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["Data and Charts - Half Year Economic and Fiscal Update 2025"]
["Published 16 December 2025"]
[]
["Published by the New Zealand Treasury at:"]
["https://treasury.govt.nz/publications/efu/half-year-economic-and-fiscal-update-2025"]
["http://www.budget.govt.nz/budget/forecasts/hyefu2025.htm"]
[]
["This spreadsheet contains the tables, charts and the data used to generate the charts that appear in the Executive Summary and chapters 1, 2 and 3 of the Half Year Economic and Fiscal Update 2025."]
[]
["Crown copyright ©"]
[]
[]
["This copyright work is licensed under the Creative Commons Attribution 4.0 International licence. In essence, you are free to copy, distribute and adapt the work, as long as you attribute the work to the Crown and abide by the other licence terms."]
["To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/. Please note that no departmental or governmental emblem, logo or Coat of Arms may be used in any way which infringes any provision of the Flags, Emblems, and Names Protection Act 1981 or would infringe such provision if the relevant use occurred within New Zealand. Attribution to the Crown should be in written form and not by reproduction of any such emblem, logo or Coat of Arms."]

{"sheet":"Table 1","index":1,"n_rows":15,"n_cols":8,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,"Table 1.1 Key economic and fiscal indicators"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,2025,2026,2027,2028,2029,2030]
[null,"Year ending 30 June ","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"Real production GDP (annual average % change)",-1.1000000000000001,1.7,3.4,2.6,2.5,2.5]
[null,"Unemployment rate (June quarter)",5.2,5.3,4.8,4.5999999999999996,4.5,4.3]
[null,"CPI inflation (annual % change)",2.7,2.4,2.2000000000000002,2.1,2,2]
[null,"Current account balance \n(annual, % of GDP)",-3.7,-2.8,-2.8,-2.7,-2.6,-2.6]
[null,"OBEGALx ($billions)",-9.3059999999999992,-13.852,-10.362,-5.1210000000000004,-0.94499999999999995,2.2989999999999999]
[null,"% of GDP",-2.1341980818361534,-3.0477648917374593,-2.1633064642403061,-1.019630018258167,-0.17958404913571613,0.41718913602470836]
[null,"Net core Crown debt ($billions)",182.17099999999999,196.98699999999999,220.56800000000001,235.661,246.76,253.905]
[null,"% of GDP",41.778314932965174,43.341760231640691,46.048656649735179,46.921896061850788,46.89329096796753,46.074992423816255]
[null,"Net worth attributable to the Crown \n($billions)",179.26,172.69300000000001,166.018,165.21899999999999,169.44900000000001,177.309]
[null,"% of GDP",41.11071869223607,37.996510428011625,34.66008613976522,32.896358521108397,32.201415388357631,32.175462600872123]

{"sheet":"Data 1.1","index":3,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.1: Real production GDP growth"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Half Year Update 2025","Budget Update 2025"]
[null,null,"Annual average % change","Annual average % change"]
[null,"2009-06-01",-1.5714300000000001,-1.5714300000000001]
[null,"2009-09-01",-1.6578269999999999,-1.6578269999999999]
[null,"2009-12-01",-1.0625150000000001,-1.0625150000000001]
[null,"2010-03-01",-5.3886999999999997E-2,-5.3886999999999997E-2]
[null,"2010-06-01",1.1179749999999999,1.1179749999999999]
[null,"2010-09-01",1.9117500000000001,1.9117500000000001]
[null,"2010-12-01",1.752548,1.752548]
[null,"2011-03-01",1.474213,1.474213]
[null,"2011-06-01",0.92916500000000002,0.92916500000000002]
[null,"2011-09-01",0.90420100000000003,0.90420100000000003]
[null,"2011-12-01",1.6320859999999999,1.6320859999999999]
[null,"2012-03-01",2.0721690000000001,2.0721690000000001]
[null,"2012-06-01",2.644104,2.644104]
[null,"2012-09-01",2.6450499999999999,2.6450499999999999]
[null,"2012-12-01",2.5670069999999998,2.5670069999999998]
[null,"2013-03-01",2.3612639999999998,2.3612639999999998]
[null,"2013-06-01",2.2368260000000002,2.2368260000000002]
[null,"2013-09-01",2.445106,2.445106]
[null,"2013-12-01",2.1738599999999999,2.1738599999999999]
[null,"2014-03-01",2.6070700000000002,2.6070700000000002]
[null,"2014-06-01",2.7483399999999998,2.7483399999999998]
[null,"2014-09-01",2.9845109999999999,2.9845109999999999]
[null,"2014-12-01",3.7914110000000001,3.7914110000000001]
[null,"2015-03-01",3.8147829999999998,3.8147829999999998]
[null,"2015-06-01",4.0839369999999997,4.0839369999999997]
[null,"2015-09-01",4.0653990000000002,4.0653990000000002]
[null,"2015-12-01",3.6129989999999998,3.6129989999999998]
[null,"2016-03-01",3.7055220000000002,3.7055220000000002]
[null,"2016-06-01",3.7476590000000001,3.7476590000000001]
[null,"2016-09-01",3.8923019999999999,3.8927489999999998]
[null,"2016-12-01",3.9709880000000002,3.9714309999999999]
[null,"2017-03-01",3.7958370000000001,3.795398]
[null,"2017-06-01",3.569321,3.5688870000000001]
[null,"2017-09-01",3.2680220000000002,3.2671489999999999]
[null,"2017-12-01",3.3342420000000002,3.3333759999999999]
[null,"2018-03-01",3.3833160000000002,3.3833299999999999]
[null,"2018-06-01",3.4903059999999999,3.4907400000000002]
[null,"2018-09-01",3.4923329999999999,3.4927630000000001]
[null,"2018-12-01",3.4747669999999999,3.475193]
[null,"2019-03-01",3.474424,3.4744380000000001]
[null,"2019-06-01",3.1964730000000001,3.1968779999999999]
[null,"2019-09-01",3.253924,3.2507090000000001]
[null,"2019-12-01",3.0302790000000002,3.026694]
[null,"2020-03-01",2.310238,2.3082720000000001]
[null,"2020-06-01",-0.81173499999999998,-0.81369400000000003]
[null,"2020-09-01",-1.069142,-1.0715110000000001]
[null,"2020-12-01",-1.357693,-1.360447]
[null,"2021-03-01",-0.34424900000000003,-0.34464299999999998]
[null,"2021-06-01",6.2396909999999997,6.2437449999999997]
[null,"2021-09-01",5.4078080000000002,5.4132210000000001]
[null,"2021-12-01",5.6810970000000003,5.6904669999999999]
[null,"2022-03-01",4.5549780000000002,4.5682679999999998]
[null,"2022-06-01",0.70329699999999995,0.71221699999999999]
[null,"2022-09-01",2.731643,2.735385]
[null,"2022-12-01",2.8595480000000002,2.8546529999999999]
[null,"2023-03-01",3.479082,3.4824380000000001]
[null,"2023-06-01",3.9703339999999998,3.9717419999999999]
[null,"2023-09-01",2.349475,2.3639299999999999]
[null,"2023-12-01",1.8037339999999999,1.8225210000000001]
[null,"2024-03-01",1.3830720000000001,1.416531]
[null,"2024-06-01",0.58743999999999996,0.63145499999999999]
[null,"2024-09-01",-1.4198000000000001E-2,5.2880000000000003E-2]
[null,"2024-12-01",-0.60275100000000004,-0.46066499999999999]
[null,"2025-03-01",-1.0619890000000001,-1.0816250000000001,"Forecast"]
[null,"2025-06-01",-1.0913060000000001,-0.80237000000000003]
[null,"2025-09-01",-0.46651199999999998,0.222191]
[null,"2025-12-01",0.21320900000000001,1.1945319999999999]
[null,"2026-03-01",0.69650699999999999,2.2840150000000001]
[null,"2026-06-01",1.676304,2.9263949999999999]
[null,"2026-09-01",2.4008970000000001,3.0531199999999998]
[null,"2026-12-01",2.9742250000000001,3.098932]
[null,"2027-03-01",3.4764249999999999,3.0284089999999999]
[null,"2027-06-01",3.3958940000000002,2.9525410000000001]
[null,"2027-09-01",3.1413389999999999,2.9103479999999999]
[null,"2027-12-01",2.8949090000000002,2.898377]
[null,"2028-03-01",2.7014290000000001,2.888395]
[null,"2028-06-01",2.586144,2.8620510000000001]
[null,"2028-09-01",2.5356019999999999,2.812503]
[null,"2028-12-01",2.5202239999999998,2.7429709999999998]
[null,"2029-03-01",2.5252650000000001,2.6636950000000001]
[null,"2029-06-01",2.5346950000000001,2.587377]
[null,"2029-09-01",2.5354130000000001]
[null,"2029-12-01",2.5294460000000001]
[null,"2030-03-01",2.520073]
[null,"2030-06-01",2.5165329999999999]

{"sheet":"Data 1.2","index":5,"n_rows":62,"n_cols":7,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.2: CPI inflation"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"CPI","CPI (Budget Update)","Non-tradables","Tradables"]
[null,null,"Annual % change","Annual % change","Annual % change","Annual % change"]
[null,"2016-06-01",0.41666700000000001,0.41666700000000001,1.8649039999999999,-1.4834080000000001]
[null,"2016-09-01",0.41528199999999998,0.41528199999999998,2.3475630000000001,-2.095253]
[null,"2016-12-01",1.3355589999999999,1.3355589999999999,2.3860579999999998,-0.105945]
[null,"2017-03-01",2.1666669999999999,2.1666669999999999,2.4655779999999998,1.5479369999999999]
[null,"2017-06-01",1.742739,1.742739,2.431943,0.89024400000000004]
[null,"2017-09-01",1.902399,1.902399,2.5531760000000001,1.1374919999999999]
[null,"2017-12-01",1.5943989999999999,1.5943989999999999,2.428299,0.44189299999999998]
[null,"2018-03-01",1.1000000000000001,1.1000000000000001,2.342374,-0.38718399999999997]
[null,"2018-06-01",1.5,1.5,2.442774,0.37579899999999999]
[null,"2018-09-01",1.9012990000000001,1.9012990000000001,2.4536479999999998,1.0320400000000001]
[null,"2018-12-01",1.888668,1.888668,2.6273849999999999,0.88021099999999997]
[null,"2019-03-01",1.4836800000000001,1.4836800000000001,2.8804530000000002,-0.47267199999999998]
[null,"2019-06-01",1.6748769999999999,1.6748769999999999,2.8591850000000001,0.169375]
[null,"2019-09-01",1.464844,1.464844,3.1651009999999999,-0.68029899999999999]
[null,"2019-12-01",1.8536589999999999,1.8536589999999999,3.044648,6.6142999999999993E-2]
[null,"2020-03-01",2.5341130000000001,2.5341130000000001,3.4780289999999998,1.487303]
[null,"2020-06-01",1.4534879999999999,1.4534879999999999,3.1490559999999999,-0.54122099999999995]
[null,"2020-09-01",1.4436960000000001,1.4436960000000001,2.588838,-0.13067400000000001]
[null,"2020-12-01",1.436782,1.436782,2.7901539999999998,-0.30508600000000002]
[null,"2021-03-01",1.520913,1.520913,2.1584240000000001,0.50161]
[null,"2021-06-01",3.3428840000000002,3.3428840000000002,3.3130549999999999,3.420452]
[null,"2021-09-01",4.933586,4.933586,4.4516720000000003,5.6660909999999998]
[null,"2021-12-01",5.9490080000000001,5.9490080000000001,5.2699930000000004,6.8507769999999999]
[null,"2022-03-01",6.928839,6.928839,6.0747920000000004,8.4911799999999999]
[null,"2022-06-01",7.3012940000000004,7.3012940000000004,6.3174679999999999,8.7113099999999992]
[null,"2022-09-01",7.2332729999999996,7.2332729999999996,6.5391029999999999,8.0988720000000001]
[null,"2022-12-01",7.2192509999999999,7.2192509999999999,6.5748519999999999,8.1947659999999996]
[null,"2023-03-01",6.6549909999999999,6.6549909999999999,6.819903,6.3682460000000001]
[null,"2023-06-01",6.0292849999999998,6.0292849999999998,6.607971,5.140765]
[null,"2023-09-01",5.649241,5.649241,6.3101320000000003,4.7318030000000002]
[null,"2023-12-01",4.6550289999999999,4.6550289999999999,5.9317549999999999,2.9989469999999998]
[null,"2024-03-01",4.0229889999999999,4.0229889999999999,5.8145059999999997,1.63506]
[null,"2024-06-01",3.3306260000000001,3.3306260000000001,5.4170379999999998,0.31740200000000002]
[null,"2024-09-01",2.1548280000000002,2.1548280000000002,4.9341100000000004,-1.5604690000000001]
[null,"2024-12-01",2.2239870000000002,2.2239870000000002,4.5313109999999996,-1.097156]
[null,"2025-03-01",2.5256509999999999,2.1645780000000001,3.9792740000000002,0.337447]
[null,"2025-06-01",2.6729560000000001,2.1665070000000002,3.7272370000000001,1.179092]
[null,"2025-09-01",3.046875,2.4777140000000002,3.532848,2.2131810000000001]
[null,"2025-12-01",2.8722449999999999,2.2959149999999999,3.415794,2.0711110000000001,"Forecast"]
[null,"2026-03-01",2.5100690000000001,2.1063000000000001,3.2102360000000001,1.5250280000000001]
[null,"2026-06-01",2.3894380000000002,2.085426,3.0611229999999998,1.4246749999999999]
[null,"2026-09-01",2.3341609999999999,2.0536880000000002,2.9912369999999999,1.4679899999999999]
[null,"2026-12-01",2.3159390000000002,2.0186839999999999,2.951063,1.4785600000000001]
[null,"2027-03-01",2.2639710000000002,1.989838,2.9253420000000001,1.392185]
[null,"2027-06-01",2.2163430000000002,1.974575,2.8996149999999998,1.3158589999999999]
[null,"2027-09-01",2.173289,1.9693959999999999,2.8751009999999999,1.2485189999999999]
[null,"2027-12-01",2.134512,1.9716530000000001,2.8530090000000001,1.1878949999999999]
[null,"2028-03-01",2.1021329999999998,1.9779530000000001,2.8361329999999998,1.1352199999999999]
[null,"2028-06-01",2.0769120000000001,1.9854290000000001,2.8264010000000002,1.089726]
[null,"2028-09-01",2.0595270000000001,1.991735,2.826174,1.0498909999999999]
[null,"2028-12-01",2.044136,1.99576,2.8254769999999998,1.0152779999999999]
[null,"2029-03-01",2.0310459999999999,1.9972460000000001,2.825221,0.98540300000000003]
[null,"2029-06-01",2.0191859999999999,1.9977240000000001,2.8239109999999998,0.95974800000000005]
[null,"2029-09-01",2.0082409999999999,null,2.8207499999999999,0.93862800000000002]
[null,"2029-12-01",2.0012319999999999,null,2.821466,0.92152100000000003]
[null,"2030-03-01",1.997951,null,2.8259970000000001,0.90802799999999995]
[null,"2030-06-01",1.9986539999999999,null,2.8350110000000002,0.89786999999999995]

{"sheet":"Data 1.3","index":7,"n_rows":62,"n_cols":5,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.3: Potential output"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Half Year Update 2025","Budget Update 2025"]
[null,null,"$billions (2009/10 prices)","$billions (2009/10 prices)"]
[null,"2016-06-01",58.421860000000002,58.445900000000002]
[null,"2016-09-01",58.876100000000001,58.899619999999999]
[null,"2016-12-01",59.327309999999997,59.35]
[null,"2017-03-01",59.774419999999999,59.795960000000001]
[null,"2017-06-01",60.216520000000003,60.236579999999996]
[null,"2017-09-01",60.652819999999998,60.671080000000003]
[null,"2017-12-01",61.082720000000002,61.098880000000001]
[null,"2018-03-01",61.505749999999999,61.51952]
[null,"2018-06-01",61.921610000000001,61.932749999999999]
[null,"2018-09-01",62.330210000000001,62.338520000000003]
[null,"2018-12-01",62.731850000000001,62.737200000000001]
[null,"2019-03-01",63.126849999999997,63.129199999999997]
[null,"2019-06-01",63.515920000000001,63.515329999999999]
[null,"2019-09-01",63.900289999999998,63.896940000000001]
[null,"2019-12-01",64.281379999999999,64.275580000000005]
[null,"2020-03-01",64.545109999999994,64.558840000000004]
[null,"2020-06-01",58.381349999999998,58.399209999999997]
[null,"2020-09-01",65.423969999999997,65.413989999999998]
[null,"2020-12-01",65.80735,65.797600000000003]
[null,"2021-03-01",66.18965,66.181290000000004]
[null,"2021-06-01",66.569640000000007,66.563990000000004]
[null,"2021-09-01",64.922669999999997,64.915319999999994]
[null,"2021-12-01",65.743840000000006,65.748450000000005]
[null,"2022-03-01",66.300870000000003,66.31344]
[null,"2022-06-01",67.081059999999994,67.103899999999996]
[null,"2022-09-01",68.149739999999994,68.18553]
[null,"2022-12-01",68.777780000000007,68.829049999999995]
[null,"2023-03-01",69.126300000000001,69.195580000000007]
[null,"2023-06-01",69.467910000000003,69.557900000000004]
[null,"2023-09-01",69.80283,69.916210000000007]
[null,"2023-12-01",70.131739999999994,70.271029999999996]
[null,"2024-03-01",70.455650000000006,70.62312]
[null,"2024-06-01",70.775880000000001,70.973389999999995]
[null,"2024-09-01",71.094059999999999,71.322980000000001]
[null,"2024-12-01",71.411609999999996,71.672659999999993]
[null,"2025-03-01",71.729309999999998,72.035730000000001,"forecast"]
[null,"2025-06-01",72.047280000000001,72.409890000000004]
[null,"2025-09-01",72.377030000000005,72.793769999999995]
[null,"2025-12-01",72.717250000000007,73.186080000000004]
[null,"2026-03-01",73.066860000000005,73.585809999999995]
[null,"2026-06-01",73.425020000000004,73.99212]
[null,"2026-09-01",73.790980000000005,74.404319999999998]
[null,"2026-12-01",74.164150000000006,74.821839999999995]
[null,"2027-03-01",74.544030000000006,75.244219999999999]
[null,"2027-06-01",74.930229999999995,75.671099999999996]
[null,"2027-09-01",75.322410000000005,76.102180000000004]
[null,"2027-12-01",75.720309999999998,76.537239999999997]
[null,"2028-03-01",76.12388,76.976079999999996]
[null,"2028-06-01",76.533100000000005,77.418549999999996]
[null,"2028-09-01",76.947940000000003,77.864559999999997]
[null,"2028-12-01",77.368380000000002,78.314009999999996]
[null,"2029-03-01",77.794420000000002,78.766829999999999]
[null,"2029-06-01",78.225999999999999,79.222980000000007]
[null,"2029-09-01",78.663179999999997]
[null,"2029-12-01",79.105950000000007]
[null,"2030-03-01",79.554310000000001]
[null,"2030-06-01",80.008250000000004]

{"sheet":"Data 1.4","index":9,"n_rows":9,"n_cols":8,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.4: Change to nominal GDP forecasts"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,"Budget Update 2025",2024,2025,2026,2027,2028,2029]
[null,null,"Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,null,"$billions","$billions","$billions","$billions","$billions","$billions"]
[null,"Change in real activity",-0.49819004471762351,-1.7165583686884782,-5.6628120704183544,-3.0431145979299035,-3.8138642447206457,-3.7397864670421566]
[null,"Change in prices",3.3229402043878802E-2,2.6205960076216677,3.7429464358583875,4.2885299950991733,5.2289805426752194,5.8755102053184478]
[null,"Change in nominal GDP",-0.4650000000000124,0.89369999999996919,-1.9663000000000121,1.2180999999999305,1.3752999999999649,2.0938000000000723]

