Deficit or surplus NZ

The Crown's surplus or deficit before gains and losses, revenue less expenses, excluding volatile changes in the value of financial assets and liabilities. Treasury describes it as a more direct indication of the government's underlying stewardship than the full operating balance. OBEGALx (excluding ACC) is shown alongside.

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.

A balance that moves between surplus and deficit, percentage changes are not meaningful; compare levels or % of GDP. Covers the total Crown, not only the core Crown.

Dividing a national total by population puts it on a human scale. Spending per person is an average across the country; the amount spent on each person varies with their circumstances.

Read the period beside each number before comparing it with another figure. A monthly observation, a quarterly result and a financial year cover different spans of time. The latest release can also revise earlier observations. The chart and downloads keep the published periods so you can check which figures are being compared. A change in deficit or surplus describes what happened during that period; it does not by itself explain why it happened or identify the effect of a government policy. Definitions and coverage matter as much as the size of a change.