000001,3.2319469999999999]
[null,"2028-06-01",2.586144,3.2130130000000001]
[null,"2028-09-01",2.5356019999999999,3.1083219999999998]
[null,"2028-12-01",2.5202239999999998,2.973792]
[null,"2029-03-01",2.5252650000000001,2.8458359999999998]
[null,"2029-06-01",2.5346950000000001,2.7372260000000002]
[null,"2029-09-01",2.5354130000000001,2.6597849999999998]
[null,"2029-12-01",2.5294460000000001,2.6063909999999999]
[null,"2030-03-01",2.520073,2.5583469999999999]
[null,"2030-06-01",2.5165329999999999,2.5123639999999998]

{"sheet":"Table 2","index":14,"n_rows":14,"n_cols":7,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[null,"Table 2: Changes in nominal GDP and core Crown revenue forecasts"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June"]
[null,"$billions","2026\nForecast","2027\nForecast","2028\nForecast","2029\nForecast","2030\nForecast"]
[null,"Nominal GDP"]
[null,"BEFU 2026",452.2,474.9,503.7,529.79999999999995,554.4]
[null,"HYEFU 2025",454.5,479,502.2,526.20000000000005,551.1]
[null,"Change",{"$f":"C7-C8","v":-2.3000000000000114},{"$f":"D7-D8","v":-4.1000000000000227},1.5,3.5999999999999091,3.2999999999999545]
[]
[null,"Core Crown tax revenue"]
[null,"BEFU 2026",124.807388932609,132.98673135428999,142.23165089420999,151.60169087542599,159.706164456224]
[null,"HYEFU 2025",124.2,132.19999999999999,140.19999999999999,148.4,156.6]
[null,"Change",{"$f":"C12-C13","v":0.60738893260899829},{"$f":"D12-D13","v":0.78673135428999785},2.0316508942100029,3.2016908754259816,3.1061644562240076]

{"sheet":"Data 7","index":15,"n_rows":23,"n_cols":5,"rows_kept":23,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 7: Core Crown expenses "]
[null,"Source: The Treasury"]
[null,null,"% of GDP"]
[null,"Year ending 30 June","HYEFU 2025","BEFU 2026"]
[null,2012,32.076586636888145,32.041104676563272]
[null,2013,31.97488151442165,31.929060730112223]
[null,2014,30.039589083879896,30.036546560993933]
[null,2015,29.43116743671504,29.443741429890913]
[null,2016,28.551952666378298,28.563094267599592]
[null,2017,27.683832995470585,27.689857921673745]
[null,2018,27.262515394713695,27.26860469051406]
[null,2019,28.021009554191441,28.035554237299067]
[null,2020,34.272398047551569,34.237249745183654]
[null,2021,31.390437573914515,31.35025687870554]
[null,2022,34.364572278809227,34.393546197139919]
[null,2023,31.768016335474876,31.74722466236814]
[null,2024,33.082395390294579,33.02768425079541]
[null,2025,32.491136174955628,32.570912284412401]
[null,2026,32.793835822898721,32.563559528201154,"Forecast"]
[null,2027,32.039357897571762,32.599655269852619]
[null,2028,31.388516668292709,31.521697917127799]
[null,2029,30.906699910302994,30.720092465841976]
[null,2030,30.476219856315634,30.283374987734561]

{"sheet":"Data 8","index":17,"n_rows":23,"n_cols":5,"rows_kept":23,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 8: OBEGALx"]
[null,"Source: The Treasury"]
[null,null,"% of GDP"]
[null,"Year ending 30 June","HYEFU 2025","BEFU 2026"]
[null,2012,-5.5,-5.5]
[null,2013,-2.7,-2.7]
[null,2014,-1.6,-1.6]
[null,2015,0.1,0.1]
[null,2016,0.8,0.8]
[null,2017,1.7,1.7000000000000002]
[null,2018,2,2]
[null,2019,2.7,2.7]
[null,2020,-6.6,-6.6000000000000005]
[null,2021,-0.7,-0.70000000000000007]
[null,2022,-2.4,-2.4]
[null,2023,-1.8,-1.7999999999999998]
[null,2024,-2.1,-2.1]
[null,2025,-2.1,-2.1]
[null,2026,-3,-2.6,"Forecast"]
[null,2027,-2.2000000000000002,-2.4]
[null,2028,-1,-0.8]
[null,2029,-0.2,0.5]
[null,2030,0.4,1.0999999999999999]