{"sheet":"Data 1.5","index":11,"n_rows":54,"n_cols":5,"rows_kept":54,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.5: Household wealth and house prices"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Real house prices","Household net wealth (RHS)"]
[null,null,"Index","% of annual disposable income"]
[null,"2018-06-01",2444.335,1012.463]
[null,"2018-09-01",2436.5230000000001,1016.254]
[null,"2018-12-01",2455.61,1005.763]
[null,"2019-03-01",2461.9879999999998,1004.385]
[null,"2019-06-01",2439.922,982.13070000000005]
[null,"2019-09-01",2468.7199999999998,977.51009999999997]
[null,"2019-12-01",2522.0309999999999,981.26369999999997]
[null,"2020-03-01",2587.4519999999998,979.82979999999998]
[null,"2020-06-01",2574.9760000000001,979.31809999999996]
[null,"2020-09-01",2693.5479999999998,999.53809999999999]
[null,"2020-12-01",2909.348,1040.9359999999999]
[null,"2021-03-01",3163.8579999999997,1073.0219999999999]
[null,"2021-06-01",3230.1289999999999,1100.33]
[null,"2021-09-01",3349.0050000000001,1147.4960000000001]
[null,"2021-12-01",3493.761,1193.739]
[null,"2022-03-01",3367.7760000000003,1183.9670000000001]
[null,"2022-06-01",3170.5429999999997,1145.934]
[null,"2022-09-01",2991.5680000000002,1123.653]
[null,"2022-12-01",2896.0929999999998,1118.376]
[null,"2023-03-01",2776.683,1104.0160000000001]
[null,"2023-06-01",2720.5520000000001,1073.4960000000001]
[null,"2023-09-01",2716.6800000000003,1070.0450000000001]
[null,"2023-12-01",2751.39,1062.7639999999999]
[null,"2024-03-01",2738.7530000000002,1051.325]
[null,"2024-06-01",2671.384,1033.336]
[null,"2024-09-01",2641.4059999999999,1026.1590000000001]
[null,"2024-12-01",2652.681,1029.865]
[null,"2025-03-01",2626.636,1026.307]
[null,"2025-06-01",2583.4609999999998,1008.766]
[null,"2025-09-01",2552.61,null,"forecast"]
[null,"2025-12-01",2569.1259999999997]
[null,"2026-03-01",2573.585]
[null,"2026-06-01",2570.3719999999998]
[null,"2026-09-01",2593.4160000000002]
[null,"2026-12-01",2650.0240000000003]
[null,"2027-03-01",2670.3359999999998]
[null,"2027-06-01",2681.0529999999999]
[null,"2027-09-01",2708.7979999999998]
[null,"2027-12-01",2768.069]
[null,"2028-03-01",2793.8139999999999]
[null,"2028-06-01",2810.6529999999998]
[null,"2028-09-01",2837.723]
[null,"2028-12-01",2891.8620000000001]
[null,"2029-03-01",2916.7070000000003]
[null,"2029-06-01",2935.502]
[null,"2029-09-01",2961.0340000000001]
[null,"2029-12-01",3014.4540000000002]
[null,"2030-03-01",3044.9349999999999]
[null,"2030-06-01",3074.364]

{"sheet":"Data 1.6","index":13,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.6: Unemployment rate"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Half Year Update 2025","Budget Update 2025"]
[null,null,"% of labour force","% of labour force"]
[null,"2009-06-01",5.8,5.8]
[null,"2009-09-01",6.2,6.2]
[null,"2009-12-01",6.6,6.6]
[null,"2010-03-01",5.9,5.9]
[null,"2010-06-01",6.6,6.6]
[null,"2010-09-01",6.1,6.1]
[null,"2010-12-01",6.2,6.2]
[null,"2011-03-01",6,6]
[null,"2011-06-01",6.1,6.1]
[null,"2011-09-01",6,6]
[null,"2011-12-01",6.1,6.1]
[null,"2012-03-01",6.4,6.4]
[null,"2012-06-01",6.4,6.4]
[null,"2012-09-01",6.7,6.7]
[null,"2012-12-01",6.3,6.3]
[null,"2013-03-01",5.8,5.8]
[null,"2013-06-01",6,6]
[null,"2013-09-01",5.8,5.8]
[null,"2013-12-01",5.7,5.7]
[null,"2014-03-01",5.6,5.6]
[null,"2014-06-01",5.3,5.3]
[null,"2014-09-01",5.3,5.3]
[null,"2014-12-01",5.5,5.5]
[null,"2015-03-01",5.5,5.5]
[null,"2015-06-01",5.5,5.5]
[null,"2015-09-01",5.7,5.7]
[null,"2015-12-01",5,5]
[null,"2016-03-01",5.3,5.3]
[null,"2016-06-01",5.0999999999999996,5.0999999999999996]
[null,"2016-09-01",5,5]
[null,"2016-12-01",5.3,5.3]
[null,"2017-03-01",4.9000000000000004,4.9000000000000004]
[null,"2017-06-01",4.9000000000000004,4.9000000000000004]
[null,"2017-09-01",4.7,4.7]
[null,"2017-12-01",4.5,4.5]
[null,"2018-03-01",4.4000000000000004,4.4000000000000004]
[null,"2018-06-01",4.5999999999999996,4.5999999999999996]
[null,"2018-09-01",4,4]
[null,"2018-12-01",4.3,4.3]
[null,"2019-03-01",4.2,4.2]
[null,"2019-06-01",4.0999999999999996,4]
[null,"2019-09-01",4.0999999999999996,4.0999999999999996]
[null,"2019-12-01",4.0999999999999996,4.0999999999999996]
[null,"2020-03-01",4.2,4.2]
[null,"2020-06-01",4.0999999999999996,4.0999999999999996]
[null,"2020-09-01",5.2,5.2]
[null,"2020-12-01",4.9000000000000004,4.9000000000000004]
[null,"2021-03-01",4.5999999999999996,4.5999999999999996]
[null,"2021-06-01",4,4]
[null,"2021-09-01",3.3,3.3]
[null,"2021-12-01",3.2,3.2]
[null,"2022-03-01",3.3,3.2]
[null,"2022-06-01",3.3,3.3]
[null,"2022-09-01",3.3,3.3]
[null,"2022-12-01",3.4,3.4]
[null,"2023-03-01",3.5,3.4]
[null,"2023-06-01",3.7,3.6]
[null,"2023-09-01",3.9,3.9]
[null,"2023-12-01",4,4]
[null,"2024-03-01",4.4000000000000004,4.4000000000000004]
[null,"2024-06-01",4.7,4.5999999999999996]
[null,"2024-09-01",4.9000000000000004,4.8]
[null,"2024-12-01",5.0999999999999996,5.0999999999999996]
[null,"2025-03-01",5.0999999999999996,5.36,"forecast"]
[null,"2025-06-01",5.2,5.39]
[null,"2025-09-01",5.4,5.34]
[null,"2025-12-01",5.5,5.2276340000000001]
[null,"2026-03-01",5.5,5.1252760000000004]
[null,"2026-06-01",5.3396359999999996,5.0495390000000002]
[null,"2026-09-01",5.1638039999999998,4.9838829999999996]
[null,"2026-12-01",5.0037940000000001,4.9169039999999997]
[null,"2027-03-01",4.9021280000000003,4.8420820000000004]
[null,"2027-06-01",4.8288580000000003,4.7594070000000004]
[null,"2027-09-01",4.7742599999999999,4.6737349999999998]
[null,"2027-12-01",4.7310140000000001,4.5916870000000003]
[null,"2028-03-01",4.6906809999999997,4.5195999999999996]
[null,"2028-06-01",4.6472800000000003,4.4617009999999997]
[null,"2028-09-01",4.5962189999999996,4.4178860000000002]
[null,"2028-12-01",4.5442039999999997,4.3857080000000002]
[null,"2029-03-01",4.4966650000000001,4.3626360000000002]
[null,"2029-06-01",4.4542590000000004,4.344932]
[null,"2029-09-01",4.4155040000000003]
[null,"2029-12-01",4.3777809999999997]
[null,"2030-03-01",4.3391070000000003]
[null,"2030-06-01",4.2973290000000004]

{"sheet":"Data 1.7","index":15,"n_rows":62,"n_cols":5,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.7: Annual net migration"]
[null,"Sources: The Treasury"]
[]
[null,null,"Half Year Update 2025","Budget Update 2025"]
[null,null,"People (000's)","People (000's)"]
[null,"2016-06-01",64.78,64.78]
[null,"2016-09-01",64.06,64.06]
[null,"2016-12-01",63.1,63.1]
[null,"2017-03-01",61.37,61.37]
[null,"2017-06-01",59.6,59.6]
[null,"2017-09-01",56.61,56.61]
[null,"2017-12-01",53.56,53.56]
[null,"2018-03-01",51.09,51.09]
[null,"2018-06-01",48.97,48.97]
[null,"2018-09-01",49.59,49.59]
[null,"2018-12-01",49.51,49.51]
[null,"2019-03-01",49.64,49.64]
[null,"2019-06-01",52.76,52.76]
[null,"2019-09-01",59.74,59.74]
[null,"2019-12-01",72.37,72.37]
[null,"2020-03-01",89.95,89.95]
[null,"2020-06-01",75.48,75.48]
[null,"2020-09-01",57.36,57.36]
[null,"2020-12-01",31.01,31.01]
[null,"2021-03-01",-1.79,-1.79]
[null,"2021-06-01",-6.59,-6.59]
[null,"2021-09-01",-10.83,-10.83]
[null,"2021-12-01",-14.96,-14.96]
[null,"2022-03-01",-19.47,-19.47]
[null,"2022-06-01",-17.7,-17.7]
[null,"2022-09-01",-5.18,-5.18]
[null,"2022-12-01",24.89,24.89]
[null,"2023-03-01",67.62,66.599999999999994]
[null,"2023-06-01",110.22,112.77]
[null,"2023-09-01",131.12,133.57]
[null,"2023-12-01",128.34,129.55000000000001]
[null,"2024-03-01",103.45,104.33]
[null,"2024-06-01",70.040000000000006,70.34]
[null,"2024-09-01",42.55,45.1]
[null,"2024-12-01",23.38,33.67]
[null,"2025-03-01",14.71,33.618000000000002,"forecast"]
[null,"2025-06-01",10.5,32.856400000000001]
[null,"2025-09-01",11.13,36.487120000000004]
[null,"2025-12-01",14.212,37.189699999999995]
[null,"2026-03-01",18.7456,37.751760000000004]
[null,"2026-06-01",22.996479999999998,38.240400000000001]
[null,"2026-09-01",26.397179999999999,38.658610000000003]
[null,"2026-12-01",29.353680000000001,39.012279999999997]
[null,"2027-03-01",31.88402,39.308599999999998]
[null,"2027-06-01",34.023900000000005,39.516019999999997]
[null,"2027-09-01",35.81673,39.661209999999997]
[null,"2027-12-01",37.071709999999996,39.76285]
[null,"2028-03-01",37.950199999999995,39.83399]
[null,"2028-06-01",38.56514,39.883800000000001]
[null,"2028-09-01",38.995599999999996,39.918660000000003]
[null,"2028-12-01",39.29692,39.943059999999996]
[null,"2029-03-01",39.507839999999995,39.960140000000003]
[null,"2029-06-01",39.65549,39.972099999999998]
[null,"2029-09-01",39.758839999999999]
[null,"2029-12-01",39.831189999999999]
[null,"2030-03-01",39.881830000000001]
[null,"2030-06-01",39.917279999999998]

{"sheet":"Data 1.8","index":17,"n_rows":90,"n_cols":6,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.8: Residential and business investment"]
[null,"Sources: The Treasury"]
[]
[null,null,"Residential (Half Year Update 2025)","Residential (Budget Update 2025)","Business (Half Year Update 2025) (RHS)","Business (Budget Update 2025) (RHS)"]
[null,null,"$billions (2009/10 prices)","$billions (2009/10 prices)","$billions (2009/10 prices)","$billions (2009/10 prices)"]
[null,"2009-06-01",2.194,2.194,7.9530000000000003,7.9530000000000003]
[null,"2009-09-01",2.1680000000000001,2.1680000000000001,7.6769999999999996,7.6769999999999996]
[null,"2009-12-01",2.2839999999999998,2.2839999999999998,7.4740000000000002,7.4740000000000002]
[null,"2010-03-01",2.1890000000000001,2.1890000000000001,7.7329999999999997,7.7329999999999997]
[null,"2010-06-01",2.3940000000000001,2.3940000000000001,7.6159999999999997,7.6159999999999997]
[null,"2010-09-01",2.2890000000000001,2.2890000000000001,7.7629999999999999,7.7629999999999999]
[null,"2010-12-01",2.16,2.16,8.26,8.26]
[null,"2011-03-01",2.1669999999999998,2.1669999999999998,8.5440000000000005,8.5440000000000005]
[null,"2011-06-01",2.1459999999999999,2.1459999999999999,8.3000000000000007,8.3000000000000007]
[null,"2011-09-01",2.2759999999999998,2.2759999999999998,8.3010000000000002,8.3010000000000002]
[null,"2011-12-01",2.415,2.415,8.5419999999999998,8.5419999999999998]
[null,"2012-03-01",2.4220000000000002,2.4220000000000002,8.9689999999999994,8.9689999999999994]
[null,"2012-06-01",2.52,2.52,8.8689999999999998,8.8689999999999998]
[null,"2012-09-01",2.6080000000000001,2.6080000000000001,8.6,8.6]
[null,"2012-12-01",2.8149999999999999,2.8149999999999999,8.7240000000000002,8.7240000000000002]
[null,"2013-03-01",2.952,2.952,8.8010000000000002,8.8010000000000002]
[null,"2013-06-01",3.0110000000000001,3.0110000000000001,9.0619999999999994,9.0619999999999994]
[null,"2013-09-01",3.077,3.077,9.3339999999999996,9.3339999999999996]
[null,"2013-12-01",3.1709999999999998,3.1709999999999998,9.3859999999999992,9.3859999999999992]
[null,"2014-03-01",3.2890000000000001,3.2890000000000001,9.5739999999999998,9.5739999999999998]
[null,"2014-06-01",3.351,3.351,9.8140000000000001,9.8140000000000001]
[null,"2014-09-01",3.3809999999999998,3.3809999999999998,10.272,10.272]
[null,"2014-12-01",3.3980000000000001,3.3980000000000001,10.238,10.238]
[null,"2015-03-01",3.4540000000000002,3.4540000000000002,10.092000000000001,10.092000000000001]
[null,"2015-06-01",3.4670000000000001,3.4670000000000001,10.260999999999999,10.260999999999999]
[null,"2015-09-01",3.5840000000000001,3.5840000000000001,10.598000000000001,10.598000000000001]
[null,"2015-12-01",3.6579999999999999,3.6579999999999999,10.179,10.179]
[null,"2016-03-01",3.835,3.8359999999999999,10.164999999999999,10.164]
[null,"2016-06-01",4.0060000000000002,4.0060000000000002,10.239000000000001,10.238]
[null,"2016-09-01",3.9689999999999999,3.9689999999999999,10.476000000000001,10.476000000000001]
[null,"2016-12-01",3.95,3.9489999999999998,10.223000000000001,10.224]
[null,"2017-03-01",3.8959999999999999,3.8969999999999998,10.407999999999999,10.407]
[null,"2017-06-01",3.8530000000000002,3.8530000000000002,10.794,10.792]
[null,"2017-09-01",3.9380000000000002,3.9369999999999998,11.065,11.067]
[null,"2017-12-01",3.9020000000000001,3.9009999999999998,11.711,11.712999999999999]
[null,"2018-03-01",3.8460000000000001,3.847,11.837,11.834]
[null,"2018-06-01",3.8260000000000001,3.8260000000000001,12.16,12.159000000000001]
[null,"2018-09-01",3.8180000000000001,3.8180000000000001,11.877000000000001,11.878]
[null,"2018-12-01",3.851,3.85,12.183,12.186999999999999]
[null,"2019-03-01",4.0229999999999997,4.0250000000000004,12.348000000000001,12.343]
[null,"2019-06-01",4.0359999999999996,4.0359999999999996,12.48,12.481]
[null,"2019-09-01",4.016,4.0149999999999997,12.494,12.494999999999999]
[null,"2019-12-01",4.077,4.0759999999999996,12.657,12.657999999999999]
[null,"2020-03-01",3.8090000000000002,3.8109999999999999,12.315,12.317]
[null,"2020-06-01",3.1429999999999998,3.1440000000000001,10.250999999999999,10.244]
[null,"2020-09-01",4.274,4.2720000000000002,12.618,12.615]
[null,"2020-12-01",4.4240000000000004,4.4219999999999997,12.574999999999999,12.577]
[null,"2021-03-01",4.4459999999999997,4.45,13.353,13.366]
[null,"2021-06-01",4.3719999999999999,4.3739999999999997,13.041,13.042]
[null,"2021-09-01",3.931,3.927,12.779,12.782999999999999]
[null,"2021-12-01",4.2450000000000001,4.242,14.163,14.163]
[null,"2022-03-01",4.157,4.165,14.311999999999999,14.313000000000001]
[null,"2022-06-01",4.133,4.1349999999999998,13.653,13.605]
[null,"2022-09-01",4.2629999999999999,4.2539999999999996,14.536,14.492000000000001]
[null,"2022-12-01",4.0529999999999999,4.048,14.308999999999999,14.28]
[null,"2023-03-01",3.9260000000000002,3.9390000000000001,14.491,14.616]
[null,"2023-06-01",3.9750000000000001,3.9769999999999999,14.622,14.587]
[null,"2023-09-01",3.931,3.9180000000000001,14.182,14.175000000000001]
[null,"2023-12-01",3.8540000000000001,3.8460000000000001,14.178000000000001,14.199]
[null,"2024-03-01",3.7069999999999999,3.7269999999999999,14.122999999999999,14.151]
[null,"2024-06-01",3.53,3.5430000000000001,14.067,14.077]
[null,"2024-09-01",3.42,3.4830000000000001,13.628,13.692]
[null,"2024-12-01",3.24,3.3460000000000001,13.731999999999999,13.851000000000001]
[null,"2025-03-01",3.3479999999999999,3.302502,13.874000000000001,13.629379999999999]
[null,"2025-06-01",3.286,3.299207,13.744,13.563940000000001]
[null,"2025-09-01",3.3845800000000001,3.365246,13.744,13.678140000000001]
[null,"2025-12-01",3.4184260000000002,3.4669150000000002,13.826460000000001,13.878590000000001]
[null,"2026-03-01",3.4977100000000001,3.5452689999999998,13.914339999999999,14.061959999999999]
[null,"2026-06-01",3.6069900000000001,3.6189779999999998,14.1608,14.24133]
[null,"2026-09-01",3.6917990000000001,3.6875550000000001,14.40288,14.39879]
[null,"2026-12-01",3.7643279999999999,3.7564449999999998,14.620509999999999,14.54715]
[null,"2027-03-01",3.8215370000000002,3.8248760000000002,14.81908,14.699759999999999]
[null,"2027-06-01",3.8734280000000001,3.8923679999999998,14.99174,14.85716]
[null,"2027-09-01",3.9183659999999998,3.9574959999999999,15.15077,15.014089999999999]
[null,"2027-12-01",3.9687860000000001,4.0188980000000001,15.29438,15.168150000000001]
[null,"2028-03-01",4.01607,4.0754970000000004,15.43436,15.3161]
[null,"2028-06-01",4.0676750000000004,4.1271699999999996,15.569430000000001,15.4552]
[null,"2028-09-01",4.1188159999999998,4.1749289999999997,15.70627,15.582649999999999]
[null,"2028-12-01",4.1674540000000002,4.2197279999999999,15.84361,15.700329999999999]
[null,"2029-03-01",4.2169489999999996,4.2624510000000004,15.97767,15.8119]
[null,"2029-06-01",4.2640019999999996,4.3043240000000003,16.108319999999999,15.923870000000001]
[null,"2029-09-01",4.3099990000000004,null,16.235779999999998]
[null,"2029-12-01",4.3559749999999999,null,16.361740000000001]
[null,"2030-03-01",4.4029119999999997,null,16.487349999999999]
[null,"2030-06-01",4.4518060000000004,null,16.613959999999999]

