{
  "better_direction": null,
  "coverage": {
    "end": "2025-06-30",
    "start": "1971-04-01"
  },
  "description": "Net core Crown debt and gross sovereign-issued debt at each 30 June (31 March before 1990), expressed in constant 2021/22 prices.",
  "id": "government-debt-real",
  "issues": [
    {
      "code": "jump",
      "dataset": "government-debt-real",
      "level": "warning",
      "message": "63.8% change from 2007/08 to 2008/09 exceeds ±60%",
      "period": "2009-06-30",
      "series": "core-crown-net-debt.nzd-m.real"
    }
  ],
  "kind": "level",
  "limitations": [
    "Debt as a share of GDP is usually the better guide to affordability; inflation adjustment shows the real size of the debt."
  ],
  "provenance": {
    "adapter": "derive:deflate",
    "formula": "Real value = nominal value × CPI in the latest year-end quarter ÷ CPI in the quarter of each year-end date",
    "inputs": [
      {
        "content_hash": "1fafdea586b393055f4b864fcac323d1a4e37979d7302156a5962f95b50bc886",
        "dataset": "consumers-price-index",
        "series": "CPIQ.SE9A",
        "source": "Stats NZ Tatauranga Aotearoa \u2014 Consumers price index (quarterly)"
      },
      {
        "content_hash": "73fbdec799345fc0e765c9958aee39215d21b385cb1b3bf899bf5d222ddeb93b",
        "dataset": "net-core-crown-debt",
        "series": "core-crown-net-debt.nzd-m",
        "source": "The Treasury (New Zealand) \u2014 Fiscal Time Series – Historical Fiscal Indicators"
      },
      {
        "content_hash": "eb056fdd7c2a8703f793ceef3aff68ceee24f636d4e54b4cbe2457fdac2ddf15",
        "dataset": "gross-sovereign-issued-debt",
        "series": "gross-sovereign-issued-debt.nzd-m",
        "source": "The Treasury (New Zealand) \u2014 Fiscal Time Series – Historical Fiscal Indicators"
      }
    ],
    "origin": "calculated",
    "retrieved_at": "2026-10-10T18:32:15.480Z",
    "sha256": "7ee4d5601e39152664b44f7c31d985c2243b06d78f084f53cf1b4b8433c5a328",
    "snapshot": ""
  },
  "related": [
    "net-core-crown-debt",
    "gross-sovereign-issued-debt",
    "government-finances-real"
  ],
  "series": [
    {
      "frequency": "annual",
      "id": "core-crown-net-debt.nzd-m.real",
      "notes": [
        "In 2024/25 prices: nominal × CPI(2024/25) ÷ CPI(period), using Stats NZ CPI all groups (CPI of the quarter containing each date)."
      ],
      "observations": [
        {
          "basis": "cash",
          "end": "1992-06-30",
          "label": "1991/92",
          "period": "1992-06-30",
          "start": "1991-07-01",
          "value": 90827.8804797
        },
        {
          "basis": "cash",
          "end": "1993-06-30",
          "label": "1992/93",
          "period": "1993-06-30",
          "start": "1992-07-01",
          "value": 85591.3897464
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        {
          "basis": "ifrs",
          "end": "1994-06-30",
          "label": "1993/94",
          "period": "1994-06-30",
          "start": "1993-07-01",
          "value": 81969.6091794
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        {
          "basis": "ifrs",
          "end": "1995-06-30",
          "label": "1994/95",
          "period": "1995-06-30",
          "start": "1994-07-01",
          "value": 77776.3616937
        },
        {
          "basis": "ifrs",
          "end": "1996-06-30",
          "label": "1995/96",
          "period": "1996-06-30",
          "start": "1995-07-01",
          "value": 66699.9756402
        },
        {
          "basis": "ifrs",
          "end": "1997-06-30",
          "label": "1996/97",
          "period": "1997-06-30",
          "start": "1996-07-01",
          "value": 59101.6182134
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        {
          "basis": "ifrs",
          "end": "1998-06-30",
          "label": "1997/98",
          "period": "1998-06-30",
          "start": "1997-07-01",
          "value": 58433.1360659
        },
        {
          "basis": "ifrs",
          "end": "1999-06-30",
          "label": "1998/99",
          "period": "1999-06-30",
          "start": "1998-07-01",
          "value": 49890.7143835
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        {
          "basis": "ifrs",
          "end": "2000-06-30",
          "label": "1999/00",
          "period": "2000-06-30",
          "start": "1999-07-01",
          "value": 48860.5275291
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        {
          "basis": "ifrs",
          "end": "2001-06-30",
          "label": "2000/01",
          "period": "2001-06-30",
          "start": "2000-07-01",
          "value": 45524.8142441
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        {
          "basis": "ifrs",
          "end": "2002-06-30",
          "label": "2001/02",
          "period": "2002-06-30",
          "start": "2001-07-01",
          "value": 45158.0418221