{"sheet":"Table 3","index":19,"n_rows":13,"n_cols":7,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[null,"Table 3: Changes in OBEGALx forecasts between HYEFU 2025 and BEFU 2026"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",2026,2027,2028,2029,2030]
[null,"$billions","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"OBEGALx – 2025 HYEFU",-13.9,-10.4,-5.0999999999999996,-0.9,2.2999999999999998]
[null,"Tax revenue (excluding Budget 2026 decisions)",0.6,0.8,1.9,3.1,3]
[null,"Benefit expenses (excluding Budget 2026 decisions)",0.1,-0.4,-0.7,-0.7,-0.6]
[null,"Net finance costs",-0.1,-0.1,0.2,0.2,0.1]
[null,"Budget 2026 package impact",0.2,-1.2,0.2,1.1000000000000001,1.1000000000000001]
[null,"Other movements",{"$f":"C13-C6-SUM(C7:C10)","v":1.2},{"$f":"D13-D6-SUM(D7:D10)","v":-0.10000000000000009},{"$f":"E13-E6-SUM(E7:E10)","v":-0.8},{"$f":"F13-F6-SUM(F7:F10)","v":-0.20000000000000062},{"$f":"G13-G6-SUM(G7:G10)","v":0.19999999999999973}]
[null,"Total movement",{"$f":"C13-C6","v":2},{"$f":"D13-D6","v":-1},{"$f":"E13-E6","v":0.79999999999999982},{"$f":"F13-F6","v":3.5},{"$f":"G13-G6","v":3.8}]
[null,"OBEGALx – 2026 BEFU ",-11.9,-11.4,-4.3,2.6,6.1]

{"sheet":"Data 9","index":20,"n_rows":23,"n_cols":5,"rows_kept":23,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure 9: Net core Crown debt"]
[null,"Source: The Treasury"]
[null,null,"% of GDP"]
[null,"Year ending 30 June","HYEFU 2025","BEFU 2026"]
[null,2012,23.599999999999998,23.599999999999998]
[null,2013,25.5,25.5]
[null,2014,25.3,25.3]
[null,2015,24.7,24.7]
[null,2016,23.9,23.9]
[null,2017,21.6,21.6]
[null,2018,19.5,19.5]
[null,2019,18.600000000000001,18.600000000000001]
[null,2020,26.3,26.200000000000003]
[null,2021,29.7,29.7]
[null,2022,35.200000000000003,35.299999999999997]
[null,2023,38.700000000000003,38.6]
[null,2024,41.8,41.699999999999996]
[null,2025,41.8,41.9]
[null,2026,43.3,42.4,"Forecast"]
[null,2027,46,45.6]
[null,2028,46.9,46.1]
[null,2029,46.9,45.6]
[null,2030,46.1,44.4]

{"sheet":"Data 10","index":22,"n_rows":24,"n_cols":5,"rows_kept":24,"cut":false,"hidden":false,"merged":[[2,2,2,3],[23,1,24,12]]}
[null,"Figure 10: General government net debt"]
[null,"Source: IMF Fiscal Monitor April 2026"]
[null,null,"% of GDP"]
[null,"Year","New Zealand","Small and medium advanced economies median"]
[null,2015,7.3378012998923996,34.628874792836001]
[null,2016,6.6269801117518998,33.666504392988003]
[null,2017,5.5509987539571002,33.0209458703645]
[null,2018,4.7229040004762997,30.289429061098499]
[null,2019,6.8624662876929001,29.935239405147499]
[null,2020,10.326861060927,37.194250279900501]
[null,2021,13.957043092429,37.389860564537003]
[null,2022,17.977973024672,34.788861094688997]
[null,2023,19.540444641581999,34.845572855545498]
[null,2024,22.449391832682998,33.448382372303001]
[null,2025,25.814945327076,34.079212277858005]
[null,2026,27.903833698328,34.235459340714002,"Forecast"]
[null,2027,29.114858659094999,34.799634934909001]
[null,2028,29.172021845488,35.397624687333504]
[null,2029,28.490051227767999,36.410997441610498]
[null,2030,27.418364796643001,37.105625393780997]
[null,2031,26.940346200625001,36.826368545717003]
[]
[]
[null,"Note: In these charts, small and medium advanced economies are advanced economies excluding the United States, the United Kingdom, Japan, Canada, France, Germany and Italy, and excluding some economies with missing data. The IMF’s data does not incorporate the latest BEFU forecasts. "]

{"sheet":"Data 11","index":24,"n_rows":24,"n_cols":5,"rows_kept":24,"cut":false,"hidden":false,"merged":[[2,2,2,3],[23,1,24,12]]}
[null,"Figure 11: Overall balance"]
[null,"Source: IMF Fiscal Monitor April 2026"]
[null,null,"% of GDP"]
[null,"Year","New Zealand","Small and medium advanced economies median"]
[null,2015,0.37360988140565998,-0.86673466574220503]
[null,2016,0.98298237527217003,0.12961542893331701]
[null,2017,1.3830377617301,0.9310136240848701]
[null,2018,1.3117156334143001,0.59751967312019505]
[null,2019,-2.4355676949376002,0.37843573132367003]
[null,2020,-4.2137083099538,-5.6122587468290002]
[null,2021,-3.3496506761989999,-2.63122092408085]
[null,2022,-3.9623496124312001,-0.89852889513125489]
[null,2023,-3.2249866981556998,-1.0244064276921601]
[null,2024,-3.2071061027951,-1.3667856565038501]
[null,2025,-3.8599100444435002,-1.93353934417185]
[null,2026,-3.9179936584060999,-2.198757484158,"Forecast"]
[null,2027,-3.1466544641271001,-2.0582150749214003]
[null,2028,-2.1265719902623998,-1.9746373451606498]
[null,2029,-1.3047201854271999,-1.48081070590525]
[null,2030,-0.91762229572371001,-1.3473532215279]
[null,2031,-0.62486519215009995,-1.5152358524426499]
[]
[]
[null,"Note: In these charts, small and medium advanced economies are advanced economies excluding the United States, the United Kingdom, Japan, Canada, France, Germany and Italy, and excluding some economies with missing data. The IMF’s data does not incorporate the latest BEFU forecasts. "]