{"sheet":"Data 1.9","index":19,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.9: Government consumption"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Half Year Update 2025","Budget Update 2025"]
[null,null,"$billions (2009/10 prices)","$billions (2009/10 prices)"]
[null,"2009-06-01",9.57,9.57]
[null,"2009-09-01",9.6609999999999996,9.6609999999999996]
[null,"2009-12-01",9.6270000000000007,9.6270000000000007]
[null,"2010-03-01",9.5749999999999993,9.5749999999999993]
[null,"2010-06-01",9.673,9.673]
[null,"2010-09-01",9.7919999999999998,9.7919999999999998]
[null,"2010-12-01",9.7919999999999998,9.7919999999999998]
[null,"2011-03-01",9.9589999999999996,9.9589999999999996]
[null,"2011-06-01",9.9890000000000008,9.9890000000000008]
[null,"2011-09-01",9.9109999999999996,9.9109999999999996]
[null,"2011-12-01",10.004,10.004]
[null,"2012-03-01",9.9320000000000004,9.9320000000000004]
[null,"2012-06-01",9.9309999999999992,9.9309999999999992]
[null,"2012-09-01",9.891,9.891]
[null,"2012-12-01",9.9329999999999998,9.9329999999999998]
[null,"2013-03-01",9.9760000000000009,9.9760000000000009]
[null,"2013-06-01",9.9420000000000002,9.9420000000000002]
[null,"2013-09-01",10.09,10.09]
[null,"2013-12-01",10.206,10.206]
[null,"2014-03-01",10.273999999999999,10.273999999999999]
[null,"2014-06-01",10.298999999999999,10.298999999999999]
[null,"2014-09-01",10.433999999999999,10.433999999999999]
[null,"2014-12-01",10.484999999999999,10.484999999999999]
[null,"2015-03-01",10.522,10.522]
[null,"2015-06-01",10.683999999999999,10.683999999999999]
[null,"2015-09-01",10.614000000000001,10.614000000000001]
[null,"2015-12-01",10.586,10.586]
[null,"2016-03-01",10.691000000000001,10.691000000000001]
[null,"2016-06-01",10.695,10.695]
[null,"2016-09-01",10.803000000000001,10.803000000000001]
[null,"2016-12-01",10.885,10.885]
[null,"2017-03-01",10.987,10.987]
[null,"2017-06-01",11.034000000000001,11.034000000000001]
[null,"2017-09-01",11.329000000000001,11.329000000000001]
[null,"2017-12-01",11.286,11.286]
[null,"2018-03-01",11.363,11.363]
[null,"2018-06-01",11.537000000000001,11.537000000000001]
[null,"2018-09-01",11.574999999999999,11.574999999999999]
[null,"2018-12-01",11.617000000000001,11.617000000000001]
[null,"2019-03-01",11.766999999999999,11.766999999999999]
[null,"2019-06-01",11.938000000000001,11.938000000000001]
[null,"2019-09-01",12.170999999999999,12.170999999999999]
[null,"2019-12-01",12.396000000000001,12.397]
[null,"2020-03-01",12.541,12.541]
[null,"2020-06-01",12.77,12.769]
[null,"2020-09-01",12.957000000000001,12.955]
[null,"2020-12-01",13.231999999999999,13.231999999999999]
[null,"2021-03-01",13.542,13.547000000000001]
[null,"2021-06-01",13.673999999999999,13.677]
[null,"2021-09-01",13.88,13.878]
[null,"2021-12-01",14.445,14.449]
[null,"2022-03-01",14.701000000000001,14.696999999999999]
[null,"2022-06-01",14.611000000000001,14.590999999999999]
[null,"2022-09-01",14.754,14.723000000000001]
[null,"2022-12-01",14.451000000000001,14.452]
[null,"2023-03-01",14.367000000000001,14.417]
[null,"2023-06-01",14.718,14.83]
[null,"2023-09-01",14.757,14.885]
[null,"2023-12-01",14.743,14.792999999999999]
[null,"2024-03-01",14.73,14.851000000000001]
[null,"2024-06-01",14.772,14.816000000000001]
[null,"2024-09-01",14.539,14.5]
[null,"2024-12-01",14.785,14.776]
[null,"2025-03-01",15.000999999999999,14.73507,"forecast"]
[null,"2025-06-01",15.013999999999999,14.62932]
[null,"2025-09-01",15.06386,14.60441]
[null,"2025-12-01",15.08404,14.5747]
[null,"2026-03-01",15.089790000000001,14.55522]
[null,"2026-06-01",15.091519999999999,14.552960000000001]
[null,"2026-09-01",15.07621,14.56715]
[null,"2026-12-01",15.06087,14.586539999999999]
[null,"2027-03-01",15.04738,14.60726]
[null,"2027-06-01",15.036250000000001,14.628349999999999]
[null,"2027-09-01",15.012219999999999,14.64894]
[null,"2027-12-01",14.99128,14.667389999999999]
[null,"2028-03-01",14.972160000000001,14.681710000000001]
[null,"2028-06-01",14.955170000000001,14.6921]
[null,"2028-09-01",14.954230000000001,14.70255]
[null,"2028-12-01",14.95589,14.714359999999999]
[null,"2029-03-01",14.95926,14.727309999999999]
[null,"2029-06-01",14.963509999999999,14.740449999999999]
[null,"2029-09-01",14.969889999999999]
[null,"2029-12-01",14.977169999999999]
[null,"2030-03-01",14.985709999999999]
[null,"2030-06-01",14.995799999999999]

{"sheet":"Data 1.10","index":21,"n_rows":22,"n_cols":7,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.10: Real GDP indexed from the start of each recession"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"1990Q4","1997Q2","2007Q4","2024Q1 (Actual)","2024Q1 (Forecast)"]
[null,null,"Index","Index","Index","Index","Index"]
[null,0,100,100,100,100]
[null,1,97.576459999999997,99.771209999999996,99.576999999999998,99.07687]
[null,2,96.913579999999996,99.599620000000002,99.370559999999998,98.031120000000001]
[null,3,97.225729999999999,99.073409999999996,99.042680000000004,98.458160000000007]
[null,4,97.853539999999995,99.599620000000002,98.407169999999994,99.38552]
[null,5,98.144639999999995,99.691140000000004,97.54701,98.444059999999993]
[null,6,98.155159999999995,100.6806,97.486289999999997,null,98.849860000000007]
[null,7,97.401089999999996,101.85599999999999,97.951790000000003,null,99.730080000000001]
[null,8,98.625140000000002,102.66540000000001,99.200550000000007,null,100.6785]
[null,9,100.242,105.52809999999999,99.516279999999995,null,101.6704]
[null,10,102.4586,106.815,100.2024,null,102.5455]
[null,11,104.5384,108.36790000000001,99.955470000000005,null,103.3053]
[null,12,105.517,108.3993,99.384730000000005,null,104.0072]
[null,13,107.1268,108.82550000000001,100.423,null,104.68600000000001]
[null,14,107.8353,109.0228,100.7954,null,105.3366]
[null,15,109.67659999999999,109.3946,101.87820000000001,null,105.98690000000001]
[null,16,111.1322,110.9332,102.4753,null,106.6361]

{"sheet":"Data 1.11","index":23,"n_rows":22,"n_cols":7,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.11: Real private consumption"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"1990Q4","1997Q2","2007Q4","2024Q1 (Actual)","2024Q1 (Forecast)"]
[null,null,"Index","Index","Index","Index","Index"]
[null,0,100,100,100,100]
[null,1,97.312330000000003,99.818299999999994,101.3185,99.849199999999996]
[null,2,95.866540000000001,100.462,99.479740000000007,99.580870000000004]
[null,3,96.299040000000005,102.2428,99.686419999999998,99.63852]
[null,4,95.928330000000003,102.21680000000001,99.693550000000002,100.96469999999999]
[null,5,96.527649999999994,102.3051,97.512739999999994,101.386]
[null,6,96.101330000000004,104.3869,99.419160000000005,null,101.699]
[null,7,95.718260000000001,104.8489,100.01779999999999,null,102.0634]
[null,8,97.256720000000001,106.1157,101.0975,null,102.575]
[null,9,96.916899999999998,106.8892,102.1844,null,103.2165]
[null,10,98.245289999999997,106.7854,102.7153,null,103.8583]
[null,11,99.314179999999993,106.2662,102.7296,null,104.50960000000001]
[null,12,100.30889999999999,108.0314,102.61199999999999,null,105.16249999999999]
[null,13,102.354,108.44670000000001,103.49209999999999,null,105.8356]
[null,14,104.3682,107.78740000000001,104.497,null,106.5196]
[null,15,105.7337,107.83410000000001,105.9687,null,107.22369999999999]
[null,16,107.28449999999999,109.7809,106.3892,null,107.9388]

{"sheet":"Data 1.12","index":25,"n_rows":22,"n_cols":7,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.12: Real government consumption"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"1990Q4","1997Q2","2007Q4","2024Q1 (Actual)","2024Q1 (Forecast)"]
[null,null,"Index","Index","Index","Index","Index"]
[null,0,100,100,100,100]
[null,1,99.725650000000002,102.7473,101.4855,100.2851]
[null,2,103.1722,101.7441,102.3466,98.703329999999994]
[null,3,96.862139999999997,103.1332,103.0463,100.3734]
[null,4,99.639920000000004,103.3493,105.253,101.8398]
[null,5,100.6687,103.9512,105.0377,101.928]
[null,6,102.8121,103.9049,103.014,null,102.26649999999999]
[null,7,99.897120000000001,108.5044,103.9935,null,102.40349999999999]
[null,8,101.0802,106.31270000000001,103.6276,null,102.4426]
[null,9,101.09739999999999,105.2323,103.06780000000001,null,102.4543]
[null,10,101.8347,107.5783,104.12269999999999,null,102.35039999999999]
[null,11,102.8978,107.14619999999999,105.4037,null,102.2462]
[null,12,102.91500000000001,105.6027,105.4037,null,102.15470000000001]
[null,13,103.9952,107.3159,107.2013,null,102.0791]
[null,14,102.572,108.1957,107.52419999999999,null,101.916]
[null,15,105.5384,110.3874,106.6846,null,101.77379999999999]
[null,16,107.5617,111.93089999999999,107.6857,null,101.64400000000001]

{"sheet":"Data 1.13","index":27,"n_rows":148,"n_cols":4,"rows_kept":148,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.13: Unemployment rate and hours worked"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Unemployment rate","Average weekly hours worked per employee (RHS)"]
[null,null,"% of labour force","Hours"]
[null,"1990-03-01",7.2,34.829093281147998]
[null,"1990-06-01",7.7,34.453013609850899]
[null,"1990-09-01",8.1,34.8489583333333]
[null,"1990-12-01",8.9,34.488539620170201]
[null,"1991-03-01",9.8000000000000007,34.1059907834101]
[null,"1991-06-01",10.5,34.530733641771299]
[null,"1991-09-01",11.2,34.627242524916902]
[null,"1991-12-01",11,34.416277518345503]
[null,"1992-03-01",11,34.748010610079497]
[null,"1992-06-01",10.5,34.779973649538803]
[null,"1992-09-01",10.6,34.502316346790202]
[null,"1992-12-01",10.6,34.320816864295097]
[null,"1993-03-01",10.1,35.5982961992136]
[null,"1993-06-01",10.199999999999999,35.132899022801297]
[null,"1993-09-01",9.5,35.346005154639101]
[null,"1993-12-01",9.4,36.273946360153197]
[null,"1994-03-01",9.3000000000000007,34.6276864728192]
[null,"1994-06-01",8.5,35.47779862414]
[null,"1994-09-01",8,35.685802469135801]
[null,"1994-12-01",7.6,36.112598904442997]
[null,"1995-03-01",6.8,35.156438026474099]
[null,"1995-06-01",6.4,35.285458879618602]
[null,"1995-09-01",6.2,35.479646017699103]
[null,"1995-12-01",6.4,35.550614394382599]
[null,"1996-03-01",6.4,35.724157955865202]
[null,"1996-06-01",6.2,35.303448275862003]
[null,"1996-09-01",6.5,34.949828962371697]
[null,"1996-12-01",6.2,35.005160550458697]
[null,"1997-03-01",6.7,35.266475644699099]
[null,"1997-06-01",6.8,34.960661345496]
[null,"1997-09-01",7,34.875570776255699]
[null,"1997-12-01",7,34.685714285714198]
[null,"1998-03-01",7.4,34.767335243552999]
[null,"1998-06-01",7.9,35.306674338319901]
[null,"1998-09-01",7.7,35.188255613126003]
[null,"1998-12-01",7.9,34.579008073817697]
[null,"1999-03-01",7.5,35.4029680365296]
[null,"1999-06-01",7.3,35.0273037542662]
[null,"1999-09-01",7,35.112117780294398]
[null,"1999-12-01",6.4,35.526875699888002]
[null,"2000-03-01",6.5,35.167040358744401]
[null,"2000-06-01",6.3,35.0493273542601]
[null,"2000-09-01",6,35.345514950166098]
[null,"2000-12-01",5.8,35.216245883644298]
[null,"2001-03-01",5.5,34.986842105263101]
[null,"2001-06-01",5.4,34.981531776208499]
[null,"2001-09-01",5.4,34.863414634146302]
[null,"2001-12-01",5.6,34.7692719486081]
[null,"2002-03-01",5.3,34.949815108293699]
[null,"2002-06-01",5.3,34.930708661417299]
[null,"2002-09-01",5.5,35.029952706253198]
[null,"2002-12-01",5.0999999999999996,34.675703858185599]
[null,"2003-03-01",5,35.065420560747597]
[null,"2003-06-01",4.8,34.7018537590113]
[null,"2003-09-01",4.5,34.721461187214601]
[null,"2003-12-01",4.7,34.898631525595498]
[null,"2004-03-01",4.3,35.312908086388703]
[null,"2004-06-01",4.2,35.437686939182399]
[null,"2004-09-01",3.9,34.874876847290601]
[null,"2004-12-01",3.7,34.889050387596903]
[null,"2005-03-01",3.9,34.835031538088302]
[null,"2005-06-01",3.8,34.606470304200798]
[null,"2005-09-01",3.8,35.095328884651998]
[null,"2005-12-01",3.7,34.431157694139998]
[null,"2006-03-01",4.0999999999999996,34.161792452830198]
[null,"2006-06-01",3.7,34.396728971962602]
[null,"2006-09-01",3.9,34.510079699953103]
[null,"2006-12-01",3.8,34.639006094702303]
[null,"2007-03-01",3.9,34.012511584800698]
[null,"2007-06-01",3.6,34.151682803135003]
[null,"2007-09-01",3.6,34.110854503464203]
[null,"2007-12-01",3.4,34.033501606241401]
[null,"2008-03-01",3.8,33.917048579285002]
[null,"2008-06-01",3.8,33.705963302752302]
[null,"2008-09-01",4.0999999999999996,33.825767996331898]
[null,"2008-12-01",4.4000000000000004,33.443026435733799]
[null,"2009-03-01",5,33.653667595171697]
[null,"2009-06-01",5.8,33.392111368909497]
[null,"2009-09-01",6.2,33.286182669789198]
[null,"2009-12-01",6.6,33.189050070191797]
[null,"2010-03-01",5.9,33.719682835820898]
[null,"2010-06-01",6.6,33.597765363128502]
[null,"2010-09-01",6.1,33.6144967682363]
[null,"2010-12-01",6.2,33.986561631139899]
[null,"2011-03-01",6,32.882866329811598]
[null,"2011-06-01",6.1,33.682067703568102]
[null,"2011-09-01",6,33.773765996343698]
[null,"2011-12-01",6.1,33.549566011877502]
[null,"2012-03-01",6.4,33.0018256503879]
[null,"2012-06-01",6.4,33.329990884229701]
[null,"2012-09-01",6.7,33.294413919413898]
[null,"2012-12-01",6.3,33.710370031978002]
[null,"2013-03-01",5.8,34.025535795713601]
[null,"2013-06-01",6,33.649886621315098]
[null,"2013-09-01",5.8,33.608307280035703]
[null,"2013-12-01",5.7,33.375996457041602]
[null,"2014-03-01",5.6,33.8031565103025]
[null,"2014-06-01",5.3,33.917467248908302]
[null,"2014-09-01",5.3,33.662634989200797]
[null,"2014-12-01",5.5,33.394288150042598]
[null,"2015-03-01",5.5,33.648054145515999]
[null,"2015-06-01",5.5,33.364327979712598]
[null,"2015-09-01",5.7,33.628765379719901]
[null,"2015-12-01",5,33.716799329702503]
[null,"2016-03-01",5.3,33.784119106699698]
[null,"2016-06-01",5.0999999999999996,33.812096774193499]
[null,"2016-09-01",5,33.803115015974399]
[null,"2016-12-01",5.3,34.022529644268701]
[null,"2017-03-01",4.9000000000000004,33.281640625000001]
[null,"2017-06-01",4.9000000000000004,33.711102423768502]
[null,"2017-09-01",4.7,33.980813507290797]
[null,"2017-12-01",4.5,33.6422578184592]
[null,"2018-03-01",4.4000000000000004,33.875142314990498]
[null,"2018-06-01",4.5999999999999996,34.214474180173298]
[null,"2018-09-01",4,33.816074766355101]
[null,"2018-12-01",4.3,34.026138909634]
[null,"2019-03-01",4.2,34.5389513108614]
[null,"2019-06-01",4.0999999999999996,34.075577066269503]
[null,"2019-09-01",4.0999999999999996,34.285237388723999]
[null,"2019-12-01",4.0999999999999996,33.786982248520701]
[null,"2020-03-01",4.2,34.038785217709403]
[null,"2020-06-01",4.0999999999999996,30.616599338964299]
[null,"2020-09-01",5.2,33.887037037036997]
[null,"2020-12-01",4.9000000000000004,34.763080324244598]
[null,"2021-03-01",4.5999999999999996,33.805636896046799]
[null,"2021-06-01",4,34.0261248185776]
[null,"2021-09-01",3.3,31.4257142857142]
[null,"2021-12-01",3.2,33.240443015362601]
[null,"2022-03-01",3.3,33.297674418604601]
[null,"2022-06-01",3.3,33.792893036611602]
[null,"2022-09-01",3.3,33.846888260254602]
[null,"2022-12-01",3.4,33.961998592540397]
[null,"2023-03-01",3.5,33.512686826555402]
[null,"2023-06-01",3.7,33.573838209982704]
[null,"2023-09-01",3.9,33.5041265474553]
[null,"2023-12-01",4,33.636737491432498]
[null,"2024-03-01",4.4000000000000004,33.766528925619802]
[null,"2024-06-01",4.7,33.276383636988598]
[null,"2024-09-01",4.9000000000000004,33.258388101003099]
[null,"2024-12-01",5.0999999999999996,33.132546842470497]
[null,"2025-03-01",5.0999999999999996,32.997567755385603]
[null,"2025-06-01",5.2,32.728506787330303]
[null,"2025-09-01",5.3,33.012530455969298]

{"sheet":"Data 1.14","index":29,"n_rows":13,"n_cols":4,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.14: Trading partner growth"]
[null,"Sources: Haver Analytics, the Treasury"]
[]
[null,null,"Half Year Update 2025","Budget Update 2025"]
[null,null,"Annual average % change","Annual average % change"]
[null,"2023-06-30",2.7261383269151902,2.7289313292938999]
[null,"2024-06-30",2.8743426716440101,2.85285276149571]
[null,"2025-06-30",2.6062350912443502,2.66542568997072]
[null,"2026-06-30",1.97808688200851,1.9417854668149299]
[null,"2027-06-30",2.3613107836646599,2.0668536181706898]
[null,"2028-06-30",2.3646018272367,2.3176412606783199]
[null,"2029-06-30",2.3087506663419699,2.29380412401856]
[null,"2030-06-30",2.2784965604096801]