        },
        {
          "basis": "ifrs",
          "end": "2003-06-30",
          "label": "2002/03",
          "period": "2003-06-30",
          "start": "2002-07-01",
          "value": 42997.7889164
        },
        {
          "basis": "ifrs",
          "end": "2004-06-30",
          "label": "2003/04",
          "period": "2004-06-30",
          "start": "2003-07-01",
          "value": 40851.6126603
        },
        {
          "basis": "pbe",
          "end": "2005-06-30",
          "label": "2004/05",
          "period": "2005-06-30",
          "start": "2004-07-01",
          "value": 33095.9072049
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        {
          "basis": "pbe",
          "end": "2006-06-30",
          "label": "2005/06",
          "period": "2006-06-30",
          "start": "2005-07-01",
          "value": 25878.9928731
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        {
          "basis": "pbe",
          "end": "2007-06-30",
          "label": "2006/07",
          "period": "2007-06-30",
          "start": "2006-07-01",
          "value": 21003.3992941
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        {
          "basis": "pbe",
          "end": "2008-06-30",
          "label": "2007/08",
          "period": "2008-06-30",
          "start": "2007-07-01",
          "value": 15480.3565014
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        {
          "basis": "pbe",
          "end": "2009-06-30",
          "label": "2008/09",
          "period": "2009-06-30",
          "start": "2008-07-01",
          "value": 25356.3270712
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        {
          "basis": "pbe",
          "end": "2010-06-30",
          "label": "2009/10",
          "period": "2010-06-30",
          "start": "2009-07-01",
          "value": 38955.1493431
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        {
          "basis": "pbe",
          "end": "2011-06-30",
          "label": "2010/11",
          "period": "2011-06-30",
          "start": "2010-07-01",
          "value": 55532.5738704
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        {
          "basis": "pbe",
          "end": "2012-06-30",
          "label": "2011/12",
          "period": "2012-06-30",
          "start": "2011-07-01",
          "value": 69462.4791747
        },
        {
          "basis": "pbe",
          "end": "2013-06-30",
          "label": "2012/13",
          "period": "2013-06-30",
          "start": "2012-07-01",
          "value": 76020.8718197
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        {
          "basis": "pbe",
          "end": "2014-06-30",
          "label": "2013/14",
          "period": "2014-06-30",
          "start": "2013-07-01",
          "value": 80300.3181891
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        {
          "basis": "pbe",
          "end": "2015-06-30",
          "label": "2014/15",
          "period": "2015-06-30",
          "start": "2014-07-01",
          "value": 80899.7411967
        },
        {
          "basis": "pbe",
          "end": "2016-06-30",
          "label": "2015/16",
          "period": "2016-06-30",
          "start": "2015-07-01",
          "value": 82223.6790705
        },
        {
          "basis": "pbe",
          "end": "2017-06-30",
          "label": "2016/17",
          "period": "2017-06-30",
          "start": "2016-07-01",
          "value": 77680.88
        },
        {
          "basis": "pbe",
          "end": "2018-06-30",
          "label": "2017/18",
          "period": "2018-06-30",
          "start": "2017-07-01",
          "value": 73978.7881773
        },
        {
          "basis": "pbe",
          "end": "2019-06-30",
          "label": "2018/19",
          "period": "2019-06-30",
          "start": "2018-07-01",
          "value": 73065.1317829
        },
        {
          "basis": "pbe",
          "end": "2020-06-30",
          "label": "2019/20",
          "period": "2020-06-30",
          "start": "2019-07-01",
          "value": 103999.761223
        },
        {
          "basis": "pbe",
          "end": "2021-06-30",
          "label": "2020/21",
          "period": "2021-06-30",
          "start": "2020-07-01",
          "value": 123213.012939
        },
        {
          "basis": "pbe",
          "end": "2022-06-30",
          "label": "2021/22",
          "period": "2022-06-30",
          "start": "2021-07-01",
          "value": 144968.249785
        },
        {
          "basis": "pbe",
          "end": "2023-06-30",
          "label": "2022/23",
          "markers": [
            "*"
          ],
          "period": "2023-06-30",
          "start": "2022-07-01",
          "value": 164733.174655
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        {
          "basis": "pbe",
          "end": "2024-06-30",