{"sheet":"Data 12","index":26,"n_rows":7,"n_cols":4,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 12: Funding of the Budget 2026 operating package"]
[null,"Source: The Treasury"]
[null,null,"$billions, average per annum"]
[null,"Category","Gross cost","Funding"]
[null,"New spending initiatives",3.8]
[null,"Budget allowance",null,2.1]
[null,"Savings and revenue raising initiatives",null,1.7]

{"sheet":"Data 13","index":28,"n_rows":28,"n_cols":4,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 13: Operating allowances"]
[null,"Source: The Treasury"]
[null,null,"$billions (average per annum)"]
[null,"Budget","Budget operating allowance/package"]
[null,2006,2.5]
[null,2007,2.5]
[null,2008,2.2989999999999999]
[null,2009,1.45]
[null,2010,1.1000000000000001]
[null,2011,-0.29599999999999999]
[null,2012,0.17899999999999999]
[null,2013,0.9]
[null,2014,1]
[null,2015,1]
[null,2016,1.6]
[null,2017,1.8]
[null,2018,2.8479999999999999]
[null,2019,3.8]
[null,2020,3.3]
[null,2021,3.8]
[null,2022,5.9]
[null,2023,4.8]
[null,2024,3.2]
[null,2025,1.3]
[null,2026,2.1]
[null,2027,2.4,"Forecast"]
[null,2028,2.4]
[null,2029,2.4]

{"sheet":"Data 14","index":30,"n_rows":18,"n_cols":5,"rows_kept":18,"cut":false,"hidden":false,"merged":[[3,2,3,4]]}
[null,"Figure 14: Net worth attributable to the Crown for 2024/25 by entity"]
[null,"Source: The Treasury"]
[]
[null,null,"$ billions"]
[null,"Entity","Assets","Liabilities","Net worth attributable to the Crown"]
[null,"Reserve Bank",49.3,-43.3,6]
[null,"New Zealand Debt Management",45.4,-225.1,-179.7]
[null,"NZSF",87.4,-4.5,82.9]
[null,"ACC",60,-73.8,-13.8]
[null,"NZ Transport Agency",90.5,-6.2,84.3]
[null,"Kāinga Ora",47.7,-19.8,27.9]
[null,"Kiwi Group Capital ",40.5,-37.4,3.1]
[null,"Other departments",184.3,-41.9,142.4]
[null,"Other Crown entities",64.5,-17.2,47.3]
[null,"State-owned enterprises",72,-27,35.1]
[]
[]
[null,"Note: This chart displays unconsolidated net worth attributable to the Crown. It does not sum to the overall net worth attributable to the Crown because inter-entity balances are eliminated in the consolidated accounts (e.g. ACC’s holdings of Government bonds). "]