{"sheet":"Data 1.15","index":31,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.15: Terms of trade (goods)"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,null,"Half Year Update 2025","Budget Update 2025"]
[null,null,"Index","Index"]
[null,"2009-06-01",990.63300000000004,990.63300000000004]
[null,"2009-09-01",964.23919999999998,964.23919999999998]
[null,"2009-12-01",990.67430000000002,990.67430000000002]
[null,"2010-03-01",1046.471,1046.471]
[null,"2010-06-01",1084.127,1084.127]
[null,"2010-09-01",1076.0709999999999,1076.0709999999999]
[null,"2010-12-01",1137.576,1137.576]
[null,"2011-03-01",1124.2529999999999,1124.2529999999999]
[null,"2011-06-01",1143.104,1143.104]
[null,"2011-09-01",1123.4110000000001,1123.4110000000001]
[null,"2011-12-01",1125.4059999999999,1125.3140000000001]
[null,"2012-03-01",1093.3630000000001,1093.3630000000001]
[null,"2012-06-01",1062.644,1062.644]
[null,"2012-09-01",1044.7460000000001,1044.835]
[null,"2012-12-01",1035.425,1035.3340000000001]
[null,"2013-03-01",1070.768,1070.8599999999999]
[null,"2013-06-01",1085.4749999999999,1085.4749999999999]
[null,"2013-09-01",1165.1110000000001,1165.3030000000001]
[null,"2013-12-01",1275.222,1275.0309999999999]
[null,"2014-03-01",1264.9770000000001,1264.9770000000001]
[null,"2014-06-01",1223.8879999999999,1223.8879999999999]
[null,"2014-09-01",1200.3489999999999,1200.548]
[null,"2014-12-01",1156.962,1156.681]
[null,"2015-03-01",1166.473,1166.567]
[null,"2015-06-01",1170.2249999999999,1170.3230000000001]
[null,"2015-09-01",1170.126,1170.3209999999999]
[null,"2015-12-01",1116.172,1115.8040000000001]
[null,"2016-03-01",1169.213,1169.125]
[null,"2016-06-01",1145.597,1145.769]
[null,"2016-09-01",1148.213,1148.1089999999999]
[null,"2016-12-01",1203.8499999999999,1203.6479999999999]
[null,"2017-03-01",1212.7929999999999,1212.702]
[null,"2017-06-01",1233.221,1233.6980000000001]
[null,"2017-09-01",1252.0609999999999,1252.1579999999999]
[null,"2017-12-01",1295.461,1294.7650000000001]
[null,"2018-03-01",1229.93,1229.7639999999999]
[null,"2018-06-01",1247.8610000000001,1248.8810000000001]
[null,"2018-09-01",1247.0260000000001,1246.7059999999999]
[null,"2018-12-01",1212.125,1211.3030000000001]
[null,"2019-03-01",1190.873,1190.7619999999999]
[null,"2019-06-01",1232.742,1234.5]
[null,"2019-09-01",1253.0920000000001,1252.6610000000001]
[null,"2019-12-01",1304.059,1298.268]
[null,"2020-03-01",1275.9190000000001,1274.1279999999999]
[null,"2020-06-01",1278.3620000000001,1273.345]
[null,"2020-09-01",1272.146,1260.329]
[null,"2020-12-01",1287.4000000000001,1271.316]
[null,"2021-03-01",1259.546,1253.576]
[null,"2021-06-01",1313.4449999999999,1303.444]
[null,"2021-09-01",1326.8150000000001,1316.71]
[null,"2021-12-01",1338.777,1325.4059999999999]
[null,"2022-03-01",1317.8489999999999,1311.972]
[null,"2022-06-01",1291.1669999999999,1279.674]
[null,"2022-09-01",1238.9770000000001,1233.7]
[null,"2022-12-01",1246.3440000000001,1234.2149999999999]
[null,"2023-03-01",1196.8969999999999,1189.867]
[null,"2023-06-01",1224.6130000000001,1210.9059999999999]
[null,"2023-09-01",1218.537,1211.2809999999999]
[null,"2023-12-01",1139.402,1122.2629999999999]
[null,"2024-03-01",1199.2819999999999,1178.4010000000001]
[null,"2024-06-01",1218.3240000000001,1196.3530000000001]
[null,"2024-09-01",1225.4090000000001,1211.0630000000001]
[null,"2024-12-01",1281.6220000000001,1252.3879999999999]
[null,"2025-03-01",1301.713,1320.1769999999999,"Forecast"]
[null,"2025-06-01",1339.2539999999999,1320.3140000000001]
[null,"2025-09-01",1364.665,1315.509]
[null,"2025-12-01",1358.0119999999999,1310.817]
[null,"2026-03-01",1358.008,1306.403]
[null,"2026-06-01",1357.8620000000001,1302.559]
[null,"2026-09-01",1357.1859999999999,1299.489]
[null,"2026-12-01",1356.3589999999999,1297.498]
[null,"2027-03-01",1355.134,1296.9490000000001]
[null,"2027-06-01",1353.992,1296.7429999999999]
[null,"2027-09-01",1352.9580000000001,1296.83]
[null,"2027-12-01",1352.039,1297.162]
[null,"2028-03-01",1351.231,1297.6959999999999]
[null,"2028-06-01",1350.5229999999999,1298.395]
[null,"2028-09-01",1349.502,1298.8399999999999]
[null,"2028-12-01",1348.566,1299.395]
[null,"2029-03-01",1347.71,1300.039]
[null,"2029-06-01",1346.9280000000001,1301.7909999999999]
[null,"2029-09-01",1346.2180000000001]
[null,"2029-12-01",1345.578]
[null,"2030-03-01",1345.008]
[null,"2030-06-01",1344.5070000000001]

{"sheet":"Data 1.16","index":33,"n_rows":31,"n_cols":6,"rows_kept":31,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 1.16: Export prices (NZD)"]
[null,"Sources: Stats NZ"]
[]
[null,null,"Dairy","Meat","Fruit and veg","Wood"]
[null,null,"Index  (2019Q2=100)","Index  (2019Q2=100)","Index  (2019Q2=100)","Index  (2019Q2=100)"]
[null,"2019-06-01",100,100,100,100]
[null,"2019-09-01",109.40770000000001,104.66070000000001,99.122810000000001,88.699079999999995]
[null,"2019-12-01",107.108,115.0788,110.0478,95.53219]
[null,"2020-03-01",107.9443,106.44280000000001,109.6491,91.392899999999997]
[null,"2020-06-01",112.33450000000001,105.7574,112.75920000000001,102.10250000000001]
[null,"2020-09-01",98.536590000000004,96.435919999999996,105.8214,90.210250000000002]
[null,"2020-12-01",95.958190000000002,96.710080000000005,112.20099999999999,93.889619999999994]
[null,"2021-03-01",93.658540000000002,95.27073,106.6986,102.431]
[null,"2021-06-01",108.01390000000001,101.7135,103.9075,116.6229]
[null,"2021-09-01",115.60980000000001,112.6799,104.4657,115.90009999999999]
[null,"2021-12-01",114.7735,119.19119999999999,100.9569,104.4678]
[null,"2022-03-01",125.6446,124.4688,107.815,107.753]
[null,"2022-06-01",141.0453,126.52500000000001,106.2998,110.84099999999999]
[null,"2022-09-01",148.2927,127.82729999999999,110.6061,112.2865]
[null,"2022-12-01",142.57839999999999,117.4777,114.19459999999999,110.184]
[null,"2023-03-01",128.8502,103.0843,125.6778,106.17610000000001]
[null,"2023-06-01",126.06270000000001,110.7608,117.30459999999999,92.96978]
[null,"2023-09-01",126.06270000000001,104.4551,118.0223,93.232590000000002]
[null,"2023-12-01",116.0279,99.931460000000001,125.9171,97.240470000000002]
[null,"2024-03-01",117.0732,95.544889999999995,121.3716,101.70829999999999]
[null,"2024-06-01",126.4808,102.4674,119.77670000000001,93.232590000000002]
[null,"2024-09-01",129.7561,104.11239999999999,120.2552,93.823920000000001]
[null,"2024-12-01",134.3554,111.2406,119.1388,98.751639999999995]
[null,"2025-03-01",148.43209999999999,119.2598,124.1627,104.205]
[null,"2025-06-01",151.42859999999999,123.989,129.58529999999999,99.211560000000006]
[null,"2025-09-01",149.0592,127.0048,128.22970000000001,94.086730000000003]

{"sheet":"Table 1.1","index":34,"n_rows":50,"n_cols":8,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
[null,"Table 1.1: Economic forecasts"]
[null,"Sources: Stats NZ, Reserve Bank of New Zealand, CoreLogic, the Treasury"]
[]
[null,"Year ending 30 June ",2025,2026,2027,2028,2029,2030]
[null,"Annual average % change","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"Private consumption",0.6,2,2.4,2.6,2.7,2.8]
[null,"Public consumption",0.6,1.7,-0.2,-0.5,-0.2,0.2]
[null,"Total consumption",0.6,1.9,1.8,1.9,2.1,2.2000000000000002]
[null,"Residential investment",-11.5,4.5999999999999996,8.9,5.4,5,4.5]
[null,"Business investment1",-2.8,1.2,5.7,4.4000000000000004,3.6,3.2]
[null,"Total investment",-4.5999999999999996,1.9,6.4,4.5999999999999996,3.9,3.5]
[null,"Stock change2",0,0.4,0.4,0,0,0]
[null,"Gross national expenditure",-0.7,2.4,3.4,2.5,2.5,2.5]
[null,"Exports",3,2.2000000000000002,3.3,2.5,2.5,2.5]
[null,"Imports",1.8,2.6,3.1,2.2000000000000002,2.2000000000000002,2.4]
[null,"GDP (expenditure measure)",-0.6,2,3.5,2.6,2.6,2.5]
[null,"GDP (production measure)",-1.1000000000000001,1.7,3.4,2.6,2.5,2.5]
[null,"Real GDP per capita",-2.1,0.9,2.2999999999999998,1.4,1.3,1.3]
[null,"Nominal GDP (expenditure measure)",3.8,4.2,5.4,4.9000000000000004,4.8,4.7]
[null,"GDP deflator",4.4000000000000004,2.2000000000000002,1.8,2.1,2.2000000000000002,2.1]
[null,"Potential GDP",1.8,1.9,2,2.1,2.2000000000000002,2.2999999999999998]
[null,"Output gap (% of potential, June quarter)3",-3,-1.8,-0.9,-0.5,-0.2,0]
[null,"Employment",-0.8,0.5,2.5,2,1.7,1.6]
[null,"Unemployment rate4",5.2,5.3,4.8,4.5999999999999996,4.5,4.3]
[null,"Participation rate5",70.5,70.900000000000006,71.3,71.5,71.599999999999994,71.7]
[null,"Hourly wages (annual % change)6",4.5,2.6,2.6,2.9,2.9,3]
[null,"CPI inflation (annual % change)",2.7,2.4,2.2000000000000002,2.1,2,2]
[null,"Terms of trade (goods)7",7.8,5.6,-0.3,-0.3,-0.3,-0.2]
[null,"House prices (annual % change)8",-0.7,1.9,6.6,7,6.6,6.8]
[null,"Current account balance (annual)"]
[null,"  $billions",-16.3,-12.7,-13.3,-13.6,-13.9,-14.4]
[null,"  % of GDP",-3.7,-2.8,-2.8,-2.7,-2.6,-2.6]
[null,"Net international investment position (% of GDP)",-46.8,-46.9,-46.5,-46.2,-46,-45.7]
[null,"Exchange rate (TWI)9",69.099999999999994,67.2,68.2,69,69.5,70]
[null,"90-day bank bill rate10",3.4,2.1,2,2.1,2.2999999999999998,2.5]
[null,"10-year bond rate10",4.5999999999999996,4,4,4.0999999999999996,4.2,4.3]
[null,"Population growth",1,0.8,1,1.2,1.2,1.2]
[null,"Net migration (4-quarter sum, 000s)",10.5,23,34,38.6,39.700000000000003,39.9]
[]
[null,"Notes:    "]
[null,"1   Business investment is non-residential public and private investment. "]
[null,"2   Contribution to GDP growth."]
[null,"3   Percentage difference between actual real GDP and potential real GDP."]
[null,"4   Percent of the labour force, June quarter, seasonally adjusted."]
[null,"5   Percent of working-age population, June quarter, seasonally adjusted."]
[null,"6   Quarterly Employment Survey (QES), average ordinary time hourly earnings."]
[null,"7   System of National Accounts. "]
[null,"8   CoreLogic Quarterly House Price Index."]
[null,"9   Trade-weighted index (TWI), average for the June quarter."]
[null,"10 Average for the June quarter."]

{"sheet":"Data 2.1","index":36,"n_rows":16,"n_cols":5,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - OBEGALx and cyclically adjusted balance (CAB)\")","v":"Data 2.1 - OBEGALx and cyclically adjusted balance (CAB)"}]
[]
[null,"Source: The Treasury"]
[]
[null,null,"$billions "]
[null,"Year ending 30 June","OBEGALx ","OBEGALx % of GDP (RHS)","CAB % of GDP (RHS)"]
[null,"2021",-2.5585580000000001,-0.70000000000000007,-1.5753644369898618]
[null,"2022",-8.664022000000001,-2.4,-3.7846266030709073]
[null,"2023",-7.1989050000000008,-1.7999999999999998,-2.8223004822152244]
[null,"2024",-8.7729999999999997,-2.1,-2.2909675173893849]
[null,"2025",-9.3059999999999992,-2.1,-1.0951410353141346]
[null,"2026",-13.852,-3,-1.9215891080399945]
[null,"2027",-10.362,-2.1999999999999997,-1.649863058072961]
[null,"2028",-5.1210000000000004,-1,-0.72313748723003923]
[null,"2029",-0.94499999999999995,-0.2,-4.866905753932859E-2]
[null,2030,2.2989999999999999,0.4,0.42516136003476679]

{"sheet":"Data 2.2 ","index":38,"n_rows":8,"n_cols":7,"rows_kept":8,"cut":false,"hidden":false,"merged":[[4,2,4,5]]}
[]
[null,"Figure 2.2 - OBEGALx changes between 2024/25 to 2025/26"]
[]
[null,"Source: The Treasury"]
[]
[null,"$billions"]
[null,"2024/25","Tax revenue","Benefits","Budget 2025 decisions","Other","2025/26"]
[null,-9.3059999999999992,3.9000000000000004,-2.9,-3.6000000000000005,-2.0460000000000007,-13.852]

{"sheet":"Data 2.3","index":40,"n_rows":8,"n_cols":10,"rows_kept":8,"cut":false,"hidden":false,"merged":[[4,2,4,8]]}
[]
[null,"Figure 2.3 - OBEGALx change for 2027/28 from Budget Update 2024"]
[]
[null,"Source: The Treasury"]
[]
[null,"$billions"]
[null,"2027/28 BEFU 24","Tax revenue","Benefits","Other forecast changes","Debt impairments","Net finance costs","Budget package","Other","2027/28 HYEFU 25"]
[null,4.8,-6.8,-1.6999999999999986,-1.1000000000000001,-0.5,-0.39999999999999947,0.89999999999999991,-0.30000000000000049,-5.0999999999999996]

{"sheet":"Data 2.4","index":42,"n_rows":15,"n_cols":4,"rows_kept":15,"cut":false,"hidden":false,"merged":[[3,2,3,3]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Core Crown tax revenue and core Crown expenses\")","v":"Data 2.4 - Core Crown tax revenue and core Crown expenses"}]
[]
[null,"Source:  The Treasury"]
[]
[null,"Year ending 30 June","Core Crown tax revenue","Core Crown expenses"]
[null,"2021",28.499999999999996,31.4]
[null,"2022",29.7,34.4]
[null,"2023",28.000000000000004,31.8]
[null,"2024",28.7,33.1]
[null,"2025",27.900000000000002,32.5]
[null,"2026",27.3,32.800000000000004]
[null,"2027",27.6,32]
[null,"2028",27.900000000000002,31.4]
[null,"2029",28.199999999999996,30.9]
[null,"2030",28.4,30.5]

{"sheet":"Data 2.5","index":44,"n_rows":90,"n_cols":5,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.5: Nominal GDP growth"]
[null,"Source: Stats NZ"]
[]
[null,null,"Half Year Update 2025","Budget Update 2025"]
[null,null,"Annual average % change","Annual average % change"]
[null,"2009-06-01",0.49710199999999999,0.49710199999999999]
[null,"2009-09-01",0.98394899999999996,0.98394899999999996]
[null,"2009-12-01",1.3621540000000001,1.3621540000000001]
[null,"2010-03-01",2.5951240000000002,2.5951240000000002]
[null,"2010-06-01",3.9608289999999999,3.9608289999999999]
[null,"2010-09-01",4.3650169999999999,4.3650169999999999]
[null,"2010-12-01",5.031244,5.031244]
[null,"2011-03-01",4.6696520000000001,4.6696520000000001]
[null,"2011-06-01",4.431146,4.431146]
[null,"2011-09-01",4.679576,4.679576]
[null,"2011-12-01",4.5764120000000004,4.5764120000000004]
[null,"2012-03-01",4.6360089999999996,4.6360089999999996]
[null,"2012-06-01",4.4148899999999998,4.4148899999999998]
[null,"2012-09-01",3.3372269999999999,3.336748]
[null,"2012-12-01",2.4024760000000001,2.4015300000000002]
[null,"2013-03-01",2.202172,2.2017030000000002]
[null,"2013-06-01",1.8522559999999999,1.8522559999999999]
[null,"2013-09-01",3.188685,3.1886999999999999]
[null,"2013-12-01",5.4631679999999996,5.4632180000000004]
[null,"2014-03-01",6.81839,6.8188810000000002]
[null,"2014-06-01",8.1520919999999997,8.1520919999999997]
[null,"2014-09-01",7.673521,7.6735550000000003]
[null,"2014-12-01",5.6552340000000001,5.6557219999999999]
[null,"2015-03-01",4.3453609999999996,4.3453609999999996]
[null,"2015-06-01",3.7207180000000002,3.7211400000000001]
[null,"2015-09-01",3.8593679999999999,3.8593839999999999]
[null,"2015-12-01",4.520454,4.5200579999999997]
[null,"2016-03-01",5.2211460000000001,5.2211460000000001]
[null,"2016-06-01",5.3105079999999996,5.3104870000000002]
[null,"2016-09-01",5.3896610000000003,5.4033329999999999]
[null,"2016-12-01",5.9000709999999996,5.9259139999999997]
[null,"2017-03-01",6.2523720000000003,6.2879750000000003]
[null,"2017-06-01",6.4979449999999996,6.5450369999999998]
[null,"2017-09-01",6.9147049999999997,6.9652560000000001]
[null,"2017-12-01",7.328919,7.372897]
[null,"2018-03-01",7.058325,7.1052850000000003]
[null,"2018-06-01",7.1814270000000002,7.2282469999999996]
[null,"2018-09-01",6.6470700000000003,6.6712249999999997]
[null,"2018-12-01",5.5666120000000001,5.5717420000000004]
[null,"2019-03-01",5.3341539999999998,5.3197190000000001]
[null,"2019-06-01",5.0004059999999999,4.9675979999999997]
[null,"2019-09-01",5.1977640000000003,5.1607649999999996]
[null,"2019-12-01",5.772837,5.7288379999999997]
[null,"2020-03-01",5.5652419999999996,5.5287430000000004]
[null,"2020-06-01",2.3249070000000001,2.292665]
[null,"2020-09-01",1.952814,1.9347490000000001]
[null,"2020-12-01",1.2076260000000001,1.202914]
[null,"2021-03-01",1.5920099999999999,1.596495]
[null,"2021-06-01",8.1095889999999997,8.1106689999999997]
[null,"2021-09-01",7.7809410000000003,7.7770820000000001]
[null,"2021-12-01",9.0161680000000004,8.9915299999999991]
[null,"2022-03-01",9.2586670000000009,9.2716989999999999]
[null,"2022-06-01",6.4986509999999997,6.5007149999999996]
[null,"2022-09-01",8.9527090000000005,8.8894149999999996]
[null,"2022-12-01",9.3015349999999994,9.2258119999999995]
[null,"2023-03-01",9.6923860000000008,9.6058179999999993]
[null,"2023-06-01",9.8377510000000008,9.7974929999999993]
[null,"2023-09-01",8.2671939999999999,8.3754570000000008]
[null,"2023-12-01",6.8349469999999997,7.0617539999999996]
[null,"2024-03-01",5.9899760000000004,6.2003659999999998]
[null,"2024-06-01",4.6259769999999998,4.7503780000000004]
[null,"2024-09-01",3.4127160000000001,3.411626]
[null,"2024-12-01",3.5847340000000001,3.4475150000000001]
[null,"2025-03-01",3.4216959999999998,2.944677,"forecast"]
[null,"2025-06-01",3.7807300000000001,3.453538]
[null,"2025-09-01",4.555034,4.3919509999999997]
[null,"2025-12-01",4.3764079999999996,4.5138210000000001]
[null,"2026-03-01",4.105518,4.8881490000000003]
[null,"2026-06-01",4.2324919999999997,4.8984240000000003]
[null,"2026-09-01",4.3086970000000004,4.7160200000000003]
[null,"2026-12-01",4.7579399999999996,4.6705139999999998]
[null,"2027-03-01",5.2836569999999998,4.662833]
[null,"2027-06-01",5.3885930000000002,4.6677540000000004]
[null,"2027-09-01",5.330997,4.7019190000000002]
[null,"2027-12-01",5.1398270000000004,4.7619920000000002]
[null,"2028-03-01",4.9661410000000004,4.8121689999999999]
[null,"2028-06-01",4.8545239999999996,4.8339999999999996]
[null,"2028-09-01",4.8002630000000002,4.8188139999999997]
[null,"2028-12-01",4.7779800000000003,4.7723449999999996]
[null,"2029-03-01",4.7744530000000003,4.7082949999999997]
[null,"2029-06-01",4.7735519999999996,4.6432099999999998]
[null,"2029-09-01",4.7620079999999998]
[null,"2029-12-01",4.7458790000000004]
[null,"2030-03-01",4.7290720000000004]
[null,"2030-06-01",4.7229190000000001]

