{
  "better_direction": null,
  "coverage": {
    "end": "2025-06-30",
    "start": "1993-07-01"
  },
  "description": "Revenue less expenses plus net gains and losses for the total Crown (excluding minority interests). Includes volatile market gains and losses, for example on the NZ Super Fund's investments.",
  "id": "operating-balance",
  "issues": [
    {
      "acknowledged": "Source inconsistency: on the \"Revenue, Surplus measures\" sheet the % of GDP table labels 1994–1996 as \"IFRS, June Years\" while the $ millions table labels them \"old-GAAP\". Treasury's footnote says these years were not backdated to IFRS, so the old-GAAP label is used for both. Reviewed 2026-10-10.",
      "code": "basis-mismatch",
      "dataset": "operating-balance",
      "level": "info",
      "message": "1993/94: $m block says \"old-gaap\", % GDP block says \"ifrs\" (using \"old-gaap\")",
      "period": "1994-06-30",
      "series": "total-crown-operating-balance.pct-gdp"
    },
    {
      "acknowledged": "Source inconsistency: on the \"Revenue, Surplus measures\" sheet the % of GDP table labels 1994–1996 as \"IFRS, June Years\" while the $ millions table labels them \"old-GAAP\". Treasury's footnote says these years were not backdated to IFRS, so the old-GAAP label is used for both. Reviewed 2026-10-10.",
      "code": "basis-mismatch",
      "dataset": "operating-balance",
      "level": "info",
      "message": "1994/95: $m block says \"old-gaap\", % GDP block says \"ifrs\" (using \"old-gaap\")",
      "period": "1995-06-30",
      "series": "total-crown-operating-balance.pct-gdp"
    },
    {
      "acknowledged": "Source inconsistency: on the \"Revenue, Surplus measures\" sheet the % of GDP table labels 1994–1996 as \"IFRS, June Years\" while the $ millions table labels them \"old-GAAP\". Treasury's footnote says these years were not backdated to IFRS, so the old-GAAP label is used for both. Reviewed 2026-10-10.",
      "code": "basis-mismatch",
      "dataset": "operating-balance",
      "level": "info",
      "message": "1995/96: $m block says \"old-gaap\", % GDP block says \"ifrs\" (using \"old-gaap\")",
      "period": "1996-06-30",
      "series": "total-crown-operating-balance.pct-gdp"
    }
  ],
  "kind": "balance",
  "limitations": [
    "Swings with financial markets; OBEGAL is usually the better guide to underlying fiscal position.",
    "Not all of the operating balance is available to fund core Crown operations (Treasury notes the NZS Fund, SOEs and Crown entities retain part of their surpluses)."
  ],
  "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": [
    "operating-balance-obegal"
  ],
  "series": [
    {
      "frequency": "annual",
      "group": "Surplus/Deficit Measures",
      "id": "total-crown-operating-balance.nzd-m",
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        "* GAAP data for Total Crown Operating Balance, core Crown tax Revenue and core Crown Revenue for these years has not been backdated on IFRS basis",
        "† Data for receipts and revenue for these years include GST paid on government purchases",
        "^ Total Crown revenue has been restated to exclude Income Related Rent Subsidy between government reporting entities",
        "# 2019 results have been restated in the adoption of new PBE standards.  Further information can be found in note 28 of the 2019/20 financial statements of government.",
        "The source's % of GDP table labels some years with a different accounting basis than its $ millions table; we use the $ millions label for both."
