NZ inNumbersMenu
NZ inNumbers

NZ government debt

The government spent $141.7 billion in 2024/25, 32.5% of GDP, and collected $121.7 billion in tax. It ran an operating deficit of $14.0 billion, its sixth deficit in a row. Net debt was 41.8% of GDP, up from 18.6% in 2018/19, the last year before the pandemic.

Updated

Since Luxon's government took office

  • Net government debt, % of GDP: 38.7% of GDP (2022/23) to 41.8% of GDP (2024/25); up 3.1 points.
  • Government spending: $127.6 billion (2022/23) to $141.7 billion (2024/25); up $14.1 billion.
  • Tax: $112.4 billion (2022/23) to $121.7 billion (2024/25); up $9.3 billion.

Luxon's government took office on 27 November 2023. These compare the last reporting period before the 14 October 2023 election with the latest period. Economic shocks, global conditions and earlier decisions also affect the figures. How we choose the periods.

More on government finances

Each topic combines its data, definitions, questions and downloads.

Net debtnet government debt was $182.2 billion, 41.8% of GDP, or $34,212 per person (The Treasury (New Zealand), 2024/25).Spendinggovernment spending were $141.7 billion (The Treasury (New Zealand), 2024/25).taxtax, measured on an accrual basis was $121.7 billion (The Treasury (New Zealand), 2024/25).Deficit or surplusThe total Crown recorded a deficit before gains and losses (OBEGAL) of $14.0 billion (The Treasury (New Zealand), 2024/25).

Spending has been above tax revenue every year since 2008/09

Government spending was 32.5% of GDP in 2024/25 and tax revenue 27.9%. Other revenue and borrowing cover the difference.

32.5% of GDP

Government spending, 2024/25. Check the full series.

Dashed vertical lines mark changes in Treasury's accounting basis; the lines are not joined across them. Source: The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators.

A third of spending goes on social security and welfare

That includes New Zealand Superannuation. Of $141.7 billion in government spending in 2024/25, $47.6 billion went on welfare, $30.3 billion on health and $20.9 billion on education. Interest and other finance costs were $8.9 billion.

Social security and welfareHealthEducationFinance costsCore government servicesHeritage, housing, environment and otherLaw and orderTransport and communicationsEconomic and industrial servicesDefence
Social security and welfare$47.6b
Health$30.3b
Education$20.9b
Finance costs$8.9b
Core government services$7.9b
Heritage, housing, environment and other$7.1b
Law and order$6.7b
Transport and communications$5.5b
Economic and industrial services$3.5b
Defence$3.3b
Show the figures
PeriodCore Crown expenses ($m)
2024/25$141,675 million
2023/24$138,998 million
2022/23$127,574 million
2021/22$125,641 million
2020/21$107,764 million
2019/20$108,832 million
2018/19$86,959 million
2017/18$80,576 million
2016/17$76,339 million
2015/16$73,929 million
2014/15$72,363 million
2013/14$71,174 million
2012/13$69,962 million
2011/12$68,939 million
2010/11$70,099 million
2009/10$63,554 million
2008/09$63,711 million
2007/08$56,753 million
2006/07$53,764 million
2005/06$49,084 million
Full data: core crown expenses

2024/25. Bars start at zero.

Social security and welfare: $47,568 million
A third of spending goes on social security and welfare. Social security and welfare: $47,568 million in 2024/25. Health: $30,311 million in 2024/25. Education: $20,895 million in 2024/25. Finance costs: $8,862 million in 2024/25. Core government services: $7,908 million in 2024/25. Heritage, housing, environment and other: $7,140 million in 2024/25. Law and order: $6,734 million in 2024/25. Transport and communications: $5,472 million in 2024/25. Economic and industrial services: $3,514 million in 2024/25. Defence: $3,271 million in 2024/25.

Source: The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators.

Spending by function since Year to Mar 1972

Net debt is $34,212 for every New Zealander

We divide the Treasury's totals by the population at 30 June so they are easier to picture. Not adjusted for inflation.

$34,212Net debt per person$11,616 in 2018/19
$26,607Spending per personFor the year to 30 June 2025
$22,855Tax per personFor the year to 30 June 2025

Source: The Treasury (New Zealand) and Stats NZ Tatauranga Aotearoa; NZ in Numbers calculation, NZ in Numbers calculation.

How much government debt is there per person?

All government finances data

Each has its own chart, the full data table, definitions and downloads.

government spending by function$47,568 million (2024/25)government spending$141,675 million (2024/25)Core Crown residual cash$−5,996 million (2024/25)Core Crown revenue$134,411 million (2024/25)tax$121,698 million (2024/25)Crown net worth$189,128 million (2024/25)Government debt, adjusted for inflation$182,171 million (2024/25)government spending, tax and debt per person$26,607 (2024/25)Government revenue and spending, adjusted for inflation$134,411 million (2024/25)Gross sovereign-issued debt$164,038 million (2021/22)Historical cash fiscal measures (to 1993)$29,418 million (1992/93)net government debt$182,171 million (2024/25)Net debt measures compared$102,770 million (2021/22)Operating balance before gains and losses (OBEGAL)$−13,973 million (2024/25)Total Crown operating balance$−4,400 million (2024/25)tax receipts (cash)$121,183 million (2024/25)Total Crown expenses$183,502 million (2024/25)Total Crown revenue$169,811 million (2024/25)

NZ government debt: official sources

The organisations and licences behind the published datasets in this section.