{"sheet":"Data 2.6","index":46,"n_rows":15,"n_cols":5,"rows_kept":15,"cut":false,"hidden":false,"merged":[[3,3,3,4]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Core Crown tax revenue\")","v":"Data 2.6 - Core Crown tax revenue"}]
[]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",null,"Core crown tax revenue in $millions","Core Crown tax revenue as a % of nominal GDP (RHS)"]
[null,"2021",null,97983,28.499999999999996]
[null,"2022",null,108458,29.7]
[null,"2023",null,112358,28.000000000000004]
[null,"2024",null,120566,28.7]
[null,"2025",null,121698,27.900000000000002]
[null,"2026",null,124198,27.3]
[null,"2027",null,132172,27.6]
[null,"2028",null,140243,27.900000000000002]
[null,"2029",null,148401,28.199999999999996]
[null,2030,null,156634,28.4]

{"sheet":"Data 2.7","index":48,"n_rows":24,"n_cols":8,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.7: Core Crown tax-to-GDP ratio"]
[null,"Sources: Stats NZ, the Treasury"]
[]
[null,"Year ending 30 June","BEFU 2023","HYEFU 2023","BEFU 2024","HYEFU 2024","BEFU 2025","HYEFU 2025"]
[null,null,"% of GDP","% of GDP","% of GDP","% of GDP","% of GDP","% of GDP"]
[null,2012,25.62589453115914,25.627540068389585,25.630521124139214,25.630521124139214,25.597529705339756,25.597529705339756]
[null,2013,26.80311030476965,26.804319035563147,26.80664661819079,26.80664661819079,26.760171637398884,26.760171637398884]
[null,2014,25.986146462535931,25.985707713023032,25.982965864199617,25.98318519081263,25.970360808433629,25.970360808433629]
[null,2015,27.137481012091179,27.13396149586292,27.126671280276813,27.126671280276813,27.102178369232767,27.102288598492702]
[null,2016,27.224618553673018,27.218096779926903,27.225881193476081,27.226196871726891,27.206008210745033,27.206113282456904]
[null,2017,27.463387138936092,27.45561205601167,27.450231884689074,27.450630343586241,27.41958524844495,27.431815791668626]
[null,2018,27.141541261807454,27.1372261292254,27.142184058544707,27.142551384636207,27.119429241727151,27.14337790469488]
[null,2019,27.872605866027129,27.868383751136083,27.87961560411285,27.867755034952179,27.847023303447198,27.862905892019903]
[null,2020,26.822614623814527,26.832594061653616,26.813740854868893,26.835470871107606,26.792720798662597,26.799555030703825]
[null,2021,28.530966172314329,28.545521302490997,28.549349687599307,28.56609011984083,28.515761532704506,28.523320283598693]
[null,2022,29.876535938890253,29.827401359122376,29.805679313623649,29.798145471929317,29.656209189644425,29.664645033532818]
[null,2023,29.275817202314318,28.377846728141094,28.404677636684927,28.453303096835299,27.981380759911044,27.97908137855471]
[null,2024,29.685894444031334,29.055204662274392,28.810123707906396,29.168315902289386,28.663548744478419,28.695271529452089]
[null,2025,29.784161847945455,29.495283395294791,28.536465197641451,28.249997693566836,27.78261270260187,27.906835580058807]
[null,2026,30.384474666075072,29.797356005053405,28.91195641529794,28.495916681936091,27.39399659438962,27.326567084337569]
[null,2027,30.421749447067373,29.930422208317612,29.293865277299304,28.896805871371594,27.841112816126202,27.596345734107999]
[null,2028,null,30.017600243067687,29.504101937411029,29.110183484935831,28.049482025144766,27.925496536647113]
[null,2029,null,null,null,29.229149507403204,28.275713511895397,28.203450079527997]
[null,2030,{"$nulls":5},28.425757065836883]

{"sheet":"Data 2.8","index":50,"n_rows":15,"n_cols":4,"rows_kept":15,"cut":false,"hidden":false,"merged":[[3,2,3,3]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Core Crown expenses\")","v":"Data 2.8 - Core Crown expenses"}]
[]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June","Core Crown expenses in $millions","Core Crown expenses as a % of nominal GDP (RHS)"]
[null,"2021",107764,31.4]
[null,"2022",125641,34.4]
[null,"2023",127574,31.8]
[null,"2024",138998,33.1]
[null,"2025",141675,32.5]
[null,"2026",149047,32.800000000000004]
[null,"2027",153465,32]
[null,"2028",157646,31.4]
[null,"2029",162636,30.9]
[null,2030,167945,30.5]

{"sheet":"Data 2.9","index":52,"n_rows":8,"n_cols":6,"rows_kept":8,"cut":false,"hidden":false,"merged":[[4,2,4,4]]}
[]
[null,"Figure 2.9 - Drivers of benefit expense increases"]
[]
[null,"Source: The Treasury"]
[]
[null,"$billions"]
[null,"2025/26","Recipient numbers","Indexation changes","Other","2029/30"]
[null,48.54,2.5312881313349593,4.0394985094457736,0.6502133592192697,55.661000000000001]

{"sheet":"Data 2.10","index":54,"n_rows":9,"n_cols":6,"rows_kept":9,"cut":false,"hidden":false,"merged":[[3,2,3,3]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Operating allowances\")","v":"Data 2.10 - Operating allowances"}]
[]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",2027,2028,2029,2030]
[null,"Budget 2026",2.4,2.4,2.4,2.4]
[null,"Budget 2027",null,2.4,2.4,2.4]
[null,"Budget 2028",null,null,2.4,2.4]
[null,"Budget 2029",null,null,null,2.4]

{"sheet":"Data 2.11","index":56,"n_rows":16,"n_cols":8,"rows_kept":16,"cut":false,"hidden":false,"merged":[[4,2,4,7]]}
[null,"Data Fig 2.11 - OBEGAL and OBEGALx"]
[]
[null,"Source:  The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending 30 June","Core Crown","Crown entities","SOEs","Elims","OBEGALx","OBEGAL"]
[null,"2021",-2.8,-2.1,-0.1,0.4,-2.6,-4.5999999999999996]
[null,"2022",-8.1,-2.1,1.3,-0.8,-8.6999999999999993,-9.6999999999999993]
[null,"2023",-4.2,-4.7,1.3,-1.8,-7.2,-9.4]
[null,"2024",-5.8,-6,-0.3,-0.8,-8.8000000000000007,-12.9]
[null,"2025",-7.3,-6,0.5,-1.2,-9.3000000000000007,-14]
[null,"2026",-12.1,-4,0.1,-0.9,-13.9,-16.899999999999999]
[null,"2027",-8.6999999999999993,-3.6,0.1,-0.8,-10.4,-13]
[null,"2028",-4.4000000000000004,-2.4,0,-0.9,-5.0999999999999996,-7.7]
[null,"2029",-0.8,-1.6,0,-0.9,-0.9,-3.3]
[null,"2030",2.6,-1.8,0.1,-1,2.2999999999999998,-0.1]

{"sheet":"Data 2.12","index":58,"n_rows":12,"n_cols":9,"rows_kept":12,"cut":false,"hidden":false,"merged":[[4,2,4,8]]}
[null,"Data Fig 2.12 - Historic Crown entity deficits "]
[]
[null,"Source:  The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending 30 June","ACC","Health NZ","Kāinga Ora","NZTA","Others","Crown entity OBEGAL","Crown entity OBEGALx"]
[]
[null,"2021",-2.0014419999999999,-0.58177800000000002,-0.17086899999999999,6.275E-2,0.55433900000000014,-2.137,-0.13555800000000051]
[null,"2022",-1.0269779999999999,-0.45618999999999998,-0.29353099999999999,-3.8054999999999999E-2,-0.28524600000000011,-2.1,-1.0730220000000004]
[null,"2023",-2.2470949999999998,-0.849773,-0.39574500000000001,-0.43874200000000002,-0.76864500000000069,-4.7,-2.4529050000000012]
[null,"2024",-4.0808010000000001,-0.93523100000000003,-0.35353800000000002,-1.3240719999999999,0.65464200000000083,-6.0389999999999997,-1.9580000000000002]
[null,"2025",-4.6683479999999999,-0.83470599999999995,-0.61401399999999995,-0.555033,0.68510099999999952,-5.9870000000000001,-1.3199999999999985]

{"sheet":"Data 2.13","index":60,"n_rows":11,"n_cols":6,"rows_kept":11,"cut":false,"hidden":false,"merged":[[4,2,4,3]]}
[null,"Data Fig 2.13 - Forecast Crown entity (CE) performance "]
[]
[null,"Source:  The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending 30 June","CE OBEGALx (without ACC)","CE OBEGAL (with ACC)","CE OBEGALx % of GDP (RHS)","CE OBEGAL % of GDP (RHS)"]
[null,"2026",-0.9490000000000145,-4.0310000000000148,-0.20880225832074018,-0.88691454509050982]
[null,"2027",-0.96399999999999997,-3.5870000000000002,-0.20125723137692098,-0.74886897193881286]
[null,"2028",0.17299999999999999,-2.41,3.4445614754669569E-2,-0.47984931536851838]
[null,"2029",0.71099999999999997,-1.6020000000000001,0.13511561792115784,-0.30443772139197589]
[null,"2030",0.55700000000000005,-1.802,0.10107627175544262,-0.32700079300414292]

{"sheet":"Data 2.14","index":62,"n_rows":15,"n_cols":4,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Net core Crown debt\")","v":"Data 2.14 - Net core Crown debt"}]
[]
[null,"Source:  The Treasury"]
[]
[null,"Year ending 30 June","Net core Crown debt in $billions ","Net core Crown debt as a % of nominal GDP (RHS)"]
[null,"2021",102080,29.7]
[null,"2022",128873,35.199999999999996]
[null,"2023",155273,38.700000000000003]
[null,"2024",175464,41.8]
[null,"2025",182171,41.8]
[null,"2026",196987,43.3]
[null,"2027",220568,46]
[null,"2028",235661,46.9]
[null,"2029",246760,46.9]
[null,2030,253905,46.1]

{"sheet":"Data 2.15","index":64,"n_rows":10,"n_cols":8,"rows_kept":10,"cut":false,"hidden":false,"merged":[[4,2,4,7]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Core Crown residual cash\")","v":"Data 2.15 - Core Crown residual cash"}]
[]
[null,"Source: The Treasury"]
[]
[null,null,"$billions"]
[null,null,2025,2026,2027,2028,2029,2030]
[null,"Operating",-1.68,-8.5190000000000001,-7.3970000000000002,-2.2000000000000002,1.2,4.7]
[null,"Capital",-4.3,-6.3,-15.8,-12.1,-11.9,-11.3]
[null,"Residual cash",-6,-14.8,-23.2,-14.3,-10.7,-6.6]
[null,"Residual cash (without FLP)",-15.3,-21.5,-23.2,-14.3,-10.7,-6.6]

{"sheet":"Data 2.16","index":66,"n_rows":8,"n_cols":6,"rows_kept":8,"cut":false,"hidden":false,"merged":[[4,2,4,5]]}
[]
[null,"Figure 2.16 - Components of the accumulated core Crown residual cash deficit"]
[]
[null,"Source: The Treasury"]
[]
[null,"$billions"]
[null,"Operating residual cash deficit ","Net purchase of investments","Net purchase of physical assets","Net increase in advances","Other"]
[null,12.234,23.428000000000001,18.64,3.4060000000000001,11.930999999999994]

{"sheet":"Data 2.17","index":68,"n_rows":16,"n_cols":4,"rows_kept":16,"cut":false,"hidden":false,"merged":[[4,2,4,3]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Crown PPE investments \")","v":"Data 2.17 - Crown PPE investments "}]
[]
[null,"Source: The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending ","Crown PPE investment ","Capital allowances and unallocated contingencies"]
[null,"2021",9,0]
[null,"2022",10.1,0]
[null,"2023",13.3,0]
[null,"2024",15.6,0]
[null,"2025",12.6,0]
[null,"2026",14.6,1.107]
[null,"2027",14.3,2.3639999999999999]
[null,2028,12,2.7930000000000001]
[null,2029,10.7,3.5339999999999998]
[null,"2030",9.8000000000000007,3.7749999999999999]

{"sheet":"Data 2.18","index":70,"n_rows":16,"n_cols":6,"rows_kept":16,"cut":false,"hidden":false,"merged":[[4,2,4,5]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Comparison of capital expenditure to prior forecast periods\")","v":"Data 2.18 - Comparison of capital expenditure to prior forecast periods"}]
[]
[null,"Source:  The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending 30 June","Actuals","Half Year Update 2025","Budget Update 2025","Half Year Update 2024"]
[null,"2021",9.0171829999999993]
[null,"2022",10.123882000000002]
[null,"2023",13.285102999999999]
[null,"2024",15.594903999999998,null,15.594903999999998,15.594903999999998]
[null,"2025",12.586170000000003,12.586170000000003,14.036559,16.306121999999998]
[null,"2026",null,15.665509999999998,17.318159999999999,15.94224]
[null,"2027",null,16.630882,15.397197999999999,16.565636999999999]
[null,"2028",null,14.768844999999999,14.287172,13.256060999999999]
[null,"2029",null,14.255471000000002,13.914764999999999,12.468429]
[null,"2030",null,13.54674]

{"sheet":"Data 2.19","index":72,"n_rows":16,"n_cols":7,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 2.19 – Net worth attributable to the Crown"]
[]
[null,"Source: The Treasury"]
[]
[null,null,"Assets","Liabilities","Net worth "]
[null,"Year ending 30 June","$m","$m","$m",null,"Net worth %GDP (RHS)"]
[null,"2021",438596,-281403,151469,null,44.1]
[null,"2022",501844,-327525,167036,null,45.7]
[null,"2023",536666,-345194,183514,null,45.7]
[null,"2024",570868,-379819,181818,null,43.3]
[null,"2025",597976,-408848,179260,null,41.099999999999994]
[null,"2026",612190,-429708,172693,null,38]
[null,"2027",632009,-456174,166018,null,34.699999999999996]
[null,"2028",654213,-478906,165219,null,32.9]
[null,"2029",674700,-495059,169449,null,32.200000000000003]
[null,"2030",697595,-510121,177309,null,32.200000000000003]

{"sheet":"Data 2.20","index":74,"n_rows":8,"n_cols":6,"rows_kept":8,"cut":false,"hidden":false,"merged":[[4,2,4,4]]}
[]
[null,"Figure 2.20 - Increase in assets"]
[]
[null,"Source: The Treasury"]
[]
[null,"$billions"]
[null,"2024/25","Financial Assets","PPE","Other","2029/30"]
[null,597976,59374,30427,9818,697595]

{"sheet":"Data 2.21","index":76,"n_rows":8,"n_cols":6,"rows_kept":8,"cut":false,"hidden":false,"merged":[[4,2,4,4]]}
[]
[null,"Figure 2.21 - Increase in liabilities"]
[]
[null,"Source: The Treasury"]
[]
[null,"$billions"]
[null,"2024/25","Borrowings","Insurance Liabilities","Other","2029/30"]
[null,408848,91202,16421,-6350,510121]

{"sheet":"Data 2.22","index":78,"n_rows":11,"n_cols":4,"rows_kept":11,"cut":false,"hidden":false,"merged":[[4,2,4,3]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Core Crown tax revenue compared to the Budget Update\")","v":"Data 2.22 - Core Crown tax revenue compared to the Budget Update"}]
[]
[null,"Source:  The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending 30 June","Half Year Update 2025","Budget Update 2025"]
[]
[null,"2026",124.19799999999999,125]
[null,"2027",132.172,133]
[null,"2028",140.24299999999999,140.5]
[null,"2029",148.40100000000001,148.19999999999999]

{"sheet":"Data 2.23","index":80,"n_rows":10,"n_cols":4,"rows_kept":10,"cut":false,"hidden":false,"merged":[[4,2,4,3]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Core Crown expenses compared to the Budget Update\")","v":"Data 2.23 - Core Crown expenses compared to the Budget Update"}]
[]
[null,"Source:  The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending 30 June","Half Year Update 2025","Budget Update 2025"]
[null,"2026",149.047,150.30000000000001]
[null,"2027",153.465,153.1]
[null,"2028",157.64599999999999,156.80000000000001]
[null,"2029",162.636,162]

{"sheet":"Data 2.24","index":82,"n_rows":10,"n_cols":4,"rows_kept":10,"cut":false,"hidden":false,"merged":[[4,2,4,3]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - OBEGALx compared to the the Budget Update\")","v":"Data 2.24 - OBEGALx compared to the the Budget Update"}]
[]
[null,"Source:  The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending 30 June","Half Year Update 2025","Budget Update 2025"]
[null,"2026",-13.852,-12.1]
[null,"2027",-10.362,-8.1]
[null,"2028",-5.1210000000000004,-3.1]
[null,"2029",-0.94499999999999995,0.2]

{"sheet":"Data 2.25","index":84,"n_rows":10,"n_cols":4,"rows_kept":10,"cut":false,"hidden":false,"merged":[[4,2,4,3],[5,5,5,6]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Net core Crown debt compared to the Budget Update\")","v":"Data 2.25 - Net core Crown debt compared to the Budget Update"}]
[]
[null,"Source:  The Treasury"]
[]
[null,null,"$billions"]
[null,"Year ending 30 June","Half Year Update 2025","Budget Update 2025"]
[null,"2026",197,200.2]
[null,"2027",220.6,218.4]
[null,"2028",235.7,230.2]
[null,"2029",246.8,238.5]

{"sheet":"Table 2.1","index":85,"n_rows":25,"n_cols":8,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[null,"Table 2.1 - Key fiscal indicators"]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June","2025","2026","2027","2028","2029","2030"]
[null,"$billions","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"Core Crown revenue",134.411,136.91900000000001,144.79499999999999,153.22,161.82599999999999,170.57499999999999]
[null,"Core Crown tax revenue",121.69799999999999,124.19799999999999,132.172,140.24299999999999,148.40100000000001,156.63399999999999]
[null,"Core Crown expenses",141.67500000000001,149.047,153.465,157.64599999999999,162.636,167.94499999999999]
[null,"OBEGALx",-9.3059999999999992,-13.852,-10.362,-5.1210000000000004,-0.94499999999999995,2.2989999999999999]
[null,"Operating balance ",-4.4000000000000004,-6.5469999999999997,-6.7709999999999999,-0.83099999999999996,4.1639999999999997,7.8220000000000001]
[null,"Core Crown residual cash",-5.9960000000000004,-14.802,-23.169,-14.303000000000001,-10.667999999999999,-6.5970000000000004]
[null,"Net core Crown debt",182.17099999999999,196.98699999999999,220.56800000000001,235.661,246.76,253.905]
[null,"Net worth attributable to the Crown",179.26,172.69300000000001,166.018,165.21899999999999,169.44900000000001,177.309]
[null,"Net worth attributable to the Crown"]
[null,"% of GDP"]
[null,"Core Crown revenue ",30.825241605166475,30.125391366719693,30.229295453549039,30.507266431852436,30.752770725329519,30.95347406586108]
[null,"Core Crown tax revenue ",27.909696772329273,27.326473002022013,27.593953097043983,27.923447110052745,28.201537011417365,28.423663824312385]
[null,"Core Crown expenses",32.491136174955628,32.793835822898721,32.039357897571762,31.388516668292709,30.906699910302994,30.476219856315634]
[null,"OBEGALx",-2.1341980818361534,-3.0477648917374593,-2.1633064642403061,-1.019630018258167,-0.17958404913571613,0.41718913602470836]
[null,"Operating balance ",-1.0090771072511364,-1.4404935566131349,-1.4136024000551162,-0.16545841538225672,0.79131003238213959,1.4194229760701476]
[null,"Core Crown residual cash",-1.375096894335867,-3.2567871735126963,-4.8370630640787162,-2.8478359990522484,-2.027304376909862,-1.1971277643997396]
[null,"Net core Crown debt",41.778314932965174,43.341760231640691,46.048656649735179,46.921896061850788,46.89329096796753,46.074992423816255]
[null,"Net worth attributable to the Crown",41.11071869223607,37.996510428011625,34.66008613976522,32.896358521108397,32.201415388357631,32.175462600872123]