      ],
      "observations": [
        {
          "basis": "old-gaap",
          "end": "1994-06-30",
          "label": "1993/94",
          "markers": [
            "*"
          ],
          "period": "1994-06-30",
          "start": "1993-07-01",
          "value": 755
        },
        {
          "basis": "old-gaap",
          "end": "1995-06-30",
          "label": "1994/95",
          "markers": [
            "*"
          ],
          "period": "1995-06-30",
          "start": "1994-07-01",
          "value": 2695
        },
        {
          "basis": "old-gaap",
          "end": "1996-06-30",
          "label": "1995/96",
          "markers": [
            "*"
          ],
          "period": "1996-06-30",
          "start": "1995-07-01",
          "value": 3314
        },
        {
          "basis": "ifrs",
          "end": "1997-06-30",
          "label": "1996/97",
          "period": "1997-06-30",
          "start": "1996-07-01",
          "value": 1863
        },
        {
          "basis": "ifrs",
          "end": "1998-06-30",
          "label": "1997/98",
          "period": "1998-06-30",
          "start": "1997-07-01",
          "value": 2048
        },
        {
          "basis": "ifrs",
          "end": "1999-06-30",
          "label": "1998/99",
          "period": "1999-06-30",
          "start": "1998-07-01",
          "value": 1705
        },
        {
          "basis": "ifrs",
          "end": "2000-06-30",
          "label": "1999/00",
          "period": "2000-06-30",
          "start": "1999-07-01",
          "value": 1404.58
        },
        {
          "basis": "ifrs",
          "end": "2001-06-30",
          "label": "2000/01",
          "markers": [
            "^"
          ],
          "period": "2001-06-30",
          "start": "2000-07-01",
          "value": 1207.53
        },
        {
          "basis": "ifrs",
          "end": "2002-06-30",
          "label": "2001/02",
          "markers": [
            "^"
          ],
          "period": "2002-06-30",
          "start": "2001-07-01",
          "value": 2286.44224
        },
        {
          "basis": "ifrs",
          "end": "2003-06-30",
          "label": "2002/03",
          "markers": [
            "^"
          ],
          "period": "2003-06-30",
          "start": "2002-07-01",
          "value": 1621.03899
        },
        {
          "basis": "ifrs",
          "end": "2004-06-30",
          "label": "2003/04",
          "markers": [
            "^"
          ],
          "period": "2004-06-30",
          "start": "2003-07-01",
          "value": 7308.83765
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        {
          "basis": "pbe",
          "end": "2005-06-30",
          "label": "2004/05",
          "markers": [
            "^"
          ],
          "period": "2005-06-30",
          "start": "2004-07-01",
          "value": 5930.91185
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        {
          "basis": "pbe",
          "end": "2006-06-30",
          "label": "2005/06",
          "markers": [
            "^"
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          "period": "2006-06-30",
          "start": "2005-07-01",
          "value": 9541.63906
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        {
          "basis": "pbe",
          "end": "2007-06-30",
          "label": "2006/07",
          "markers": [
            "^"
          ],
          "period": "2007-06-30",
          "start": "2006-07-01",
          "value": 8022
        },
        {
          "basis": "pbe",
          "end": "2008-06-30",
          "label": "2007/08",
          "markers": [
            "^"
          ],
          "period": "2008-06-30",
          "start": "2007-07-01",
          "value": 2384
        },
        {
          "basis": "pbe",
          "end": "2009-06-30",
          "label": "2008/09",
          "markers": [
            "^"
          ],
          "period": "2009-06-30",
          "start": "2008-07-01",
          "value": -10505
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        {
          "basis": "pbe",
          "end": "2010-06-30",
          "label": "2009/10",
          "markers": [
            "^"
          ],
          "period": "2010-06-30",
          "start": "2009-07-01",
          "value": -4509
        },
        {
          "basis": "pbe",
          "end": "2011-06-30",
          "label": "2010/11",
          "markers": [
            "^"
          ],
          "period": "2011-06-30",
          "start": "2010-07-01",
          "value": -13360