{"sheet":"Table A1.1","index":32,"n_rows":32,"n_cols":8,"rows_kept":32,"cut":false,"hidden":false,"merged":[]}
[null,"Table A1.1: BEFU fiscal forecasts"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June","2025\nActual","2026\nForecast","2027\nForecast","2028\nForecast","2029\nForecast","2030\nForecast"]
[null,"$billions"]
[null,"Core Crown tax revenue",121.69799999999999,124.807,132.98599999999999,142.22900000000001,151.601,159.70500000000001]
[null,"Core Crown revenue",134.411,137.23500000000001,145.59,155.57499999999999,165.56200000000001,174.255]
[null,"Total Crown revenue",169.81100000000001,171.99,184.053,195.73099999999999,207.536,217.65299999999999]
[null,"Core Crown expenses",141.67500000000001,147.239,154.82300000000001,158.78800000000001,162.767,167.892]
[null,"Total Crown expenses",183.50200000000001,186.83600000000001,197.953,202.78100000000001,207.69499999999999,214.21700000000001]
[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,"Net core Crown debt",182.17099999999999,191.761,216.48099999999999,232.42,241.357,246.11600000000001]
[null,"Total borrowings",272.08499999999998,289.28899999999999,318.82299999999998,339.34800000000001,353.46600000000001,364.11599999999999]
[null,"Gross debt",203.68799999999999,223.761,250.22,267.13,278.37900000000002,284.27800000000002]
[null,"Net worth",189.12799999999999,185.33199999999999,189.755,189.49199999999999,196.37700000000001,207.34700000000001]
[null,"Net worth attributable to the Crown",179.26,175.459,179.88499999999999,179.369,186.16200000000001,197.19800000000001]
[null,"Core Crown residual cash",-5.9960000000000004,-9.3140000000000001,-24.221,-15.635999999999999,-8.8420000000000005,-4.492]
[null,"% of GDP"]
[null,"Core Crown tax revenue ",28.000000000000004,27.6,28.000000000000004,28.199999999999996,28.599999999999998,28.799999999999997]
[null,"Core Crown revenue ",30.9,30.4,30.7,30.9,31.2,31.4]
[null,"Total Crown revenue",39,38,38.800000000000004,38.9,39.200000000000003,39.300000000000004]
[null,"Core Crown expenses",32.6,32.6,32.6,31.5,30.7,30.3]
[null,"Total Crown expenses",42.199999999999996,41.3,41.699999999999996,40.300000000000004,39.200000000000003,38.6]
[null,"OBEGALx",-2.1,-2.6,-2.4,-0.8,0.5,1.0999999999999999]
[null,"Operating balance ",-1,-0.89999999999999991,-1.7000000000000002,-0.1,1.3,2]
[null,"Net core Crown debt",41.9,42.4,45.6,46.1,45.6,44.4]
[null,"Total borrowings",62.6,64,67.099999999999994,67.400000000000006,66.7,65.7]
[null,"Gross debt",46.800000000000004,49.5,52.7,53,52.5,51.300000000000004]
[null,"Net worth",43.5,41,40,37.6,37.1,37.4]
[null,"Net worth attributable to the Crown",41.199999999999996,38.800000000000004,37.9,35.6,35.099999999999994,35.6]
[null,"Core Crown residual cash",-1.4000000000000001,-2.1,-5.0999999999999996,-3.1,-1.7000000000000002,-0.8]

{"sheet":"Data A2.1","index":33,"n_rows":27,"n_cols":7,"rows_kept":27,"cut":false,"hidden":false,"merged":[[3,2,3,5]]}
[null,"Figure A2.1: Net core Crown debt"]
[null,"Source: The Treasury"]
[]
[null,null,"% of GDP"]
[null,"Year ending 30 June","Scenario 1","Scenario 2","Scenario 3","Scenario 4"]
[null,2019,18.614068232669407,18.614068232669407,18.614068232669407,18.614068232669407]
[null,2020,26.228781034113933,26.228781034113933,26.228781034113933,26.228781034113933]
[null,2021,29.696691122993411,29.696691122993411,29.696691122993411,29.696691122993411]
[null,2022,35.278288767711267,35.278288767711267,35.278288767711267,35.278288767711267]
[null,2023,38.640215208427179,38.640215208427179,38.640215208427179,38.640215208427179]
[null,2024,41.692467441125515,41.692467441125515,41.692467441125515,41.692467441125515]
[null,2025,41.880894030447784,41.880894030447784,41.880894030447784,41.880894030447784]
[null,2026,42.41008140941571,42.41008140941571,42.41008140941571,42.41008140941571,"Forecast"]
[null,2027,45.582432483649946,45.582432483649946,45.582432483649946,45.582432483649946]
[null,2028,46.138697984285606,46.138697984285606,46.138697984285606,46.138697984285606]
[null,2029,45.552894369799134,45.552894369799134,45.552894369799134,45.552894369799134]
[null,2030,44.392977671477226,44.392977671477226,44.392977671477226,44.392977671477226]
[null,2031,42.473649316721144,42.721142017687335,43.043322359335029,43.167068709818111,"Projection"]
[null,2032,40.374605356276739,41.109034204380798,42.021743845475171,42.388958269527208]
[null,2033,38.110801482622193,39.516019628663351,41.233470493310847,41.911688581370242]
[null,2034,35.591073465733274,37.814703525662665,40.477435894532704,41.501188895640837]
[null,2035,32.902845989575951,36.05872033690342,39.794068104679489,41.167115785316469]
[null,2036,30.075093907014061,34.275330358557142,39.200551489723395,40.927177308067606]
[null,2037,27.123017618192321,32.477902674111249,38.700372471564819,40.785193936253975]
[null,2038,24.068051044926602,30.687741432540072,38.305459725400354,40.753953166416053]
[null,2039,20.92222718059665,28.91601938986414,38.020850840330681,40.838901345280512]
[null,2040,17.692117632804283,27.1673346964829,37.843589456735486,41.037020627211476]