{"sheet":"Table 2.2","index":86,"n_rows":25,"n_cols":9,"rows_kept":25,"cut":false,"hidden":false,"merged":[[6,1,6,2],[11,1,11,2]]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Movements in core Crown tax revenue by major tax type\")","v":"Table 2.2 - Movements in core Crown tax revenue by major tax type"}]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",null,2026,2027,2028,2029,2030,"Total"]
[null,"$billions",null,"Forecast","Forecast","Forecast","Forecast","Forecast","change"]
[{"$nulls":8}," "]
[null,"Movement in core Crown tax revenue owing to:"]
[null,"Source deductions",null,2.1,2.8,2.9,3.4,3.5,14.700000000000001]
[null,"Goods and services tax (GST)",null,1.4,2,1.9,1.8,1.9,9]
[null,"Corporate tax",null,-0.6,2.1,2.2999999999999998,1.7,1.4,6.9]
[null,"Net other persons tax",null,-0.4,1,0.7,0.6,0.6,2.5]
[null,"Motor vehicle fees and road user charges ",null,0.2,0.3,0.4,0.3,0.3,1.5]
[null,"Customs and excise duties ",null,0,0.2,0.2,0.2,0.1,0.70000000000000007]
[null,"Resident withholding tax on dividends",null,0.2,0.1,0.1,0.1,0.1,0.6]
[null,"Resident withholding tax on interest",null,-0.5,-0.5,-0.5,0.1,0.2,-1.2]
[null,"Other taxes",null,0.1,0,0,0,0.1,0.2]
[null,"Total movement in core Crown tax revenue",null,2.5000000000000004,8,7.9999999999999982,8.1999999999999993,8.1999999999999993,34.9]
[null,"Plus previous year",null,121.7,124.2,132.19999999999999,140.19999999999999,148.39999999999998]
[null,"Core Crown tax revenue",null,124.2,132.19999999999999,140.19999999999999,148.39999999999998,156.59999999999997]
[null,"As a % of GDP",null,27.3,27.6,27.9,28.2,28.4]
[]
[]
[]
[]
[{"$nulls":7}," "]

{"sheet":"Table 2.3","index":87,"n_rows":16,"n_cols":4,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Increase in core Crown expenses between 2024/25 and 2025/26\")","v":"Table 2.3 - Increase in core Crown expenses between 2024/25 and 2025/26"}]
[null,"Source: The Treasury"]
[]
[null,null,"Year ending 30 June"]
[null,null,"$billions"]
[null,null,"Core Crown expenses - 2024/25",141.69999999999999]
[null,null,"Movement in core Crown expenses"]
[null,null,"Budget 2025 spending decisions ",2.2000000000000002]
[null,null,"New Zealand Superannuation",1.6]
[null,null,"Other benefit payments ",1.2999999999999998]
[null,null,"City Rail Link divestment expenses",0.7]
[null,null,"Finance costs",0]
[null,null,"Other one-off impairment expenses ",0]
[null,null,"Other",1.5000000000000115]
[null,null,"Total increase",7.3000000000000114]
[null,null,"Core Crown expenses - 2025/26",149]

{"sheet":"Table 2.4","index":88,"n_rows":20,"n_cols":10,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Net issuance of market government bonds and short-term borrowing1\")","v":"Table 2.4 - Net issuance of market government bonds and short-term borrowing1"}]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",null,null,2026,2027,2028,2029,2030]
[null,"$billions",null,null,"Forecast","Forecast","Forecast","Forecast","Forecast","Total"]
[]
[null,"Face value of market government bonds issued",null,null,35,34,34,32,30,165]
[null,"Debt programme cash flows"]
[null,"Cash proceeds from issue of market government bonds",null,null,34,31.9,32.5,30.8,28.7,157.9]
[null,"Repayment of market government bonds ",null,null,-18.2,-22.6,-15.4,-17.8,-22,-96]
[null,"Net issue/(repayment) of short-term borrowings",null,null,-2,5.0999999999999996,-3,-2,0,-1.9000000000000004]
[null,"Net debt programme cash flows",null,null,13.8,14.399999999999997,14.100000000000001,11,6.6999999999999993,60]
[]
[]
[null,"Note: ",1,"The table above only reflects the transactions forecast by New Zealand Debt Management. It is not consolidated with "]
[null,null,null,"other entities within the Crown."]
[]
[null,null,null,"More information on the bond programme can be found at ",null," "]
[null,null,null,"https://debtmanagement.treasury.govt.nz/investor-resources/media-statements"]

{"sheet":"Table 2.5","index":89,"n_rows":43,"n_cols":8,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"CONCATENATE(MID(CELL(\"filename\",A1),FIND(\"]\",CELL(\"filename\",A1))+1,255), \" - Key fiscal indicators compared to the Budget Update\")","v":"Table 2.5 - Key fiscal indicators compared to the Budget Update"}]
[null,"Source: The Treasury"]
[]
[]
[null,"Year ending 30 June",2025,2026,2027,2028,2029,2030]
[null,"$billions","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[null,"Core Crown tax revenue"]
[null,"Half Year Update",121.7,124.2,132.19999999999999,140.19999999999999,148.4,156.6]
[null,"Budget Update",null,125,133,140.5,148.19999999999999]
[null,"Core Crown expenses"]
[null,"Half Year Update",141.69999999999999,149,153.5,157.6,162.6,167.9]
[null,"Budget Update",null,150.30000000000001,153.1,156.80000000000001,162]
[null,"OBEGALx"]
[null,"Half Year Update",-9.3000000000000007,-13.9,-10.4,-5.0999999999999996,-0.9,2.2999999999999998]
[null,"Budget Update",null,-12.1,-8.1,-3.1,0.2]
[null,"Core Crown residual cash "]
[null,"Half Year Update",-6,-14.8,-23.2,-14.3,-10.7,-6.6]
[null,"Budget Update",null,-14.5,-18.2,-11.4,-8.1]
[null,"Net core Crown debt"]
[null,"Half Year Update",182.2,197,220.6,235.7,246.8,253.9]
[null,"Budget Update",null,200.2,218.4,230.2,238.5]
[null,"Net worth attributable to the Crown"]
[null,"Half Year Update",179.3,172.7,166,165.2,169.4,177.3]
[null,"Budget Update",null,163.9,158.30000000000001,158.30000000000001,162.4]
[null,"% of GDP"]
[null,"Core Crown tax revenue "]
[null,"Half Year Update",27.9,27.3,27.6,27.9,28.2,28.4]
[null,"Budget Update",null,27.4,27.8,28,28.3]
[null,"Core Crown expenses "]
[null,"Half Year Update",32.5,32.799999999999997,32,31.4,30.9,30.5]
[null,"Budget Update",null,32.9,32.1,31.3,30.9]
[null,"OBEGALx"]
[null,"Half Year Update",-2.1,-3,-2.2000000000000002,-1,-0.2,0.4]
[null,"Budget Update",null,-2.6,-1.7,-0.6,0]
[null,"Core Crown residual cash"]
[null,"Half Year Update",-1.4,-3.3,-4.8,-2.8,-2,-1.2]
[null,"Budget Update",null,-3.2,-3.8,-2.2999999999999998,-1.6]
[null,"Net core Crown debt"]
[null,"Half Year Update",41.8,43.3,46,46.9,46.9,46.1]
[null,"Budget Update",null,43.9,45.7,46,45.5]
[null,"Net worth attributable to the Crown"]
[null,"Half Year Update",41.1,38,34.700000000000003,32.9,32.200000000000003,32.200000000000003]
[null,"Budget Update",null,35.9,33.1,31.6,31]

{"sheet":"Data 3.1","index":91,"n_rows":28,"n_cols":22,"rows_kept":28,"cut":false,"hidden":false,"merged":[[3,3,3,21],[16,3,16,21]]}
[null,"Figure 3.1: Total revenue"]
[null,"Sources: The Treasury"]
[]
[null,null,null,"Data for graph, confidence intervals"]
[null,null,"Total Revenue",0.05,"10%","15%","20%","25%","30%","35%","40%","45%","50%","55%","60%","65%","70%","75%","80%","85%","90%","95%"]
[null,"2021-06-30",129.33500000000001,128.77990879453299,0.137809084969158,8.7564866369008107E-2,6.6601839993243594E-2,5.4942158281926799E-2,4.7644961998747001E-2,4.3547070892905999E-2,4.0894352233226502E-2,3.8578727178690299E-2,3.7449712159497703E-2,3.7449712159497703E-2,3.8578727178690299E-2,4.0894352233226502E-2,4.3547070892905999E-2,4.7644961998747001E-2,5.4942158281926799E-2,6.6601839993243594E-2,8.7564866369008107E-2,0.137809084969158]
[null,"2022-06-30",141.62700000000001,140.78018921416401,0.20042824736803599,0.13063192826890699,0.100457031652462,8.5090930980848495E-2,7.5030534356599704E-2,6.8900011972757094E-2,6.4273019411222806E-2,6.18012043382914E-2,6.0416816514800298E-2,6.0416816514800298E-2,6.18012043382914E-2,6.4273019411222806E-2,6.8900011972757094E-2,7.5030534356599704E-2,8.5090930980848495E-2,0.100457031652462,0.13063192826890699,0.20042824736803599]
[null,"2023-06-30",153.011,152.224507094947,0.192438298024528,0.123190085598224,9.4263803911380797E-2,7.7881396014272505E-2,6.83122410810902E-2,6.1810344234836501E-2,5.7956735405838102E-2,5.5359597656191903E-2,5.38917879958608E-2,5.38917879958608E-2,5.5359597656191903E-2,5.7956735405838102E-2,6.1810344234836501E-2,6.83122410810902E-2,7.7881396014272505E-2,9.4263803911380797E-2,0.123190085598224,0.192438298024528]
[null,"2024-06-30",167.34700000000001,166.99159022344401,0.119868790398192,6.8256882363755697E-2,4.6534882248000897E-2,3.4717802580926202E-2,2.6955400707942299E-2,2.1095165536855299E-2,1.6562100652896299E-2,1.28259443812276E-2,8.4607495421369101E-3,8.4607495421369101E-3,1.28259443812276E-2,1.6562100652896299E-2,2.1095165536855299E-2,2.6955400707942299E-2,3.4717802580926202E-2,4.6534882248000897E-2,6.8256882363755697E-2,0.119868790398192]
[null,"2025-06-30",169.81100000000001,168.82219548400801,0.26318264662058199,0.16516141493321601,0.12216697519690201,9.8541703592985905E-2,8.38561236791866E-2,7.3704942977856305E-2,6.6188792826433196E-2,6.0807443915546197E-2,5.43360153835383E-2,5.43360153835383E-2,6.0807443915546197E-2,6.6188792826433196E-2,7.3704942977856305E-2,8.38561236791866E-2,9.8541703592985905E-2,0.12216697519690201,0.16516141493321601,0.26318264662058199]
[null,"2026-06-30",172.91200000000001,162.75770432786101,2.24374607901566,1.51496923164619,1.19491854031254,1.0405895996135099,0.92719847816605805,0.85940253436259795,0.81949033277205297,0.78792285764518599,0.77507270707948195,0.77507270707948195,0.78792285764518599,0.81949033277205297,0.85940253436259795,0.92719847816605805,1.0405895996135099,1.19491854031254,1.51496923164619,2.24374607901566]
[null,"2027-06-30",182.61,165.676836827789,3.7387617134150601,2.5495802277737099,1.9982101292707199,1.7172348569904701,1.5327825434526201,1.4254364151960499,1.36571246710338,1.31291892991823,1.29137341231614,1.29137341231614,1.31291892991823,1.36571246710338,1.4254364151960499,1.5327825434526201,1.7172348569904701,1.9982101292707199,2.5495802277737099,3.7387617134150601]
[null,"2028-06-30",192.22800000000001,172.36861337078,4.3808928034095702,2.9725505299116599,2.3504618214146502,2.01501784433973,1.8165433651418701,1.67206862433195,1.5949035213537901,1.5570694597969399,1.5164375278597599,1.5164375278597599,1.5570694597969399,1.5949035213537901,1.67206862433195,1.8165433651418701,2.01501784433973,2.3504618214146502,2.9725505299116599,4.3808928034095702]
[null,"2029-06-30",202.858,178.18698032421401,5.4397688054495497,3.6913776900464401,2.9288027579002698,2.5004493771632998,2.2617246951337902,2.0912155413592401,1.9946652603420401,1.91346785212908,1.88702171014808,1.88702171014808,1.91346785212908,1.9946652603420401,2.0912155413592401,2.2617246951337902,2.5004493771632998,2.9288027579002698,3.6913776900464401,5.4397688054495497]
[null,"2030-06-30",213.08500000000001,185.920471576578,6.0011791122883897,4.07592395115286,3.2022490008043101,2.7602554061140401,2.47739782955823,2.2801551803429598,2.1716075410067099,2.1066331812791899,2.07313738435513,2.07313738435513,2.1066331812791899,2.1716075410067099,2.2801551803429598,2.47739782955823,2.7602554061140401,3.2022490008043101,4.07592395115286,6.0011791122883897]
[]
[null,null,null,"Level estimates with confidence intervals"]
[null,null,"Total Revenue",0.05,"10%","15%","20%","25%","30%","35%","40%","45%","50%","55%","60%","65%","70%","75%","80%","85%","90%","95%"]
[null,"2021-06-30",129.33500000000001,128.77990879453299,128.91771787950213,129.00528274587114,129.07188458586438,129.12682674414631,129.17447170614506,129.21801877703797,129.25891312927121,129.29749185644991,129.33494156860939,129.37239128076888,129.41097000794758,129.45186436018082,129.49541143107373,129.54305639307248,129.59799855135441,129.66460039134765,129.75216525771665,129.8899743426858]
[null,"2022-06-30",141.62700000000001,140.78018921416401,140.98061746153203,141.11124938980095,141.21170642145341,141.29679735243425,141.37182788679084,141.44072789876358,141.5050009181748,141.56680212251308,141.62721893902787,141.68763575554266,141.74943695988094,141.81370997929216,141.8826099912649,141.95764052562149,142.04273145660233,142.14318848825479,142.27382041652371,142.47424866389173]
[null,"2023-06-30",153.011,152.224507094947,152.41694539297154,152.54013547856977,152.63439928248116,152.71228067849543,152.78059291957652,152.84240326381135,152.90035999921719,152.95571959687337,153.00961138486923,153.0635031728651,153.11886277052128,153.17681950592711,153.23862985016194,153.30694209124303,153.38482348725731,153.4790872911687,153.60227737676692,153.79471567479146]
[null,"2024-06-30",167.34700000000001,166.99159022344401,167.11145901384219,167.17971589620595,167.22625077845396,167.26096858103489,167.28792398174284,167.30901914727968,167.32558124793258,167.33840719231381,167.34686794185595,167.35532869139809,167.36815463577932,167.38471673643221,167.40581190196906,167.43276730267701,167.46748510525794,167.51401998750595,167.5822768698697,167.70214566026789]
[null,"2025-06-30",169.81100000000001,168.82219548400801,169.08537813062858,169.25053954556179,169.3727065207587,169.47124822435168,169.55510434803088,169.62880929100874,169.69499808383517,169.75580552775071,169.81014154313425,169.86447755851779,169.92528500243333,169.99147379525976,170.06517873823762,170.14903486191682,170.2475765655098,170.36974354070671,170.53490495563992,170.79808760226049]
[null,"2026-06-30",172.91200000000001,162.75770432786101,165.00145040687667,166.51641963852285,167.71133817883538,168.75192777844887,169.67912625661492,170.53852879097752,171.35801912374959,172.14594198139477,172.92101468847426,173.69608739555375,174.48401025319893,175.30350058597099,176.1629031203336,177.09010159849964,178.13069119811314,179.32560973842567,180.84057897007185,183.08432504908751]
[null,"2027-06-30",182.61,165.676836827789,169.41559854120408,171.96517876897778,173.9633888982485,175.68062375523897,177.21340629869158,178.63884271388764,180.00455518099102,181.31747411090925,182.60884752322539,183.90022093554154,185.21313986545977,186.57885233256314,188.0042887477592,189.53707129121182,191.25430614820229,193.25251627747301,195.80209650524671,199.54085821866178]
[null,"2028-06-30",192.22800000000001,172.36861337078,176.74950617418958,179.72205670410125,182.0725185255159,184.08753636985563,185.90407973499751,187.57614835932947,189.17105188068325,190.72812134048019,192.24455886833994,193.76099639619969,195.31806585599662,196.91296937735041,198.58503800168236,200.40158136682425,202.41659921116397,204.76706103257862,207.7396115624903,212.12050436589988]
[null,"2029-06-30",202.858,178.18698032421401,183.62674912966355,187.31812681970999,190.24692957761025,192.74737895477355,195.00910364990733,197.10031919126658,199.09498445160861,201.0084523037377,202.89547401388577,204.78249572403385,206.69596357616294,208.69062883650497,210.78184437786422,213.043569072998,215.5440184501613,218.47282120806156,222.164198898108,227.60396770355754]
[null,"2030-06-30",213.08500000000001,185.920471576578,191.92165068886638,195.99757464001925,199.19982364082355,201.96007904693758,204.43747687649582,206.7176320568388,208.88923959784552,210.99587277912471,213.06901016347985,215.14214754783498,217.24878072911417,219.4203882701209,221.70054345046387,224.17794128002211,226.93819668613614,230.14044568694044,234.21636963809331,240.2175487503817]