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        {
          "basis": "pbe",
          "end": "2012-06-30",
          "label": "2011/12",
          "markers": [
            "^"
          ],
          "period": "2012-06-30",
          "start": "2011-07-01",
          "value": -14897
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        {
          "basis": "pbe",
          "end": "2013-06-30",
          "label": "2012/13",
          "markers": [
            "^"
          ],
          "period": "2013-06-30",
          "start": "2012-07-01",
          "value": 6925
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        {
          "basis": "pbe",
          "end": "2014-06-30",
          "label": "2013/14",
          "markers": [
            "^"
          ],
          "period": "2014-06-30",
          "start": "2013-07-01",
          "value": 2939
        },
        {
          "basis": "pbe",
          "end": "2015-06-30",
          "label": "2014/15",
          "markers": [
            "^"
          ],
          "period": "2015-06-30",
          "start": "2014-07-01",
          "value": 5771
        },
        {
          "basis": "pbe",
          "end": "2016-06-30",
          "label": "2015/16",
          "markers": [
            "^"
          ],
          "period": "2016-06-30",
          "start": "2015-07-01",
          "value": -5369
        },
        {
          "basis": "pbe",
          "end": "2017-06-30",
          "label": "2016/17",
          "markers": [
            "^"
          ],
          "period": "2017-06-30",
          "start": "2016-07-01",
          "value": 12317
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        {
          "basis": "pbe",
          "end": "2018-06-30",
          "label": "2017/18",
          "markers": [
            "^"
          ],
          "period": "2018-06-30",
          "start": "2017-07-01",
          "value": 8396
        },
        {
          "basis": "pbe",
          "end": "2019-06-30",
          "label": "2018/19",
          "markers": [
            "^",
            "#"
          ],
          "period": "2019-06-30",
          "start": "2018-07-01",
          "value": 389
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        {
          "basis": "pbe",
          "end": "2020-06-30",
          "label": "2019/20",
          "period": "2020-06-30",
          "start": "2019-07-01",
          "value": -30040
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        {
          "basis": "pbe",
          "end": "2021-06-30",
          "label": "2020/21",
          "period": "2021-06-30",
          "start": "2020-07-01",
          "value": 16159
        },
        {
          "basis": "pbe",
          "end": "2022-06-30",
          "label": "2021/22",
          "period": "2022-06-30",
          "start": "2021-07-01",
          "value": -16932
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        {
          "basis": "pbe",
          "end": "2023-06-30",
          "label": "2022/23",
          "period": "2023-06-30",
          "start": "2022-07-01",
          "value": 5321
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        {
          "basis": "pbe",
          "end": "2024-06-30",
          "label": "2023/24",
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          "value": -8365
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        {
          "basis": "pbe",
          "end": "2025-06-30",
          "label": "2024/25",
          "period": "2025-06-30",
          "start": "2024-07-01",
          "value": -4400
        }
      ],
      "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": "Total Crown Operating Balance",
      "title": "Total Crown operating balance",
      "unit": "nzd_millions"
    },
    {
      "frequency": "annual",
      "group": "Surplus/Deficit Measures",
      "id": "total-crown-operating-balance.pct-gdp",
      "notes": [
        "* GAAP data for Total Crown Operating Balance, core Crown tax Revenue and core Crown Revenue for these years has not been backdated on IFRS basis",
        "† Data for receipts and revenue for these years include GST paid on government purchases",
        "^ Total Crown revenue has been restated to exclude Income Related Rent Subsidy between government reporting entities",
        "# 2019 results have been restated in the adoption of new PBE standards.  Further information can be found in note 28 of the 2019/20 financial statements of government.",
        "The source's % of GDP table labels some years with a different accounting basis than its $ millions table; we use the $ millions label for both."