{"sheet":"Data A2.2","index":35,"n_rows":27,"n_cols":7,"rows_kept":27,"cut":false,"hidden":false,"merged":[[3,2,3,5]]}
[null,"Figure A2.2: OBEGALx"]
[null,"Source: The Treasury"]
[]
[null,null,"% of GDP"]
[null,"Year ending 30 June","Scenario 1","Scenario 2","Scenario 3","Scenario 4"]
[null,2019,2.7416869241135591,2.7416869241135591,2.7416869241135591,2.7416869241135591]
[null,2020,-6.5755200140935361,-6.5755200140935361,-6.5755200140935361,-6.5755200140935361]
[null,2021,-0.74445368910404586,-0.74445368910404586,-0.74445368910404586,-0.74445368910404586]
[null,2022,-2.3717232770514367,-2.3717232770514367,-2.3717232770514367,-2.3717232770514367]
[null,2023,-1.7914956836376412,-1.7914956836376412,-1.7914956836376412,-1.7914956836376412]
[null,2024,-2.0845758495246627,-2.0845758495246627,-2.0845758495246627,-2.0845758495246627]
[null,2025,-2.1394382192958732,-2.1394382192958732,-2.1394382192958732,-2.1394382192958732]
[null,2026,-2.6400005307867498,-2.6400005307867498,-2.6400005307867498,-2.6400005307867498,"Forecast"]
[null,2027,-2.4090271665662879,-2.4090271665662879,-2.4090271665662941,-2.4090271665662941]
[null,2028,-0.84884722735052209,-0.84884722735052209,-0.84884722735051643,-0.84884722735051643]
[null,2029,0.48788405534511037,0.48788405534511037,0.48788405534511037,0.48788405534511037]
[null,2030,1.1029882594430367,1.1029882594430367,1.1029882594430367,1.1029882594430367]
[null,2031,1.2856757534074081,1.1591733371384001,0.71600271079352829,0.71324664500761059,"Projection"]
[null,2032,1.5876001980521257,1.3283154589895476,0.48670660150525474,0.47597907985297477]
[null,2033,1.8673577818157956,1.4701994721566074,0.32536715428476709,0.30281114984449653]
[null,2034,2.1458700086631213,1.6076515068997792,0.25758027471578315,0.22124650036411445]
[null,2035,2.4239556166455811,1.7429002828671323,0.22588221115211746,0.1752213304591301]
[null,2036,2.6668653262697397,1.840512985313064,0.16172440200436305,9.624192294841559E-2]
[null,2037,2.884802603008684,1.9112284179328669,7.6442928285981329E-2,-4.0530955814050591E-3]
[null,2038,3.095107963186265,1.9720084871850405,-1.1851823130586539E-2,-0.1075878225968017]
[null,2039,3.307161284270526,2.032071790222048,-9.7871771983084582E-2,-0.20909170748817324]
[null,2040,3.5256337149686376,2.0961360677443501,-0.17639643924358378,-0.30334295256338095]

{"sheet":"Data A2.3","index":37,"n_rows":27,"n_cols":7,"rows_kept":27,"cut":false,"hidden":false,"merged":[[3,2,3,5]]}
[null,"Figure A2.3: Core Crown expenses"]
[null,"Source: The Treasury"]
[]
[null,null,"% of GDP"]
[null,"Year ending 30 June","Scenario 1","Scenario 2","Scenario 3","Scenario 4"]
[null,2019,28.035554237299067,28.035554237299067,28.035554237299067,28.035554237299067]
[null,2020,34.237249745183654,34.237249745183654,34.237249745183654,34.237249745183654]
[null,2021,31.350256878705544,31.350256878705544,31.350256878705544,31.350256878705544]
[null,2022,34.393546197139919,34.393546197139919,34.393546197139919,34.393546197139919]
[null,2023,31.74722466236814,31.74722466236814,31.74722466236814,31.74722466236814]
[null,2024,33.02768425079541,33.02768425079541,33.02768425079541,33.02768425079541]
[null,2025,32.570912284412401,32.570912284412401,32.570912284412401,32.570912284412401]
[null,2026,32.563545124613249,32.563545124613249,32.563545124613242,32.563545124613242,"Forecast"]
[null,2027,32.599668998277608,32.599668998277608,32.599668998277615,32.599668998277615]
[null,2028,31.52169165961941,31.52169165961941,31.52169165961941,31.52169165961941]
[null,2029,30.720086667836828,30.720086667836828,30.720086667836828,30.720086667836828]
[null,2030,30.283385912413895,30.283385912413895,30.283385912413895,30.283385912413895]
[null,2031,29.934817817752329,30.061320234021338,30.504490860366211,30.507246926152124,"Projection"]
[null,2032,29.550722571434775,29.810007310497355,30.651616167981643,30.662343689633921]
[null,2033,29.226159217936917,29.623317527596107,30.768149845467946,30.790705849908214]
[null,2034,28.933694729020576,29.471913230783922,30.821984462967919,30.858318237319583]
[null,2035,28.64668853160714,29.327743865385589,30.844761937100618,30.895422817793598]
[null,2036,28.393072635022961,29.219424975979646,30.898213559288344,30.963696038344288]
[null,2037,28.141765901915388,29.115340086991207,30.95012557663809,31.030621600505484]
[null,2038,27.892036473893484,29.015135949894702,30.99899626021034,31.094732259676555]
[null,2039,27.644807802810693,28.919897296859173,31.049840859064311,31.161060794569401]
[null,2040,27.394817113885704,28.824314761109999,31.096847268097935,31.223793781417733]