{"sheet":"Data 3.2","index":93,"n_rows":27,"n_cols":22,"rows_kept":27,"cut":false,"hidden":false,"merged":[[15,3,15,21],[2,3,2,21]]}
[null,"Figure 3.2: OBEGAL"]
[null,"Sources: The Treasury"]
[null,null,null,"Level estimates for confidence intervals"]
[null,null,"OBEGAL",0.05,"10%","15%","20%","25%","30%","35%","40%","45%","50%","55%","60%","65%","70%","75%","80%","85%","90%","95%"]
[null,"2021-06-30",-4.5599999999999996,-5.5937805230870898,-5.3378278385566906,-5.174742730456912,-5.0507751759085933,-4.9481981600890261,-4.8583454879247805,-4.7768619091281463,-4.701198403650479,-4.6292041136717836,-4.5590321207095945,-4.4898280070378105,-4.4178337170591151,-4.3421702115814478,-4.2606866327848136,-4.170833960620568,-4.0682569448010009,-3.9442893902526817,-3.7812042821529026,-3.5252515976225034]
[null,"2022-06-30",-9.6910000000000007,-11.253251870181501,-10.881258443780762,-10.640440457679272,-10.455343913100089,-10.300784565619765,-10.162218810656366,-10.035660720010561,-9.9168861068425151,-9.8039781673817998,-9.6918970055809393,-9.5789188381991401,-9.4660108987384248,-9.3472362855703786,-9.2206781949245737,-9.0821124399611755,-8.927553092480851,-8.7424565479016678,-8.5016385618001777,-8.1296451353994392]
[null,"2023-06-30",-9.4459999999999997,-10.9152423267579,-10.554843706634696,-10.323224959185692,-10.148289404630106,-10.001457485114171,-9.8742255080647485,-9.757865992413759,-9.6496539068161233,-9.5471979373344276,-9.4461722508563888,-9.344974313521961,-9.2425183440402652,-9.1343062584426296,-9.01794674279164,-8.8907147657422172,-8.743882846226283,-8.5689472916706961,-8.3373285442216929,-7.9769299240984886]
[null,"2024-06-30",-12.853999999999999,-13.5294161784228,-13.298778637444769,-13.16883414979981,-13.079947492273469,-13.01455013451538,-12.963715448803448,-12.923506069792376,-12.892013007141127,-12.867903077548069,-12.851720313486357,-12.837817235938287,-12.813707306345229,-12.78221424369398,-12.742004864682908,-12.691170178970976,-12.625772821212887,-12.536886163686546,-12.406941676041587,-12.176304135063557]
[null,"2025-06-30",-13.973000000000001,-15.8400792114364,-15.342608195869245,-15.031216997331059,-14.802035847148019,-14.616402872146548,-14.458532797594541,-14.319815201377676,-14.195361241615336,-14.080025162549092,-13.976882344718696,-13.869857182169605,-13.754521103103361,-13.630067143341021,-13.491349547124155,-13.333479472572149,-13.147846497570677,-12.918665347387638,-12.607274148849452,-12.109803133282297]
[null,"2026-06-30",-16.934000000000001,-21.3537000203481,-20.373301249980052,-19.718868071107146,-19.200569403734914,-18.756204821266316,-18.356591603669873,-17.987027588033818,-17.640583153379357,-17.302468931836092,-16.970077003418847,-16.601608071582756,-16.263493850039492,-15.91704941538503,-15.547485399748975,-15.147872182152531,-14.703507599683933,-14.185208932311703,-13.530775753438796,-12.550376983070748]
[null,"2027-06-30",-12.984999999999999,-20.872121704667599,-19.119875870101019,-17.951670707666988,-17.016299252592979,-16.216709083873624,-15.494714502118562,-14.830666625862628,-14.197389497290999,-13.586425440990142,-12.987202972895611,-12.385777531905468,-11.774813475604612,-11.141536347032982,-10.477488470777049,-9.7554938890219862,-8.955903720302631,-8.0205322652286224,-6.8523271027945922,-5.1000812682280126]
[null,"2028-06-30",-7.7039999999999997,-19.235118183979498,-16.695978598014957,-14.976340946142898,-13.614163664383758,-12.452072655809728,-11.395961253329038,-10.413646371222281,-9.4897282016473881,-8.6037679200523964,-7.7270363813544067,-6.82726846130201,-5.9413081797070184,-5.0173900101321252,-4.0350751280253689,-2.9789637255446788,-1.8168727169706489,-0.4546954352115089,1.2649422166605511,3.8040818026250909]
[null,"2029-06-30",-3.258,-18.414836790818601,-15.068575852026051,-12.808752935363771,-11.0089308444881,-9.4771993370008403,-8.1030697564385807,-6.8173067526827911,-5.6057013542256913,-4.4401122763338314,-3.2866051688409015,-2.1044928925070701,-0.93890381461521,0.27270158384189003,1.5584645875976799,2.9325941681599401,4.4643256756472001,6.2641477665228695,8.5239706831851496,11.8702316219777]
[null,"2030-06-30",-0.06,-18.8088116134644,-14.656305337824978,-11.8509912439944,-9.6303810776193988,-7.7257078633562983,-6.0264664861111283,-4.4492872775688586,-2.9518616662959785,-1.5028254691558784,-7.1124018227718411E-2,1.37170145092816,2.8207376480682598,4.3181632593411399,5.8953424678834097,7.5945838451285796,9.4992570593916792,11.719867225766659,14.525181319597259,18.67768759523668]
[]
[null,null,null,"Data for graph, confidence intervals."]
[null,null,"OBEGAL",0.05,"10%","15%","20%","25%","30%","35%","40%","45%","50%","55%","60%","65%","70%","75%","80%","85%","90%","95%"]
[null,"2021-06-30",-4.5599999999999996,-5.5937805230870898,0.25595268453039899,0.163085108099779,0.123967554548319,0.10257701581956701,8.9852672164245598E-2,8.1483578796633996E-2,7.5663505477667495E-2,7.1994289978695197E-2,7.0171992962189497E-2,7.0171992962189497E-2,7.1994289978695197E-2,7.5663505477667495E-2,8.1483578796633996E-2,8.9852672164245598E-2,0.10257701581956701,0.123967554548319,0.163085108099779,0.25595268453039899]
[null,"2022-06-30",-9.6910000000000007,-11.253251870181501,0.37199342640073901,0.24081798610148999,0.18509654457918401,0.15455934748032399,0.13856575496339801,0.12655809064580401,0.11877461316804599,0.11290793946071501,0.11208116180086,0.11208116180086,0.11290793946071501,0.11877461316804599,0.12655809064580401,0.13856575496339801,0.15455934748032399,0.18509654457918401,0.24081798610148999,0.37199342640073901]
[null,"2023-06-30",-9.4459999999999997,-10.9152423267579,0.36039862012320401,0.23161874744900299,0.17493555455558599,0.146831919515934,0.12723197704942299,0.116359515650989,0.108212085597635,0.102455969481696,0.101025686478039,0.101025686478039,0.102455969481696,0.108212085597635,0.116359515650989,0.12723197704942299,0.146831919515934,0.17493555455558599,0.23161874744900299,0.36039862012320401]
[null,"2024-06-30",-12.853999999999999,-13.5294161784228,0.23063754097802999,0.129944487644959,8.8886657526341006E-2,6.5397357758088207E-2,5.0834685711931303E-2,4.0209379011073E-2,3.1493062651248703E-2,2.4109929593058001E-2,1.6182764061712099E-2,1.6182764061712099E-2,2.4109929593058001E-2,3.1493062651248703E-2,4.0209379011073E-2,5.0834685711931303E-2,6.5397357758088207E-2,8.8886657526341006E-2,0.129944487644959,0.23063754097802999]
[null,"2025-06-30",-13.973000000000001,-15.8400792114364,0.49747101556715601,0.31139119853818598,0.22918115018304,0.185632975001471,0.15787007455200699,0.138717596216866,0.124453959762339,0.115336079066245,0.103142817830396,0.103142817830396,0.115336079066245,0.124453959762339,0.138717596216866,0.15787007455200699,0.185632975001471,0.22918115018304,0.31139119853818598,0.49747101556715601]
[null,"2026-06-30",-16.934000000000001,-21.3537000203481,0.98039877036804801,0.65443317887290597,0.51829866737223096,0.444364582468598,0.39961321759644403,0.36956401563605501,0.34644443465446201,0.33811422154326598,0.33239192841724402,0.33239192841724402,0.33811422154326598,0.34644443465446201,0.36956401563605501,0.39961321759644403,0.444364582468598,0.51829866737223096,0.65443317887290597,0.98039877036804801]
[null,"2027-06-30",-12.984999999999999,-20.872121704667599,1.7522458345665799,1.1682051624340299,0.93537145507400898,0.79959016871935595,0.72199458175506304,0.66404787625593298,0.63327712857162899,0.61096405630085604,0.59922246809453095,0.59922246809453095,0.61096405630085604,0.63327712857162899,0.66404787625593298,0.72199458175506304,0.79959016871935595,0.93537145507400898,1.1682051624340299,1.7522458345665799]
[null,"2028-06-30",-7.7039999999999997,-19.235118183979498,2.53913958596454,1.71963765187206,1.36217728175914,1.1620910085740299,1.0561114024806899,0.98231488210675599,0.92391816957489303,0.88596028159499196,0.87673153869799003,0.87673153869799003,0.88596028159499196,0.92391816957489303,0.98231488210675599,1.0561114024806899,1.1620910085740299,1.36217728175914,1.71963765187206,2.53913958596454]
[null,"2029-06-30",-3.258,-18.414836790818601,3.3462609387925499,2.2598229166622801,1.7998220908756699,1.5317315074872599,1.37412958056226,1.2857630037557899,1.2116053984571,1.1655890778918601,1.15350710749293,1.15350710749293,1.1655890778918601,1.2116053984571,1.2857630037557899,1.37412958056226,1.5317315074872599,1.7998220908756699,2.2598229166622801,3.3462609387925499]
[null,"2030-06-30",-0.06,-18.8088116134644,4.1525062756394204,2.8053140938305998,2.2206101663749802,1.9046732142631,1.69924137724517,1.57717920854227,1.4974256112728801,1.4490361971401,1.43170145092816,1.43170145092816,1.4490361971401,1.4974256112728801,1.57717920854227,1.69924137724517,1.9046732142631,2.2206101663749802,2.8053140938305998,4.1525062756394204]

{"sheet":"Data 3.3","index":95,"n_rows":10,"n_cols":5,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.3: Impact of changes to operating allowances on OBEGALx"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June","OBEGALx","OBEGALx with higher operating allowances","OBEGALx with lower operating allowances"]
[null,null,"$billions","$billions","$billions"]
[null,"2026",-13.9,-13.9,-13.9]
[null,"2027",-10.4,-11.4,-9.3000000000000007]
[null,"2028",-5.0999999999999996,-7.2,-3]
[null,"2029",-0.9,-4.0999999999999996,2.2000000000000002]
[null,"2030",2.2999999999999998,-2.1,6.7]

{"sheet":"Data 3.4","index":97,"n_rows":46,"n_cols":6,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.4: Trading partner GDP"]
[null,"Sources: Haver, the Treasury"]
[]
[null,null,"Main","Upside","Downside"]
[null,null,"Index","Index","Index"]
[null,"2020-06-01",98.65,98.65,98.65]
[null,"2020-09-01",104.93,104.93,104.93]
[null,"2020-12-01",106.67,106.67,106.67]
[null,"2021-03-01",107.85,107.85,107.85]
[null,"2021-06-01",109.68,109.68,109.68]
[null,"2021-09-01",110.16,110.16,110.16]
[null,"2021-12-01",112.08,112.08,112.08]
[null,"2022-03-01",112.13,112.13,112.13]
[null,"2022-06-01",112.31,112.31,112.31]
[null,"2022-09-01",113.57,113.57,113.57]
[null,"2022-12-01",114.19,114.19,114.19]
[null,"2023-03-01",115.17,115.17,115.17]
[null,"2023-06-01",115.94,115.94,115.94]
[null,"2023-09-01",117.02,117.02,117.02]
[null,"2023-12-01",117.73,117.73,117.73]
[null,"2024-03-01",118.2,118.2,118.2]
[null,"2024-06-01",119.1,119.1,119.1]
[null,"2024-09-01",120.06,120.06,120.06]
[null,"2024-12-01",120.88,120.88,120.88]
[null,"2025-03-01",121.2,121.2,121.2]
[null,"2025-06-01",122.21,122.21,122.21]
[null,"2025-09-01",122.54,122.54,122.54,"forecast"]
[null,"2025-12-01",123.09,123.3,122.82]
[null,"2026-03-01",123.77,124.31,123.29]
[null,"2026-06-01",124.52,125.32,123.76]
[null,"2026-09-01",125.28,126.33,124.23]
[null,"2026-12-01",126.03,127.35,124.71]
[null,"2027-03-01",126.77,128.35,125.21]
[null,"2027-06-01",127.51,129.31,125.74]
[null,"2027-09-01",128.26,130.22999999999999,126.32]
[null,"2027-12-01",129.01,131.07,126.98]
[null,"2028-03-01",129.76,131.81,127.73]
[null,"2028-06-01",130.52000000000001,132.47999999999999,128.56]
[null,"2028-09-01",131.26,133.08000000000001,129.44999999999999]
[null,"2028-12-01",132,133.65,130.37]
[null,"2029-03-01",132.75,134.19999999999999,131.31]
[null,"2029-06-01",133.5,134.76,132.25]
[null,"2029-09-01",134.25,135.32,133.18]
[null,"2029-12-01",135.01,135.91999999999999,134.09]
[null,"2030-03-01",135.77000000000001,136.56,134.96]
[null,"2030-06-01",136.54,137.22999999999999,135.79]

{"sheet":"Data 3.5","index":99,"n_rows":46,"n_cols":6,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.5: 90-day interest rates"]
[null,"Sources: RBNZ, the Treasury"]
[]
[null,null,"Main","Upside","Downside"]
[null,null,"%","%","%"]
[null,"2020-06-01",0.31,0.31,0.31]
[null,"2020-09-01",0.3,0.3,0.3]
[null,"2020-12-01",0.27,0.27,0.27]
[null,"2021-03-01",0.3,0.3,0.3]
[null,"2021-06-01",0.34,0.34,0.34]
[null,"2021-09-01",0.51,0.51,0.51]
[null,"2021-12-01",0.82,0.82,0.82]
[null,"2022-03-01",1.24,1.24,1.24]
[null,"2022-06-01",2.23,2.23,2.23]
[null,"2022-09-01",3.33,3.33,3.33]
[null,"2022-12-01",4.26,4.26,4.26]
[null,"2023-03-01",4.99,4.99,4.99]
[null,"2023-06-01",5.62,5.62,5.62]
[null,"2023-09-01",5.66,5.66,5.66]
[null,"2023-12-01",5.65,5.65,5.65]
[null,"2024-03-01",5.67,5.67,5.67]
[null,"2024-06-01",5.63,5.63,5.63]
[null,"2024-09-01",5.3,5.3,5.3]
[null,"2024-12-01",4.45,4.45,4.45]
[null,"2025-03-01",3.85,3.85,3.85]
[null,"2025-06-01",3.38,3.38,3.38]
[null,"2025-09-01",3.09,3.09,3.09]
[null,"2025-12-01",2.5,2.5,2.5,"forecast"]
[null,"2026-03-01",2.23,2.23,2.23]
[null,"2026-06-01",2.1,2.1,2.1]
[null,"2026-09-01",2.08,2.08,2.08]
[null,"2026-12-01",2.0499999999999998,2.0499999999999998,2.0499999999999998]
[null,"2027-03-01",2.04,2.12,1.96]
[null,"2027-06-01",2.0299999999999998,2.23,1.83]
[null,"2027-09-01",2.04,2.38,1.72]
[null,"2027-12-01",2.06,2.52,1.63]
[null,"2028-03-01",2.09,2.64,1.58]
[null,"2028-06-01",2.12,2.72,1.57]
[null,"2028-09-01",2.17,2.78,1.61]
[null,"2028-12-01",2.23,2.81,1.69]
[null,"2029-03-01",2.2799999999999998,2.81,1.8]
[null,"2029-06-01",2.33,2.79,1.92]
[null,"2029-09-01",2.39,2.77,2.0499999999999998]
[null,"2029-12-01",2.44,2.74,2.1800000000000002]
[null,"2030-03-01",2.4900000000000002,2.73,2.29]
[null,"2030-06-01",2.5499999999999998,2.73,2.4]

{"sheet":"Data 3.6","index":101,"n_rows":16,"n_cols":6,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.6: OBEGALx"]
[null,"Source: The Treasury"]
[]
[null,null,"Main","Upside","Downside"]
[null,null,"$ billion","$ billion","$ billion"]
[null,"2020-06-01",-20.902000000000001,-20.902000000000001,-20.902000000000001]
[null,"2021-06-01",-2.5590000000000002,-2.5590000000000002,-2.5590000000000002]
[null,"2022-06-01",-8.6639999999999997,-8.6639999999999997,-8.6639999999999997]
[null,"2023-06-01",-7.1989999999999998,-7.1989999999999998,-7.1989999999999998]
[null,"2024-06-01",-8.7729999999999997,-8.7729999999999997,-8.7729999999999997]
[null,"2025-06-01",-9.3059999999999903,-9.3060941806131705,-9.3058781661025698]
[null,"2026-06-01",-13.852,-13.7942657168993,-13.908678022693101,"forecast"]
[null,"2027-06-01",-10.362,-9.4687421040051802,-11.2308417820452]
[null,"2028-06-01",-5.1210000000000004,-2.8958739812014902,-7.2806223330649296]
[null,"2029-06-01",-0.94499999999999995,1.5565936926172199,-3.3747581512399401]
[null,"2030-06-01",2.2989999999999999,4.2174795294366696,0.37188206519919897]

{"sheet":"Data 3.7","index":103,"n_rows":46,"n_cols":6,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.7: Potential output"]
[null,"Sources: Haver, the Treasury"]
[]
[null,null,"Main","Upside","Downside"]
[null,null,"$billions\n(2009/10 prices)","$billions\n(2009/10 prices)","$billions\n(2009/10 prices)"]
[null,"2020-06-01",58.381347257369995,58.381347257369995,58.381347257369995]
[null,"2020-09-01",65.423970629059099,65.423970629059099,65.445286411182707]
[null,"2020-12-01",65.807345544124601,65.807345544124601,65.818468866168303]
[null,"2021-03-01",66.189654639875997,66.189654639875997,66.188320403511199]
[null,"2021-06-01",66.569639097356003,66.569639097356003,66.553355497562194]
[null,"2021-09-01",64.922673345031797,64.922673345031797,64.922673345031797]
[null,"2021-12-01",65.743836207330702,65.743836207330702,65.690556528441689]
[null,"2022-03-01",66.300869176030403,66.300869176030403,66.224162550292604]
[null,"2022-06-01",67.081062183538393,67.081062183538393,66.977154535782603]
[null,"2022-09-01",68.149742469559911,68.149742469559911,68.014230414810896]
[null,"2022-12-01",68.777778379825008,68.777778379825008,68.607428817442496]
[null,"2023-03-01",69.126300010709699,69.126300010709699,68.917883918815392]
[null,"2023-06-01",69.467908907500998,69.467908907500998,69.217598873062698]
[null,"2023-09-01",69.802832524258804,69.802832524258804,69.50680433876461]
[null,"2023-12-01",70.131735122647399,70.131735122647399,69.786239299258497]
[null,"2024-03-01",70.455645770159506,70.455645770159506,70.057092123191396]
[null,"2024-06-01",70.775883771151896,70.775883771151896,70.320940129167099]
[null,"2024-09-01",71.0940577114782,71.0940577114782,70.579763789756598]
[null,"2024-12-01",71.411613934107407,71.411613934107407,70.835511318544107]
[null,"2025-03-01",71.729309122564402,71.729309122564402,71.089588210790097]
[null,"2025-06-01",72.047278728904487,72.047278728904487,71.342943331032799]
[null,"2025-09-01",72.377031738237307,72.380725676771803,71.596590761566091,"forecast"]
[null,"2025-12-01",72.717246540569207,72.729494112208812,71.851735634829296]
[null,"2026-03-01",73.066862549788098,73.093532039647002,72.109393646650503]
[null,"2026-06-01",73.425019324828597,73.472861623894389,72.370407133223097]
[null,"2026-09-01",73.790980665746005,73.867529243728001,72.635433607464492]
[null,"2026-12-01",74.164146958747395,74.277639569893196,72.905010682216897]
[null,"2027-03-01",74.544028855871105,74.703347506071111,73.179573841091596]
[null,"2027-06-01",74.930225941942098,75.144852274078204,73.4594717425298]
[null,"2027-09-01",75.322409447645512,75.6023932154948,73.744979373134214]
[null,"2027-12-01",75.720308248125008,76.076246972151196,74.036309333457908]
[null,"2028-03-01",76.123883091191402,76.565360518896497,74.3336215074726]
[null,"2028-06-01",76.533098403146994,77.068790978881808,74.637031336814303]
[null,"2028-09-01",76.947938518743001,77.585710717079309,74.946634353549314]
[null,"2028-12-01",77.368384747422795,78.115374323003195,75.26249099248129]
[null,"2029-03-01",77.794415058197401,78.657109413009195,75.584632298239512]
[null,"2029-06-01",78.226003975446602,79.210308622779493,75.913064798803688]
[null,"2029-09-01",78.663177569528301,79.774478328610201,76.247854536665699]
[null,"2029-12-01",79.105946726435093,80.349165020212297,76.589037118259597]
[null,"2030-03-01",79.554309250500609,80.933951744136095,76.936622738647003]
[null,"2030-06-01",80.008251720696393,81.528454894719502,77.290600449515892]

{"sheet":"Table 3.1","index":104,"n_rows":22,"n_cols":8,"rows_kept":22,"cut":false,"hidden":false,"merged":[[13,1,13,2],[14,1,14,2],[15,1,15,2],[6,1,6,2],[8,1,8,2],[9,1,9,2],[10,1,10,2],[11,1,11,2],[12,1,12,2]]}
[null,"Table 3.1: Fiscal sensitivity analysis"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June",null,2026,2027,2028,2029,2030]
[null,"$millions",null,"Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"Impact on tax revenue of a 1 percentage point increase1 in growth of"]
[]
[null,"Nominal GDP ",null,1280,2720,4355,6170,8175]
[null,"Wages and salaries ",null,630,1320,2090,2950,3900]
[null,"Taxable business profits ",null,250,575,965,1405,1885]
[]
[null,"Impact of 1% lower1 interest rates on "]
[null,"Interest income2",null,-337,-458,-438,-448,-508]
[null,"Interest expenses2",null,-393,-815,-1119,-1419,-1696]
[null,"Net impact on operating balance ",null,56,357,681,971,1188]
[]
[]
[null,"Notes:"]
[null,"1 These sensitivities are broadly symmetrical."]
[null,"2 Interest sensitivities relate to consolidated external exposures of both the Treasury (Debt Management) "]
[null,"and the Reserve Bank."]