      ],
      "observations": [
        {
          "basis": "old-gaap",
          "end": "1994-06-30",
          "label": "1993/94",
          "markers": [
            "*"
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          "period": "1994-06-30",
          "start": "1993-07-01",
          "value": 0.877590635934
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          "basis": "old-gaap",
          "end": "1995-06-30",
          "label": "1994/95",
          "markers": [
            "*"
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          "period": "1995-06-30",
          "start": "1994-07-01",
          "value": 2.93263109786
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        {
          "basis": "old-gaap",
          "end": "1996-06-30",
          "label": "1995/96",
          "markers": [
            "*"
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          "period": "1996-06-30",
          "start": "1995-07-01",
          "value": 3.39660544441
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        {
          "basis": "ifrs",
          "end": "1997-06-30",
          "label": "1996/97",
          "period": "1997-06-30",
          "start": "1996-07-01",
          "value": 1.82459233142
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        {
          "basis": "ifrs",
          "end": "1998-06-30",
          "label": "1997/98",
          "period": "1998-06-30",
          "start": "1997-07-01",
          "value": 1.95200061
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        {
          "basis": "ifrs",
          "end": "1999-06-30",
          "label": "1998/99",
          "period": "1999-06-30",
          "start": "1998-07-01",
          "value": 1.57584383896
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        {
          "basis": "ifrs",
          "end": "2000-06-30",
          "label": "1999/00",
          "period": "2000-06-30",
          "start": "1999-07-01",
          "value": 1.22495290588
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          "basis": "ifrs",
          "end": "2001-06-30",
          "label": "2000/01",
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          "start": "2000-07-01",
          "value": 0.988085983847
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        {
          "basis": "ifrs",
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          "label": "2001/02",
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          "period": "2002-06-30",
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          "value": 1.75957322826
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          "basis": "ifrs",
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          "start": "2002-07-01",
          "value": 1.18172201405
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          "basis": "ifrs",
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          "label": "2003/04",
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          "start": "2003-07-01",
          "value": 4.95296150849
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        {
          "basis": "pbe",
          "end": "2005-06-30",
          "label": "2004/05",
          "markers": [
            "^"
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          "value": 3.7823969248
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        {
          "basis": "pbe",
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          "label": "2005/06",
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          "value": 5.80169342648
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          "value": 4.57310294897
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          "basis": "pbe",
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          "value": 1.26185636856
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          "basis": "pbe",
          "end": "2009-06-30",
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          "period": "2009-06-30",
          "start": "2008-07-01",
          "value": -5.53252895295
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        {
          "basis": "pbe",
          "end": "2010-06-30",
          "label": "2009/10",
          "markers": [
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          "period": "2010-06-30",
          "start": "2009-07-01",
          "value": -2.28472693738
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        {
          "basis": "pbe",
          "end": "2011-06-30",
          "label": "2010/11",
          "markers": [
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          "period": "2011-06-30",
          "start": "2010-07-01",
          "value": -6.48175550779
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          "basis": "pbe",
          "end": "2012-06-30",
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          "start": "2011-07-01",
          "value": -6.92262294777
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        {
          "basis": "pbe",
          "end": "2013-06-30",
          "label": "2012/13",
          "markers": [
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          "period": "2013-06-30",
          "start": "2012-07-01",
          "value": 3.15946035961
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          "end": "2014-06-30",
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          "value": 1.23941499949
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        {
          "basis": "pbe",
          "end": "2015-06-30",
          "label": "2014/15",
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          "value": 2.34714669769
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          "value": 4.46648414411
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          "label": "2019/20",
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          "start": "2019-07-01",
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        {
          "basis": "pbe",
          "end": "2021-06-30",
          "label": "2020/21",
          "period": "2021-06-30",
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          "value": 4.70719493829
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          "basis": "pbe",
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          "start": "2021-07-01",
          "value": -4.62949292124
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          "label": "2022/23",
          "period": "2023-06-30",
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          "end": "2024-06-30",
          "label": "2023/24",
          "period": "2024-06-30",
          "start": "2023-07-01",
          "value": -1.9910266938
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          "basis": "pbe",
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          "label": "2024/25",
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          "start": "2024-07-01",
          "value": -1.00893596238
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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": "Total Crown Operating Balance",
      "title": "Total Crown operating balance",
      "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": "Total Crown operating balance",
  "topic": "government-finances"
}