{
  "better_direction": null,
  "coverage": {
    "end": "2025-06-30",
    "start": "1991-07-01"
  },
  "description": "Gross sovereign-issued debt less core Crown financial assets, excluding advances and assets held by the NZ Super Fund. Treasury describes it as information about the sustainability of the government's accounts, used by some rating agencies. Treasury notes it was the headline indicator between 2009 and 2021.",
  "id": "net-core-crown-debt",
  "issues": [],
  "kind": "level",
  "limitations": [
    "One of three different net debt measures Treasury has used as its headline. They are not interchangeable \u2014 see \"Net debt measures compared\".",
    "In this source the $ millions series starts in 1991/92 but the % of GDP series only starts in 2004/05."
  ],
  "provenance": {
    "adapter": "treasury-hfi",
    "origin": "https://www.treasury.govt.nz/sites/default/files/2026-01/fiscaltimeseries1972-2025-year-end25.xlsx",
    "retrieved_at": "2026-10-10T18:15:21.570Z",
    "sha256": "de59f9028a81a697ee66eea04861edfd8e2c3a7e472b3b8798d976951964f70f",
    "snapshot": "data/raw/treasury-hfi/2026-10-10_de59f9028a81.xlsx"
  },
  "related": [
    "net-debt-measures-compared",
    "gross-sovereign-issued-debt",
    "core-crown-residual-cash"
  ],
  "series": [
    {
      "frequency": "annual",
      "group": "Net Debt Measures",
      "id": "core-crown-net-debt.nzd-m",
      "notes": [],
      "observations": [
        {
          "basis": "cash",
          "end": "1992-06-30",
          "label": "1991/92",
          "period": "1992-06-30",
          "start": "1991-07-01",
          "value": 42171.798
        },
        {
          "basis": "cash",
          "end": "1993-06-30",
          "label": "1992/93",
          "period": "1993-06-30",
          "start": "1992-07-01",
          "value": 40262
        },
        {
          "basis": "ifrs",
          "end": "1994-06-30",
          "label": "1993/94",
          "period": "1994-06-30",
          "start": "1993-07-01",
          "value": 38980
        },
        {
          "basis": "ifrs",
          "end": "1995-06-30",
          "label": "1994/95",
          "period": "1995-06-30",
          "start": "1994-07-01",
          "value": 38680.509
        },
        {
          "basis": "ifrs",
          "end": "1996-06-30",
          "label": "1995/96",
          "period": "1996-06-30",
          "start": "1995-07-01",
          "value": 33835.329
        },
        {
          "basis": "ifrs",
          "end": "1997-06-30",
          "label": "1996/97",
          "period": "1997-06-30",
          "start": "1996-07-01",
          "value": 30316.781
        },
        {
          "basis": "ifrs",
          "end": "1998-06-30",
          "label": "1997/98",
          "period": "1998-06-30",
          "start": "1997-07-01",
          "value": 30472.057
        },
        {
          "basis": "ifrs",
          "end": "1999-06-30",
          "label": "1998/99",
          "period": "1999-06-30",
          "start": "1998-07-01",
          "value": 25922.782
        },
        {
          "basis": "ifrs",
          "end": "2000-06-30",
          "label": "1999/00",
          "period": "2000-06-30",
          "start": "1999-07-01",
          "value": 25895.256
        },
        {
          "basis": "ifrs",
          "end": "2001-06-30",
          "label": "2000/01",
          "period": "2001-06-30",
          "start": "2000-07-01",
          "value": 24907.976
        },
        {
          "basis": "ifrs",
          "end": "2002-06-30",
          "label": "2001/02",
          "period": "2002-06-30",
          "start": "2001-07-01",
          "value": 25387.752
        },
        {
          "basis": "ifrs",
          "end": "2003-06-30",
          "label": "2002/03",
          "period": "2003-06-30",
          "start": "2002-07-01",
          "value": 24530.723
        },
        {
          "basis": "ifrs",
          "end": "2004-06-30",
          "label": "2003/04",
          "period": "2004-06-30",
          "start": "2003-07-01",
          "value": 23858.185
        },
        {
          "basis": "pbe",
          "end": "2005-06-30",
          "label": "2004/05",
          "period": "2005-06-30",
          "start": "2004-07-01",
          "value": 19878.976
        },
        {
          "basis": "pbe",
          "end": "2006-06-30",
          "label": "2005/06",
          "period": "2006-06-30",
          "start": "2005-07-01",
          "value": 16162.693
        },
        {
          "basis": "pbe",
          "end": "2007-06-30",
          "label": "2006/07",
          "period": "2007-06-30",
          "start": "2006-07-01",
          "value": 13380
        },
        {
          "basis": "pbe",
          "end": "2008-06-30",
          "label": "2007/08",