{"sheet":"Data 3.8","index":106,"n_rows":30,"n_cols":5,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.8: Total number of published specific fiscal risks 2015-2025"]
[null,"Source: The Treasury"]
[]
[null,"Year ending 30 June","Budget Update","Half Year Update","Pre-election Update"]
[null,2000,33,42]
[null,2001,38,41]
[null,2002,38,38,38]
[null,2003,42,54]
[null,2004,50,50]
[null,2005,34,52,46]
[null,2006,54,51]
[null,2007,66,66]
[null,2008,53,null,54]
[null,2009,79,72]
[null,2010,54,40]
[null,2011,43,null,42]
[null,2012,39,41]
[null,2013,41,43]
[null,2014,40,48,45]
[null,2015,47,42]
[null,2016,39,40]
[null,2017,39,68,46]
[null,2018,78,70]
[null,2019,72,76]
[null,2020,76,95,90]
[null,2021,84,87]
[null,2022,76,78]
[null,2023,76,88,83]
[null,2024,70,70]
[null,2025,72,66]

{"sheet":"Data 3.9 ","index":108,"n_rows":13,"n_cols":5,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[null,"Figure 3.9 - New, Changed and Unchanged risks based on potential fiscal impact"]
[null,"Source: The Treasury"]
[]
[null,"Potential Fiscal Impact","Changed","New","Unchanged "]
[null,"$100m-$200m",1,1,10]
[null,"$200m-$500m",1,2,8]
[null,"$500m-$1b",1,null,7]
[null,"$1b-$2b",null,null,4]
[null,"$2b-$5b",2,null,1]
[null,"$5b-$10b",null,1,1]
[null,"Over $10b",1]
[null,"Unquantified",3,1,9]
[null,"Withheld",null,2,10]

{"sheet":"Table 4.1","index":109,"n_rows":20,"n_cols":8,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
[null,"Table 4.1 - Key economic assumptions for fiscal forecasts"]
[null,"Sources: The Treasury, Stats NZ, Reserve Bank of New Zealand"]
[]
[null,"Year ending 30 June",2025,2026,2027,2028,2029,2030]
[null,null,"Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"Real GDP1 (ann avg % chg)",-1.1000000000000001,1.7,3.4,2.6,2.5,2.5]
[null,"Nominal GDP2 ($b)",436,454.5,479,502.2,526.20000000000005,551.1]
[null,"CPI (ann avg % chg)",2.4,2.7,2.2999999999999998,2.1,2,2]
[null,"Govt 10-year bonds (ann avg, %)",4.5,4.0999999999999996,4,4.0999999999999996,4.2,4.3]
[null,"5-year bonds (ann avg, %)",4,3.3,3.2,3.4,3.6,3.8]
[null,"90-day bill rate (ann avg, %)",4.2,2.5,2.1,2.1,2.2999999999999998,2.5]
[null,"Unemployment rate (ann avg, %)",5.0999999999999996,5.4,5,4.7,4.5,4.4000000000000004]
[null,"Employment (ann avg % chg)",-0.8,0.5,2.5,2,1.7,1.6]
[null,"Average weekly earnings3 (ann % chg)",4.2,1.1000000000000001,2.2000000000000002,2.7,2.8,3]
[]
[null,"Notes:"]
[null,"1  Production measure."]
[null,"2  Expenditure measure."]
[null,"3  Ordinary time."]

{"sheet":"Economic Time Series","index":110,"n_rows":45,"n_cols":18,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[null,"Time Series of Fiscal and Economic Indicators"]
[null,"Source: The Treasury"]
[]
[null,"June Years",2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030]
[null,"Annual average % change"," Actual "," Actual "," Actual "," Actual "," Actual "," Actual "," Actual "," Actual "," Actual "," Actual ","Actual","Forecast ","Forecast ","Forecast ","Forecast","Forecast"]
[null,"Private consumption",3.6,4.7,6.3,4.7,4.2,-1.2,8.1,1.4,3.8,0,0.6,2,2.4,2.6,2.7,2.8]
[null,"Public consumption",3.1,1.1000000000000001,2.6,4.0999999999999996,3,6.4,7.1,7.9,1.1000000000000001,1.2,0.6,1.7,-0.2,-0.5,-0.2,0.2]
[]
[null,"TOTAL CONSUMPTION",3.5,3.8,5.4,4.5999999999999996,3.9,0.5,7.8,3,3.2,0.3,0.6,1.9,1.8,1.9,2.1,2.2000000000000002]
[]
[null,"Residential investment                ",6.3,10.1,3.9,-1,1.4,-4.3,16.399999999999999,-6,-1.5,-7.4,-11.5,4.5999999999999996,8.9,5.4,5,4.5]
[null,"Business investment                 ",7.2,0.8,1.7,11.6,4.5,-2.4,8.1,6.4,5.6,-2.4,-2.8,1.2,5.7,4.4000000000000004,3.6,3.2]
[]
[null,"TOTAL INVESTMENT",7,3.1,2.2999999999999998,8.1999999999999993,3.7,-2.9,10.1,3.3,3.9,-3.5,-4.5999999999999996,1.9,6.4,4.5999999999999996,3.9,3.5]
[]
[null,"Stock change (contribution to growth) ",0,-0.3,0.4,0.2,-0.5,-0.4,0.2,1,-1,-0.5,0,0.4,0.4,0,0,0]
[]
[null,"GROSS NATIONAL EXPENDITURE",4,3.2,5.0999999999999996,5.7,3.3,-0.6,8.5,4.2,2.2999999999999998,-1.1000000000000001,-0.7,2.4,3.4,2.5,2.5,2.5]
[]
[null,"Exports",6.4,6.3,0.9,4,3.3,-5.4,-10.8,-3.1,12,5.2,3,2.2000000000000002,3.3,2.5,2.5,2.5]
[null,"Imports",6.9,2.1,6.3,8.8000000000000007,2.7,-5.7,-4.2,12,2.7,-1.3,1.8,2.6,3.1,2.2000000000000002,2.2000000000000002,2.4]
[]
[null,"EXPENDITURE ON GDP",4,4.3,3.6,4.5,3.5,-0.6,6.7,0.8,4.5,0.5,-0.6,2,3.5,2.6,2.6,2.5]
[null,"GDP (production measure)",4.0999999999999996,3.7,3.6,3.5,3.2,-0.8,6.2,0.7,4,0.6,-1.1000000000000001,1.7,3.4,2.6,2.5,2.5]
[null," - annual % change",4,4.2,3.3,3.7,2.6,-9.8000000000000007,17.899999999999999,0.7,2.7,-0.5,-0.6,3.3,3,2.5,2.5,2.5]
[]
[null,"Real GDP per capita",2.1,1.5,1.3,1.5,1.6,-2.6,5.0999999999999996,0.6,3,-1.8,-2.1,0.9,2.2999999999999998,1.4,1.3,1.3]
[null,"Nominal GDP (expenditure basis)",3.7,5.3,6.5,7.2,5,2.2999999999999998,8.1,6.5,9.8000000000000007,4.5999999999999996,3.8,4.2,5.4,4.9000000000000004,4.8,4.7]
[null,"GDP deflator",-0.2,0.9,2.8,2.6,1.5,3,1.3,5.6,5.0999999999999996,4.0999999999999996,4.4000000000000004,2.2000000000000002,1.8,2.1,2.2000000000000002,2.1]
[null,"Output gap (% deviation, June year average)",-0.7,-0.2,0.2,0.7,1.3,0.6,1.7,2.4,2.1,0.6,-2.2999999999999998,-2.4,-1.1000000000000001,-0.6,-0.3,0]
[null,"                                      "]
[null,"Employment",3.6,2.7,5.3,3.6,1.8,1.4,0.4,2.6,2.4,1.6,-0.8,0.5,2.5,2,1.7,1.6]
[null,"Unemployment (% June quarter s.a.)          ",5.5,5.0999999999999996,4.9000000000000004,4.5999999999999996,4.0999999999999996,4.0999999999999996,4,3.3,3.7,4.7,5.2,5.3,4.8,4.5999999999999996,4.5,4.3]
[null,"                                             "]
[null,"Wages (average ordinary-time hourly, ann % change)         ",2.5,2.4,2.5,2.8,4,2.9,4,6.3,6.9,5,4.5,2.6,2.6,2.9,2.9,3]
[null,"CPI inflation (ann % change)      ",0.4,0.4,1.7,1.5,1.7,1.5,3.3,7.3,6,3.3,2.7,2.4,2.2000000000000002,2.1,2,2]
[null,"Merchandise terms of trade (SNA basis)       ",-4.8,-2,4.3,4.7,-2.8,4.7,0.4,2.8,-7,-2.7,7.8,5.6,-0.3,-0.3,-0.3,-0.2]
[null,"House prices (ann % change)",11.8,15,6.5,3.6,1.5,7.1,29.6,5.3,-9,1.5,-0.7,1.9,6.6,7,6.6,6.8]
[null,"                                             "]
[null,"Current account balance - $billion           ",-8.3000000000000007,-5.4,-7.4,-11.1,-11.3,-5.0999999999999996,-11.1,-29.2,-29.9,-23.3,-16.3,-12.7,-13.3,-13.6,-13.9,-14.4]
[null,"Current account balance - % of GDP           ",-3.4,-2.1,-2.7,-3.7,-3.6,-1.6,-3.2,-8,-7.4,-5.5,-3.7,-2.8,-2.8,-2.7,-2.6,-2.6]
[null,"                                             "]
[null,"TWI (June quarter)                          ",76.2,73.599999999999994,76.5,73.8,72.7,69.7,74.7,72.2,70.900000000000006,71.400000000000006,69.099999999999994,67.2,68.2,69,69.5,70]
[null,"90-day bank bill rate (June quarter)        ",3.5,2.4,2,2,1.7,0.3,0.3,2.2000000000000002,5.6,5.6,3.4,2.1,2,2.1,2.2999999999999998,2.5]
[null,"10-year bond rate (June quarter)            ",3.6,2.7,2.9,2.8,1.8,0.8,1.7,3.7,4.3,4.7,4.5999999999999996,4,4,4.0999999999999996,4.2,4.3]

{"sheet":"Fiscal Time Series","index":111,"n_rows":62,"n_cols":18,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[null,"Time Series of Fiscal Indicators"]
[null,"Source: The Treasury"]
[]
[null,"June years",null,2016,2017,2018,2019,2020,2021,2022,2023,2024,"2025","2026","2027","2028","2029","2030"]
[null,null,null,"Actual","Actual","Actual","Actual","Actual","Actual","Actual","Actual","Actual","Actual","Forecast","Forecast","Forecast","Forecast","Forecast"]
[]
[null,"$millions"]
[]
[null,"Revenue and expenses"]
[null,null,"Core Crown tax revenue",70445,75644,80224,86468,85102,97983,108458,112358,120566,121698,124198,132172,140243,148401,156634]
[null,null,"Core Crown revenue",76121,81782,86778,93474,91923,104968,117515,123398,133220,134411,136919,144795,153220,161826,170575]
[null,null,"Total Crown revenue ",97416,103422,109973,119142,116003,129335,141627,153011,167347,169811,172912,182610,192228,202858,213085]
[null,null,"Core Crown expenses",73929,76339,80576,86959,108832,107764,125641,127574,138998,141675,149047,153465,157646,162636,167945]
[null,null,"Total Crown expenses",95137,99007,104014,111376,138916,133722,150956,161822,180061,183502,189834,195492,199661,205754,212786]
[null,null,"Operating balance (excluding minority interests)",-5369,12317,8396,389,-30040,16159,-16932,5321,-8365,-4400,-6547,-6771,-831,4164,7822]
[]
[null,"Fiscal strategy indicators"]
[null,null,"OBEGAL (excluding ACC)",2121.2370000000001,4653,5942.3509999999997,8503.7459999999992,-20902.222999999998,-2558.558,-8664.0220000000008,-7198.9050000000007,-8773,-9306,-13852,-10362,-5121,-945,2299]
[null,null,"OBEGAL (excluding minority interests)",1831,4069,5534,7429,-23057,-4560,-9691,-9446,-12854,-13973,-16934,-12985,-7704,-3258,-60]
[null,null,"Core Crown residual cash",-1322,2574,1346,-710,-23692,-13767,-27043,-25648,-19302,-5996,-14802,-23169,-14303,-10668,-6597]
[null,null,"Net debt",23192.832999999999,16248.603999999999,11218.778,5432.2860000000001,35710.485999999997,35921,61850,71367,82197,88719,104434,120815,129230,132468,131498]
[null,null,"Net debt (excl. NZS Fund)",53228.999999999993,51548,50763,50822,79930,95188,117115,136268,158255,172926,196133,218551,232839,242442,248363]
[null,null,"Gross debt1",86928,87141,88053,84449.361000000004,102257,100835,118950.05100000001,135789,175966,203687.799,227225.40899999999,254225.29699999999,270133.29700000002,282652.29700000002,291103.29700000002]
[null,null,"Net core Crown debt2",61880,59480,57495,57736,83375,102080,128873,155273,175464,182171,196987,220568,235661,246760,253905]
[]
[null,"Statement of financial position"]
[null,null,"Total assets",292679,313609,339932,364652,393400,438596,501844,536666,570868,597976,612190,632009,654213,674700,697595]
[null,null,"Total liabilities",197158,197137,204295,221313,277457,281403,327525,345194,379819,408848,429708,456174,478906,495059,510121]
[null,null,"Net worth",95521,116472,135637,143339,115943,157193,174319,191472,191049,189128,182482,175835,175307,179641,187474]
[null,null,"Net worth attributable to the Crown",89366,110532,129644,136949,110320,151469,167036,183514,181818,179260,172693,166018,165219,169449,177309]
[]
[null,"Nominal expenditure GDP (revised)",null,258928,275753,295556,310335,317550,343302,365612,401580,420157,436042,454497,478989,502241,526216,551069]
[]
[]
[null,"% GDP"]
[]
[null,"Revenue and expenses"]
[null,null,"Core Crown tax revenue",0.27200000000000002,0.27400000000000002,0.27100000000000002,0.27900000000000003,0.26800000000000002,0.28499999999999998,0.29699999999999999,0.28000000000000003,0.28699999999999998,0.27900000000000003,0.27300000000000002,0.27600000000000002,0.27900000000000003,0.28199999999999997,0.28399999999999997]
[null,null,"Core Crown revenue",0.29399999999999998,0.29699999999999999,0.29399999999999998,0.30099999999999999,0.28899999999999998,0.30599999999999999,0.32100000000000001,0.307,0.317,0.308,0.30099999999999999,0.30199999999999999,0.30499999999999999,0.308,0.31]
[null,null,"Total Crown revenue ",0.376,0.375,0.372,0.38400000000000001,0.36499999999999999,0.377,0.38700000000000001,0.38100000000000001,0.39800000000000002,0.38900000000000001,0.38,0.38100000000000001,0.38300000000000001,0.38600000000000001,0.38700000000000001]
[null,null,"Core Crown expenses",0.28599999999999998,0.27700000000000002,0.27300000000000002,0.28000000000000003,0.34300000000000003,0.314,0.34399999999999997,0.318,0.33100000000000002,0.32500000000000001,0.32800000000000001,0.32,0.314,0.309,0.30499999999999999]
[null,null,"Total Crown expenses",0.36699999999999999,0.35899999999999999,0.35199999999999998,0.35899999999999999,0.437,0.39,0.41299999999999998,0.40300000000000002,0.42899999999999999,0.42099999999999999,0.41799999999999998,0.40799999999999997,0.39800000000000002,0.39100000000000001,0.38600000000000001]
[null,null,"Operating balance (excluding minority interests)",-2.1000000000000001E-2,4.4999999999999998E-2,2.8000000000000001E-2,1E-3,-9.5000000000000001E-2,4.7E-2,-4.5999999999999999E-2,1.2999999999999999E-2,-0.02,-0.01,-1.4E-2,-1.4E-2,-2E-3,8.0000000000000002E-3,1.4E-2]
[]
[null,"Fiscal strategy indicators"]
[null,null,"OBEGAL (excluding ACC)",8.0000000000000002E-3,1.7000000000000001E-2,0.02,2.7E-2,-6.6000000000000003E-2,-7.0000000000000001E-3,-2.4E-2,-1.7999999999999999E-2,-2.1000000000000001E-2,-2.1000000000000001E-2,-0.03,-2.1999999999999999E-2,-0.01,-2E-3,4.0000000000000001E-3]
[null,null,"OBEGAL (excluding minority interests)",7.0000000000000001E-3,1.4999999999999999E-2,1.9E-2,2.4E-2,-7.2999999999999995E-2,-1.2999999999999999E-2,-2.7E-2,-2.4E-2,-3.1E-2,-3.2000000000000001E-2,-3.6999999999999998E-2,-2.7E-2,-1.4999999999999999E-2,-6.0000000000000001E-3,0]
[null,null,"Core Crown residual cash",-5.0000000000000001E-3,8.9999999999999993E-3,5.0000000000000001E-3,-2E-3,-7.4999999999999997E-2,-0.04,-7.3999999999999996E-2,-6.4000000000000001E-2,-4.5999999999999999E-2,-1.4E-2,-3.3000000000000002E-2,-4.8000000000000001E-2,-2.8000000000000001E-2,-0.02,-1.2E-2]
[null,null,"Net debt",0.09,5.8999999999999997E-2,3.7999999999999999E-2,1.7999999999999999E-2,0.112,0.105,0.16900000000000001,0.17799999999999999,0.19600000000000001,0.20300000000000001,0.23,0.252,0.25700000000000001,0.252,0.23899999999999999]
[null,null,"Net debt (excl. NZS Fund)",0.20599999999999999,0.187,0.17199999999999999,0.16400000000000001,0.252,0.27700000000000002,0.32,0.33900000000000002,0.377,0.39700000000000002,0.432,0.45600000000000002,0.46400000000000002,0.46100000000000002,0.45100000000000001]
[null,null,"Gross debt1",0.33600000000000002,0.316,0.29799999999999999,0.27200000000000002,0.32200000000000001,0.29399999999999998,0.32500000000000001,0.33800000000000002,0.41899999999999998,0.46700000000000003,0.5,0.53100000000000003,0.53800000000000003,0.53700000000000003,0.52800000000000002]
[null,null,"Net core Crown debt2",0.23899999999999999,0.216,0.19500000000000001,0.186,0.26300000000000001,0.29699999999999999,0.35199999999999998,0.38700000000000001,0.41799999999999998,0.41799999999999998,0.433,0.46,0.46899999999999997,0.46899999999999997,0.46100000000000002]
[]
[null,"Statement of financial position"]
[null,null,"Total assets",1.1299999999999999,1.137,1.1499999999999999,1.175,1.2390000000000001,1.278,1.373,1.3360000000000001,1.359,1.371,1.347,1.319,1.3029999999999999,1.282,1.266]
[null,null,"Total liabilities",0.76100000000000001,0.71499999999999997,0.69099999999999995,0.71299999999999997,0.874,0.82,0.89600000000000002,0.86,0.90400000000000003,0.93799999999999994,0.94499999999999995,0.95199999999999996,0.95399999999999996,0.94099999999999995,0.92600000000000005]
[null,null,"Net worth",0.36899999999999999,0.42199999999999999,0.45900000000000002,0.46200000000000002,0.36499999999999999,0.45800000000000002,0.47699999999999998,0.47699999999999998,0.45500000000000002,0.434,0.40200000000000002,0.36699999999999999,0.34899999999999998,0.34100000000000003,0.34]
[null,null,"Net worth attributable to the Crown",0.34499999999999997,0.40100000000000002,0.439,0.441,0.34699999999999998,0.441,0.45700000000000002,0.45700000000000002,0.433,0.41099999999999998,0.38,0.34699999999999998,0.32900000000000001,0.32200000000000001,0.32200000000000001]
[]
[null,null,"1.  Excludes Reserve Bank settlement cash and bank bills."]
[null,null,"2.  Excludes advances."]
[null,null,"3. The '2019 Actual', '2020 Actual' and '2021 Actual' comparators have been restated for the impact of new accounting standards and interpretations.  At this point in time, the earlier years in this time series have not yet been restated."]