          "label": "2023/24",
          "period": "2024-06-30",
          "start": "2023-07-01",
          "value": 180154.075472
        },
        {
          "basis": "pbe",
          "end": "2025-06-30",
          "label": "2024/25",
          "period": "2025-06-30",
          "start": "2024-07-01",
          "value": 182171
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      ],
      "period_convention": "Fiscal years. Year ended 31 March to 1989, year ended 30 June from 1990 (the April–June 1989 quarter falls between the two).",
      "source_label": "Core Crown Net Debt",
      "title": "Net core Crown debt (excl. NZS Fund and advances) (inflation-adjusted, 2024/25 prices)",
      "unit": "nzd_millions"
    },
    {
      "frequency": "annual",
      "id": "gross-sovereign-issued-debt.nzd-m.real",
      "notes": [
        "In 2021/22 prices: nominal × CPI(2021/22) ÷ CPI(period), using Stats NZ CPI all groups (CPI of the quarter containing each date)."
      ],
      "observations": [
        {
          "basis": "cash",
          "end": "1972-03-31",
          "label": "Year to Mar 1972",
          "period": "1972-03-31",
          "start": "1971-04-01",
          "value": 48660.9017364
        },
        {
          "basis": "cash",
          "end": "1973-03-31",
          "label": "Year to Mar 1973",
          "period": "1973-03-31",
          "start": "1972-04-01",
          "value": 50481.8452802
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        {
          "basis": "cash",
          "end": "1974-03-31",
          "label": "Year to Mar 1974",
          "period": "1974-03-31",
          "start": "1973-04-01",
          "value": 48787.7626621
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        {
          "basis": "cash",
          "end": "1975-03-31",
          "label": "Year to Mar 1975",
          "period": "1975-03-31",
          "start": "1974-04-01",
          "value": 48462.0949986
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        {
          "basis": "cash",
          "end": "1976-03-31",
          "label": "Year to Mar 1976",
          "period": "1976-03-31",
          "start": "1975-04-01",
          "value": 54737.6789073
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        {
          "basis": "cash",
          "end": "1977-03-31",
          "label": "Year to Mar 1977",
          "period": "1977-03-31",
          "start": "1976-04-01",
          "value": 54496.3543326
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        {
          "basis": "cash",
          "end": "1978-03-31",
          "label": "Year to Mar 1978",
          "period": "1978-03-31",
          "start": "1977-04-01",
          "value": 56571.6254412
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        {
          "basis": "cash",
          "end": "1979-03-31",
          "label": "Year to Mar 1979",
          "period": "1979-03-31",
          "start": "1978-04-01",
          "value": 60392.3918567
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        {
          "basis": "cash",
          "end": "1980-03-31",
          "label": "Year to Mar 1980",
          "period": "1980-03-31",
          "start": "1979-04-01",
          "value": 59846.0887457
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        {
          "basis": "cash",
          "end": "1981-03-31",
          "label": "Year to Mar 1981",
          "period": "1981-03-31",
          "start": "1980-04-01",
          "value": 58308.1751878
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        {
          "basis": "cash",
          "end": "1982-03-31",
          "label": "Year to Mar 1982",
          "period": "1982-03-31",
          "start": "1981-04-01",
          "value": 62328.5791274
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        {
          "basis": "cash",
          "end": "1983-03-31",
          "label": "Year to Mar 1983",
          "period": "1983-03-31",
          "start": "1982-04-01",
          "value": 72072.7013089
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        {
          "basis": "cash",
          "end": "1984-03-31",
          "label": "Year to Mar 1984",
          "period": "1984-03-31",
          "start": "1983-04-01",
          "value": 81353.1526624
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        {
          "basis": "cash",
          "end": "1985-03-31",
          "label": "Year to Mar 1985",
          "period": "1985-03-31",
          "start": "1984-04-01",
          "value": 92614.248765
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        {
          "basis": "cash",
          "end": "1986-03-31",
          "label": "Year to Mar 1986",
          "period": "1986-03-31",
          "start": "1985-04-01",
          "value": 92890.7500773
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        {
          "basis": "cash",
          "end": "1987-03-31",