{"sheet":"Table A2.1","index":39,"n_rows":17,"n_cols":8,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[null,"Table A2.1: Fiscal indicators from Scenario 1"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",2030,2032,2034,2036,2038,2040]
[null,null,"Forecast","Projection","Projection","Projection","Projection","Projection"]
[null,"% of GDP"]
[null,"Core Crown revenue",31.43110697452936,31.130596267579335,31.038757963660707,30.973956106694782,30.90938367875869,30.853966897209133]
[null,"Total Crown revenue",39.258986693794952,39.001234604334535,38.947591333959515,38.921336213472948,38.819003140228162,38.724502024838579]
[null,"Core Crown expenses",30.283385912413895,29.5507225714348,28.933694729020601,28.393072635023,27.892036473893501,27.394817113885701]
[null,"Total Crown expenses",38.639220927736687,37.82980620967227,37.143597776871609,36.502927674364791,35.952240053648879,35.407455009108759]
[null,"OBEGALx",1.1029882594430365,1.5876001980521259,2.1458700086631213,2.6668653262697397,3.095107963186265,3.5256337149686381]
[null,"Operating balance",1.9814106345023359,2.4979517820930783,3.1850765812579853,3.855536359126627,4.3577928105183581,4.8634112876651958]
[null,"Net core Crown debt",44.392977671477226,40.374605356276739,35.591073465733267,30.075093907014061,24.068051044926602,17.692117632804287]
[null,"Total borrowings",65.677133781743606,62.544650658836112,58.381564599906199,53.198068566809276,47.362447153373232,41.064074799762828]
[null,"Net worth",37.400050144028832,39.068388880151936,42.052678770272934,46.193199979716319,51.107347848310866,56.696951695907401]
[null,"Net worth attributable to the Crown",35.569432344341593,37.42308804182705,40.556497963489726,44.809363538442511,49.817584006887529,55.490057516172698]

{"sheet":"Table A2.2","index":40,"n_rows":17,"n_cols":8,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[null,"Table A2.2: Fiscal indicators from Scenario 2"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",2030,2032,2034,2036,2038,2040]
[null,null,"Forecast","Projection","Projection","Projection","Projection","Projection"]
[null,"% of GDP"]
[null,"Core Crown revenue",31.43110697452936,31.130596267579335,31.038757963660707,30.973956106694782,30.90938367875869,30.853966897209133]
[null,"Total Crown revenue",39.258986693794952,39.001234604334535,38.947591333959515,38.921336213472948,38.819003140228162,38.724502024838579]
[null,"Core Crown expenses",30.283385912413895,29.810007310497355,29.471913230783919,29.219424975979646,29.015135949894706,28.824314761109999]
[null,"Total Crown expenses",38.639220927736687,38.089090948734849,37.681816278634948,37.329280015321466,37.075339529650108,36.836952656333047]
[null,"OBEGALx",1.1029882594430365,1.3283154589895476,1.6076515068997792,1.8405129853130637,1.9720084871850403,2.0961360677443501]
[null,"Operating balance",1.9814106345023359,2.2386670430305,2.6468580794946432,3.0291840181699512,3.2346933345171336,3.4339136404409083]
[null,"Net core Crown debt",44.392977671477226,41.109034204380798,37.814703525662658,34.275330358557142,30.687741432540072,27.167334696482904]
[null,"Total borrowings",65.677133781743606,63.279079506940199,60.605194659835583,57.398305018352346,53.982137540986699,50.539291863441434]
[null,"Net worth",37.400050144028832,38.68780421354149,40.782493116615285,43.540563715532024,46.597634457729008,49.867997213214274]
[null,"Net worth attributable to the Crown",35.569432344341593,37.042503375216612,39.28631230983207,42.156727274258223,45.307870616305664,48.66110303347957]

