Former net government debt (indicator used before 2009) was $102,770 million in 2021/22, up $19,418 million on a year earlier.
Updated
Source: The Treasury (New Zealand). Last retrieved 10 October 2026.
| Period | Former net core Crown debt (indicator used before 2009) ($m) | Net core Crown debt (excl. NZS Fund and advances) ($m) | Net debt (incl. NZS Fund) ($m) |
|---|---|---|---|
| 2024/25 | No data | $182,171 million | $88,719 million |
| 2023/24 | No data | $175,464 million | $82,197 million |
| 2022/23 | No data | $155,273 million | $71,367 million |
| 2021/22 | $102,770 million | $128,873 million | $61,850 million |
| 2020/21 | $83,352 million | $102,080 million | $35,921 million |
| 2019/20 | $68,819 million | $83,375 million | $35,710.5 million |
| 2018/19 | $43,891 million | $57,736 million | $5,432.3 million |
| 2017/18 | $45,246 million | $57,495 million | $11,218.8 million |
| 2016/17 | $47,466 million | $59,480 million | $16,248.6 million |
| 2015/16 | $47,268 million | $61,880 million | $23,192.8 million |
| 2014/15 | $46,491 million | $60,631 million | $22,824.9 million |
| 2013/14 | $46,178 million | $59,931 million | $25,207.9 million |
| 2012/13 | $42,709 million | $55,835 million | $25,298.4 million |
| 2011/12 | $37,347 million | $50,671 million | $23,893.4 million |
| 2010/11 | $28,049 million | $40,128 million | $14,554.5 million |
| 2009/10 | $15,871 million | $26,738 million | $5,124.9 million |
| 2008/09 | $6,690 million | $17,119 million | $−1,711 million |
| 2007/08 | $−19 million | $10,258 million | $−9,479.9 million |
| 2006/07 | $4,109 million | $13,380 million | No data |
| 2005/06 | $8,043.7 million | $16,162.7 million | No data |
Lines break at accounting-basis changes and missing periods. Source: The Treasury (New Zealand).
The three net debt measures Treasury has used over time, side by side and never spliced together. The former net government debt (used before 2009) includes advances; net government debt (2009–2021) excludes advances and NZ Super Fund assets (Treasury notes it was the headline indicator 2009–2021); net debt includes Crown entity borrowings and NZ Super Fund assets (series available from 2007/08).
These affect how the figures can be compared.
The latest ten periods for up to the first six series. Downloads contain every published observation.
| Period | Former net government debt (indicator used before 2009) | Former net government debt (indicator used before 2009) | net government debt (excl. NZS Fund and advances) | net government debt (excl. NZS Fund and advances) | Net debt (incl. NZS Fund) | Net debt (incl. NZS Fund) |
|---|---|---|---|---|---|---|
| 2024/25 | Not available | Not available | $182,171 million | 41.8% of GDP | $88,719 million | 20.3% of GDP |
| 2023/24 | Not available | Not available | $175,464 million | 41.8% of GDP | $82,197 million | 19.6% of GDP |
| 2022/23 | Not available | Not available | $155,273 million | 38.7% of GDP | $71,367 million | 17.8% of GDP |
| 2021/22 | $102,770 million | 28.1% of GDP | $128,873 million | 35.2% of GDP | $61,850 million | 16.9% of GDP |
| 2020/21 | $83,352 million | 24.3% of GDP | $102,080 million | 29.7% of GDP | $35,921 million | 10.5% of GDP |
| 2019/20 | $68,819 million | 21.7% of GDP | $83,375 million | 26.2% of GDP | $35,710 million | 11.2% of GDP |
| 2018/19 | $43,891 million | 14.1% of GDP | $57,736 million | 18.6% of GDP | $5,432 million | 1.8% of GDP |
| 2017/18 | $45,246 million | 15.3% of GDP | $57,495 million | 19.5% of GDP | $11,219 million | 3.8% of GDP |
| 2016/17 | $47,466 million | 17.2% of GDP | $59,480 million | 21.6% of GDP | $16,249 million | 5.9% of GDP |
| 2015/16 | $47,268 million | 18.3% of GDP | $61,880 million | 23.9% of GDP | $23,193 million | 9.0% of GDP |
Download the file, attach it in the assistant you use, then paste the prompt. Whatever it tells you is its reading of the data, not ours.
The attached CSV is Net debt measures compared (net-debt-measures-compared), from The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators. Describe how each measure has changed, naming its unit and period. Treat changes in basis and missing periods as breaks. Distinguish observation from explanation. Limitations: Different definitions give very different numbers (e.g. 2025, net core Crown debt about 42% of GDP, net debt about 20%). Always say which measure you mean. Measures cover different year ranges; a measure appearing or ending is a definitional change, not a change in debt. The former measure (2007/08) and net debt (2007/08–2008/09) were briefly negative, financial assets exceeded debt on those definitions.. Do not infer causation from changes during government terms.
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