          "label": "Year to Mar 1987",
          "period": "1987-03-31",
          "start": "1986-04-01",
          "value": 104215.069744
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        {
          "basis": "cash",
          "end": "1988-03-31",
          "label": "Year to Mar 1988",
          "period": "1988-03-31",
          "start": "1987-04-01",
          "value": 87965.2770344
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        {
          "basis": "cash",
          "end": "1989-03-31",
          "label": "Year to Mar 1989",
          "period": "1989-03-31",
          "start": "1988-04-01",
          "value": 85980.774649
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        {
          "basis": "cash",
          "end": "1990-06-30",
          "label": "1989/90",
          "period": "1990-06-30",
          "start": "1989-07-01",
          "value": 88147.3503843
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        {
          "basis": "cash",
          "end": "1991-06-30",
          "label": "1990/91",
          "period": "1991-06-30",
          "start": "1990-07-01",
          "value": 84936.9260467
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        {
          "basis": "cash",
          "end": "1992-06-30",
          "label": "1991/92",
          "period": "1992-06-30",
          "start": "1991-07-01",
          "value": 90188.904794
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        {
          "basis": "cash",
          "end": "1993-06-30",
          "label": "1992/93",
          "period": "1993-06-30",
          "start": "1992-07-01",
          "value": 89725.5630818
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        {
          "basis": "ifrs",
          "end": "1994-06-30",
          "label": "1993/94",
          "period": "1994-06-30",
          "start": "1993-07-01",
          "value": 86793.9397419
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        {
          "basis": "ifrs",
          "end": "1995-06-30",
          "label": "1994/95",
          "period": "1995-06-30",
          "start": "1994-07-01",
          "value": 79596.3893225
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        {
          "basis": "ifrs",
          "end": "1996-06-30",
          "label": "1995/96",
          "period": "1996-06-30",
          "start": "1995-07-01",
          "value": 73428.7126281
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        {
          "basis": "ifrs",
          "end": "1997-06-30",
          "label": "1996/97",
          "period": "1997-06-30",
          "start": "1996-07-01",
          "value": 62798.4394075
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        {
          "basis": "ifrs",
          "end": "1998-06-30",
          "label": "1997/98",
          "period": "1998-06-30",
          "start": "1997-07-01",
          "value": 65587.7453014
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        {
          "basis": "ifrs",
          "end": "1999-06-30",
          "label": "1998/99",
          "period": "1999-06-30",
          "start": "1998-07-01",
          "value": 63829.4880897
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        {
          "basis": "ifrs",
          "end": "2000-06-30",
          "label": "1999/00",
          "period": "2000-06-30",
          "start": "1999-07-01",
          "value": 61357.8879198
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        {
          "basis": "ifrs",
          "end": "2001-06-30",
          "label": "2000/01",
          "period": "2001-06-30",
          "start": "2000-07-01",
          "value": 60432.385109
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        {
          "basis": "ifrs",
          "end": "2002-06-30",
          "label": "2001/02",
          "period": "2002-06-30",
          "start": "2001-07-01",
          "value": 57953.4953794
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        {
          "basis": "ifrs",
          "end": "2003-06-30",
          "label": "2002/03",
          "period": "2003-06-30",
          "start": "2002-07-01",
          "value": 57057.1647313
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        {
          "basis": "ifrs",
          "end": "2004-06-30",
          "label": "2003/04",
          "period": "2004-06-30",
          "start": "2003-07-01",
          "value": 54824.1434242
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        {
          "basis": "pbe",
          "end": "2005-06-30",
          "label": "2004/05",
          "period": "2005-06-30",
          "start": "2004-07-01",
          "value": 52508.1141794
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        {
          "basis": "pbe",
          "end": "2006-06-30",
          "label": "2005/06",
          "period": "2006-06-30",
          "start": "2005-07-01",
          "value": 51052.4461702