          "period": "2008-06-30",
          "start": "2007-07-01",
          "value": 10258
        },
        {
          "basis": "pbe",
          "end": "2009-06-30",
          "label": "2008/09",
          "period": "2009-06-30",
          "start": "2008-07-01",
          "value": 17119
        },
        {
          "basis": "pbe",
          "end": "2010-06-30",
          "label": "2009/10",
          "period": "2010-06-30",
          "start": "2009-07-01",
          "value": 26738
        },
        {
          "basis": "pbe",
          "end": "2011-06-30",
          "label": "2010/11",
          "period": "2011-06-30",
          "start": "2010-07-01",
          "value": 40128
        },
        {
          "basis": "pbe",
          "end": "2012-06-30",
          "label": "2011/12",
          "period": "2012-06-30",
          "start": "2011-07-01",
          "value": 50671
        },
        {
          "basis": "pbe",
          "end": "2013-06-30",
          "label": "2012/13",
          "period": "2013-06-30",
          "start": "2012-07-01",
          "value": 55835
        },
        {
          "basis": "pbe",
          "end": "2014-06-30",
          "label": "2013/14",
          "period": "2014-06-30",
          "start": "2013-07-01",
          "value": 59931
        },
        {
          "basis": "pbe",
          "end": "2015-06-30",
          "label": "2014/15",
          "period": "2015-06-30",
          "start": "2014-07-01",
          "value": 60631
        },
        {
          "basis": "pbe",
          "end": "2016-06-30",
          "label": "2015/16",
          "period": "2016-06-30",
          "start": "2015-07-01",
          "value": 61880
        },
        {
          "basis": "pbe",
          "end": "2017-06-30",
          "label": "2016/17",
          "period": "2017-06-30",
          "start": "2016-07-01",
          "value": 59480
        },
        {
          "basis": "pbe",
          "end": "2018-06-30",
          "label": "2017/18",
          "period": "2018-06-30",
          "start": "2017-07-01",
          "value": 57495
        },
        {
          "basis": "pbe",
          "end": "2019-06-30",
          "label": "2018/19",
          "period": "2019-06-30",
          "start": "2018-07-01",
          "value": 57736
        },
        {
          "basis": "pbe",
          "end": "2020-06-30",
          "label": "2019/20",
          "period": "2020-06-30",
          "start": "2019-07-01",
          "value": 83375
        },
        {
          "basis": "pbe",
          "end": "2021-06-30",
          "label": "2020/21",
          "period": "2021-06-30",
          "start": "2020-07-01",
          "value": 102080
        },
        {
          "basis": "pbe",
          "end": "2022-06-30",
          "label": "2021/22",
          "period": "2022-06-30",
          "start": "2021-07-01",
          "value": 128873
        },
        {
          "basis": "pbe",
          "end": "2023-06-30",
          "label": "2022/23",
          "markers": [
            "*"
          ],
          "period": "2023-06-30",
          "start": "2022-07-01",
          "value": 155273
        },
        {
          "basis": "pbe",
          "end": "2024-06-30",
          "label": "2023/24",
          "period": "2024-06-30",
          "start": "2023-07-01",
          "value": 175464
        },
        {
          "basis": "pbe",
          "end": "2025-06-30",
          "label": "2024/25",
          "period": "2025-06-30",
          "start": "2024-07-01",
          "value": 182171
        }
      ],
      "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)",
      "unit": "nzd_millions"
    },
    {
      "frequency": "annual",
      "group": "Net Debt Measures",
      "id": "core-crown-net-debt.pct-gdp",
      "notes": [],
      "observations": [
        {
          "basis": "pbe",
          "end": "2005-06-30",
          "label": "2004/05",
          "period": "2005-06-30",
          "start": "2004-07-01",
          "value": 12.6776758098
        },
        {
          "basis": "pbe",
          "end": "2006-06-30",
          "label": "2005/06",
          "period": "2006-06-30",
          "start": "2005-07-01",
          "value": 9.82755574202
        },
        {
          "basis": "pbe",
          "end": "2007-06-30",
          "label": "2006/07",
          "period": "2007-06-30",
          "start": "2006-07-01",
          "value": 7.62753895004
        },
        {
          "basis": "pbe",
          "end": "2008-06-30",
          "label": "2007/08",
          "period": "2008-06-30",
          "start": "2007-07-01",
          "value": 5.42958163957
        },
        {
          "basis": "pbe",
          "end": "2009-06-30",
          "label": "2008/09",
          "period": "2009-06-30",