{"sheet":"Table A2.3","index":41,"n_rows":17,"n_cols":8,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[null,"Table A2.3: Fiscal indicators from Scenario 3"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",2030,2032,2034,2036,2038,2040]
[null,null,"Forecast","Projection","Projection","Projection","Projection","Projection"]
[null,"% of GDP"]
[null,"Core Crown revenue",31.43110697452936,31.130596267579335,31.038757963660707,30.973956106694782,30.90938367875869,30.853966897209133]
[null,"Total Crown revenue",39.258986693794952,39.001234604334535,38.947591333959515,38.921336213472948,38.819003140228162,38.724502024838579]
[null,"Core Crown expenses",30.283385912413895,30.651616167981643,30.821984462967915,30.898213559288344,30.998996260210344,31.096847268097932]
[null,"Total Crown expenses",38.639220927736687,38.930699806219138,39.03188751081894,39.008068598630167,39.059199839965736,39.109485163320976]
[null,"OBEGALx",1.1029882594430365,0.48670660150525474,0.25758027471578315,0.16172440200436305,-1.1851823130586539E-2,-0.17639643924358378]
[null,"Operating balance",1.9814106345023359,1.397058185546207,1.2967868473106428,1.3503954348612506,1.2508330242015067,1.1613811334529744]
[null,"Net core Crown debt",44.392977671477226,42.021743845475171,40.477435894532704,39.200551489723395,38.305459725400354,37.843589456735479]
[null,"Total borrowings",65.677133781743606,64.191789148034559,63.267927028705628,62.323526149518592,61.599855833846959,61.215546623694017]
[null,"Net worth",37.400050144028832,37.421250390953489,37.166316341473497,37.067742397006995,36.869939167837131,36.545479871976219]
[null,"Net worth attributable to the Crown",35.569432344341593,35.775949552628603,35.670135534690282,35.683905955733188,35.58017532641378,35.338585692241516]

{"sheet":"Table A2.4","index":42,"n_rows":17,"n_cols":8,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[null,"Table A2.4: Fiscal indicators from Scenario 4"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",2030,2032,2034,2036,2038,2040]
[null,null,"Forecast","Projection","Projection","Projection","Projection","Projection"]
[null,"% of GDP"]
[null,"Core Crown revenue",31.43110697452936,31.130596267579335,31.038757963660707,30.973956106694782,30.90938367875869,30.853966897209133]
[null,"Total Crown revenue",39.258986693794952,39.001234604334535,38.947591333959515,38.921336213472948,38.819003140228162,38.724502024838579]
[null,"Core Crown expenses",30.283385912413895,30.662343689633925,30.858318237319587,30.963696038344285,31.094732259676555,31.223793781417729]
[null,"Total Crown expenses",38.639220927736687,38.941427327871416,39.068221285170615,39.073551077686112,39.15493583943195,39.236431676640777]
[null,"OBEGALx",1.1029882594430365,0.47597907985297472,0.22124650036411445,9.624192294841559E-2,-0.1075878225968017,-0.30334295256338095]
[null,"Operating balance",1.9814106345023359,1.386330663893927,1.260453072958974,1.2849129558053032,1.1550970247352916,1.0344346201331773]
[null,"Net core Crown debt",44.392977671477226,42.388958269527208,41.501188895640837,40.927177308067606,40.753953166416053,41.037020627211469]
[null,"Total borrowings",65.677133781743606,64.55900357208661,64.291680029813747,64.050151967862803,64.048349274862659,64.408977794170013]
[null,"Net worth",37.400050144028832,37.407880148395087,37.09600774663712,36.88871676602156,36.531422723853041,35.998311282485709]
[null,"Net worth attributable to the Crown",35.569432344341593,35.762579310070201,35.599826939853912,35.504880324747759,35.241658882429697,34.791417102750998]