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        {
          "basis": "pbe",
          "end": "2007-06-30",
          "label": "2006/07",
          "period": "2007-06-30",
          "start": "2006-07-01",
          "value": 51360.5115
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        {
          "basis": "pbe",
          "end": "2008-06-30",
          "label": "2007/08",
          "period": "2008-06-30",
          "start": "2007-07-01",
          "value": 50636.8563337
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        {
          "basis": "pbe",
          "end": "2009-06-30",
          "label": "2008/09",
          "period": "2009-06-30",
          "start": "2008-07-01",
          "value": 67117.7193136
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        {
          "basis": "pbe",
          "end": "2010-06-30",
          "label": "2009/10",
          "period": "2010-06-30",
          "start": "2009-07-01",
          "value": 76273.5440637
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        {
          "basis": "pbe",
          "end": "2011-06-30",
          "label": "2010/11",
          "period": "2011-06-30",
          "start": "2010-07-01",
          "value": 95085.1373725
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        {
          "basis": "pbe",
          "end": "2012-06-30",
          "label": "2011/12",
          "period": "2012-06-30",
          "start": "2011-07-01",
          "value": 102571.534973
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        {
          "basis": "pbe",
          "end": "2013-06-30",
          "label": "2012/13",
          "period": "2013-06-30",
          "start": "2012-07-01",
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        {
          "basis": "pbe",
          "end": "2014-06-30",
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          "period": "2014-06-30",
          "start": "2013-07-01",
          "value": 105375.826484
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        {
          "basis": "pbe",
          "end": "2015-06-30",
          "label": "2014/15",
          "period": "2015-06-30",
          "start": "2014-07-01",
          "value": 110497.45518
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        {
          "basis": "pbe",
          "end": "2016-06-30",
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          "period": "2016-06-30",
          "start": "2015-07-01",
          "value": 110188.976131
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        {
          "basis": "pbe",
          "end": "2017-06-30",
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          "start": "2016-07-01",
          "value": 107531.82
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        {
          "basis": "pbe",
          "end": "2018-06-30",
          "label": "2017/18",
          "period": "2018-06-30",
          "start": "2017-07-01",
          "value": 109164.883744
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        {
          "basis": "pbe",
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          "start": "2018-07-01",
          "value": 102296.25
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          "basis": "pbe",
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          "basis": "pbe",
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          "start": "2020-07-01",
          "value": 140839.386322
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        {
          "basis": "pbe",
          "end": "2022-06-30",
          "label": "2021/22",
          "period": "2022-06-30",
          "start": "2021-07-01",
          "value": 164038
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      ],
      "period_convention": "Fiscal years. Year ended 31 March to 1989, year ended 30 June from 1990 (the April–June 1989 quarter falls between the two).",
      "source_label": "Gross Sovereign-issued Debt",
      "title": "Gross sovereign-issued debt (GSID) (inflation-adjusted, 2021/22 prices)",
      "unit": "nzd_millions"
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  "source": {
    "id": "derived",
    "landing_url": "https://nzinnumbers.co.nz/methodology",
    "licence": {
      "attribution": "Calculated by NZ in Numbers from the source datasets listed; please also credit those sources.",
      "checked_on": "2026-10-10",
      "evidence": "Our own calculations, released under CC BY 4.0. Input data keep their own licences (see inputs).",
      "name": "Creative Commons Attribution 4.0 International (CC BY 4.0)",
      "reuse": "open-licence",
      "status": "confirmed",
      "url": "https://creativecommons.org/licenses/by/4.0/"
    },
    "name": "NZ in Numbers calculation",
    "organisation": "NZ in Numbers"
  },
  "title": "Government debt, adjusted for inflation",
  "topic": "government-finances"
}