          "start": "2008-07-01",
          "value": 9.01583656788
        },
        {
          "basis": "pbe",
          "end": "2010-06-30",
          "label": "2009/10",
          "period": "2010-06-30",
          "start": "2009-07-01",
          "value": 13.5482432583
        },
        {
          "basis": "pbe",
          "end": "2011-06-30",
          "label": "2010/11",
          "period": "2011-06-30",
          "start": "2010-07-01",
          "value": 19.4685542677
        },
        {
          "basis": "pbe",
          "end": "2012-06-30",
          "label": "2011/12",
          "period": "2012-06-30",
          "start": "2011-07-01",
          "value": 23.546769644
        },
        {
          "basis": "pbe",
          "end": "2013-06-30",
          "label": "2012/13",
          "period": "2013-06-30",
          "start": "2012-07-01",
          "value": 25.4741471738
        },
        {
          "basis": "pbe",
          "end": "2014-06-30",
          "label": "2013/14",
          "period": "2014-06-30",
          "start": "2013-07-01",
          "value": 25.2736918458
        },
        {
          "basis": "pbe",
          "end": "2015-06-30",
          "label": "2014/15",
          "period": "2015-06-30",
          "start": "2014-07-01",
          "value": 24.6594786739
        },
        {
          "basis": "pbe",
          "end": "2016-06-30",
          "label": "2015/16",
          "period": "2016-06-30",
          "start": "2015-07-01",
          "value": 23.9001046692
        },
        {
          "basis": "pbe",
          "end": "2017-06-30",
          "label": "2016/17",
          "period": "2017-06-30",
          "start": "2016-07-01",
          "value": 21.5690896234
        },
        {
          "basis": "pbe",
          "end": "2018-06-30",
          "label": "2017/18",
          "period": "2018-06-30",
          "start": "2017-07-01",
          "value": 19.4509944551
        },
        {
          "basis": "pbe",
          "end": "2019-06-30",
          "label": "2018/19",
          "period": "2019-06-30",
          "start": "2018-07-01",
          "value": 18.6051307831
        },
        {
          "basis": "pbe",
          "end": "2020-06-30",
          "label": "2019/20",
          "period": "2020-06-30",
          "start": "2019-07-01",
          "value": 26.2485990253
        },
        {
          "basis": "pbe",
          "end": "2021-06-30",
          "label": "2020/21",
          "period": "2021-06-30",
          "start": "2020-07-01",
          "value": 29.7363982487
        },
        {
          "basis": "pbe",
          "end": "2022-06-30",
          "label": "2021/22",
          "period": "2022-06-30",
          "start": "2021-07-01",
          "value": 35.2360407063
        },
        {
          "basis": "pbe",
          "end": "2023-06-30",
          "label": "2022/23",
          "period": "2023-06-30",
          "start": "2022-07-01",
          "value": 38.6595525368
        },
        {
          "basis": "pbe",
          "end": "2024-06-30",
          "label": "2023/24",
          "period": "2024-06-30",
          "start": "2023-07-01",
          "value": 41.7637188047
        },
        {
          "basis": "pbe",
          "end": "2025-06-30",
          "label": "2024/25",
          "period": "2025-06-30",
          "start": "2024-07-01",
          "value": 41.7724711823
        }
      ],
      "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)",
      "unit": "percent_of_gdp"
    }
  ],
  "source": {
    "edition": "Update for Year End 30 June 2025",
    "id": "treasury-hfi",
    "landing_url": "https://www.treasury.govt.nz/publications/information-release/data-fiscal-time-series-historical-fiscal-indicators",
    "licence": {
      "attribution": "Source: The Treasury, Fiscal Time Series – Historical Fiscal Indicators, licensed under CC BY 4.0. Figures transformed and calculated by NZ in Numbers.",
      "checked_on": "2026-10-10",
      "evidence": "Treasury's copyright page (treasury.govt.nz/copyright-and-licensing) states most material is Crown copyright licensed CC BY 4.0. Read via search summary because the page blocks automated access \u2014 confirm in a browser and set status to confirmed.",
      "exclusions": "Treasury logos, emblems, trade marks and website design are not covered and must not be reused.",
      "name": "Creative Commons Attribution 4.0 International (CC BY 4.0)",
      "reuse": "open-licence",
      "status": "reported",
      "url": "https://creativecommons.org/licenses/by/4.0/"
    },
    "name": "Fiscal Time Series – Historical Fiscal Indicators",
    "organisation": "The Treasury (New Zealand)",
    "publication_date": "2026-01-09"
  },
  "title": "Net core Crown debt",
  "topic": "government-finances"
}