{"sheet":"Data A3.1","index":43,"n_rows":51,"n_cols":5,"rows_kept":51,"cut":false,"hidden":false,"merged":[[2,2,2,3]]}
[null,"Figure A3.1: Real GDP forecasts from PREFU 2023 and BEFU 2026"]
[null,"Sources: Stats NZ, the Treasury"]
[null,null,"$billions (2009/10 prices)"]
[null,"Quarterly","PREFU 2023","BEFU 2026"]
[null,"2019-06-01",64.504000000000005,64.103999999999999]
[null,"2019-09-01",64.953000000000003,64.597999999999999]
[null,"2019-12-01",65.424000000000007,65.268000000000001]
[null,"2020-03-01",64.841999999999999,64.555000000000007]
[null,"2020-06-01",58.139000000000003,57.872]
[null,"2020-09-01",66.108999999999995,66.02]
[null,"2020-12-01",66.061999999999998,66.311000000000007]
[null,"2021-03-01",67.563000000000002,67.605999999999995]
[null,"2021-06-01",68.838999999999999,68.141000000000005]
[null,"2021-09-01",65.963999999999999,65.198999999999998]
[null,"2021-12-01",68.245000000000005,67.852000000000004]
[null,"2022-03-01",68.289000000000001,67.783000000000001]
[null,"2022-06-01",69.331999999999994,68.438999999999993]
[null,"2022-09-01",70.325000000000003,69.728999999999999]
[null,"2022-12-01",69.840999999999994,69.879000000000005]
[null,"2023-03-01",69.796000000000006,69.88]
[null,"2023-06-01",70.189713334181803,70.52]
[null,"2023-09-01",70.487923629891,70.563999999999993]
[null,"2023-12-01",70.776628462353202,70.882000000000005]
[null,"2024-03-01",71.064912295034901,70.997]
[null,"2024-06-01",71.371797791654814,70.596000000000004]
[null,"2024-09-01",71.675374069878089,69.715999999999994]
[null,"2024-12-01",72.057208135109903,69.727999999999994]
[null,"2025-03-01",72.498438775039389,70.494]
[null,"2025-06-01",73.037555437647598,69.885999999999996]
[null,"2025-09-01",73.684353037352992,70.489000000000004]
[null,"2025-12-01",74.384365696473381,70.664000000000001]
[null,"2026-03-01",75.076567836287381,70.975041460049113,"Forecast"]
[null,"2026-06-01",75.745716402941596,71.144395841622412]
[null,"2026-09-01",76.331586678918299,71.590162251182207]
[null,"2026-12-01",76.863833436397087,72.153156036262303]
[null,"2027-03-01",77.383081399519796,72.763037322902392]
[null,"2027-06-01",77.897211053903504,73.368202377626915]
[null,"2027-09-01",null,73.961664865001808]
[null,"2027-12-01",null,74.533574759776798]
[null,"2028-03-01",null,75.084030041721604]
[null,"2028-06-01",null,75.608995974528398]
[null,"2028-09-01",null,76.103409536011398]
[null,"2028-12-01",null,76.591621502622203]
[null,"2029-03-01",null,77.094083429418404]
[null,"2029-06-01",null,77.588609631786198]
[null,"2029-09-01",null,78.070425254113601]
[null,"2029-12-01",null,78.542417375082493]
[null,"2030-03-01",null,79.009800718005792]
[null,"2030-06-01",null,79.477529168038117]
[]
[null,"* Real production GDP, seasonally adjusted"]

{"sheet":"Data A3.2","index":45,"n_rows":17,"n_cols":5,"rows_kept":17,"cut":false,"hidden":false,"merged":[[3,2,3,3]]}
[null,"Figure A3.2: Core Crown tax-to-GDP ratio forecasts from PREFU 2023 and BEFU 2026"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"% of GDP"]
[null,"Year ending 30 June","PREFU 2023","BEFU 2026"]
[null,2019,27.9,27.900000000000002]
[null,2020,26.8,26.8]
[null,2021,28.6,28.499999999999996]
[null,2022,29.9,29.7]
[null,2023,28.6,28.000000000000004]
[null,2024,29.2,28.599999999999998]
[null,2025,29.6,28.000000000000004,"Forecast"]
[null,2026,30.1,27.6]
[null,2027,30.1,28.000000000000004]
[null,2028,null,28.199999999999996]
[null,2029,null,28.599999999999998]
[null,2030,null,28.799999999999997]

{"sheet":"Table A3.1","index":47,"n_rows":19,"n_cols":4,"rows_kept":19,"cut":false,"hidden":false,"merged":[[3,8,4,8],[3,9,4,9],[3,2,4,2],[3,3,4,3],[3,4,4,4],[3,5,4,5],[3,6,4,6],[3,7,4,7]]}
[null,"Table A3.1 – Changes in OBEGALx forecasts between PREFU 2023 and BEFU 2026"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June","2026\nForecast","2027\nForecast"]
[null,"$billions"]
[null,"OBEGALx – 2023 PREFU",1.6,5.3]
[null,"Tax revenue (excluding Budget decisions)  ",-11.000000000000012,-10.399999999999988]
[null,"Benefit and NZ Superannuation expenses (excluding Budget decisions)  ",-0.3,-1.1000000000000014]
[null,"Debt impairments ",-0.6,-0.4]
[null,"Net core Crown finance costs",-0.20000000000000037,-0.8]
[null,"Emissions Trading Scheme forecast changes (net impact)",-0.90000000000000013,-0.5]
[null,"Education – forecast and depreciation changes  ",-0.6,-0.60000000000000009]
[null,"Budget packages and allowance changes",2.5,1.7000000000000004]
[null,"Baseline savings forecast in PREFU but not implemented",-0.5,-0.5]
[null,"Asset impairments",-0.49999999999999994,-0.2]
[null,"State-owned enterprise and Crown entity results",-0.5,-1.1000000000000001]
[null,"Other",-0.9,-2.8]
[null,"Total movement",-13.500000000000014,-16.699999999999989]
[null,"OBEGALx – 2026 BEFU ",-11.9,-11.4]

{"sheet":"Table A4.1","index":48,"n_rows":6,"n_cols":7,"rows_kept":6,"cut":false,"hidden":false,"merged":[]}
[null,"Table A4.1: NZSF contributions"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June\n$millions","2026 \nForecast","2027 \nForecast","2028 \nForecast","2029 \nForecast","2030 \nForecast"]
[null,"NZSF contributions – prescribed by formula",61,562,600,893,1049]
[null,"NZSF contributions – BEFU 2026",0,562,600,893,1049]