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NZ government debt

Net government debt was $182.2 billion, 41.8% of GDP, or $34,212 per person (The Treasury (New Zealand), 2024/25).

Updated

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.

Debt issued by the core Crown, including Government stock held by the NZ Super Fund, GSF, ACC and EQC, it does not net off these internal holdings. Gross debt (which excludes Reserve Bank settlement cash and bills) is shown alongside.

One of three different net debt measures Treasury has used as its headline. They are not interchangeable, 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.

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 net debt 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.

Sources: The Treasury (New Zealand); The Treasury (New Zealand) and Stats NZ Tatauranga Aotearoa; NZ in Numbers calculation. Last retrieved 10 October 2026.

Net debt, $ billion, 1991/92 to 2024/25

Net debt. Net core Crown debt, 1991/92 to 2024/25, latest $182.2 billion.$0b$50b$100b$150b$200bNew accounting basis, 1993/94New accounting basis, 2004/051991/921997/982003/042009/102015/162021/222024/25
Show the figures
PeriodNet core Crown debt (NZ$ billion)
2024/25$182.2 billion
2023/24$175.5 billion
2022/23$155.3 billion
2021/22$128.9 billion
2020/21$102.1 billion
2019/20$83.4 billion
2018/19$57.7 billion
2017/18$57.5 billion
2016/17$59.5 billion
2015/16$61.9 billion
2014/15$60.6 billion
2013/14$59.9 billion
2012/13$55.8 billion
2011/12$50.7 billion
2010/11$40.1 billion
2009/10$26.7 billion
2008/09$17.1 billion
2007/08$10.3 billion
2006/07$13.4 billion
2005/06$16.2 billion
Full data: net core crown debt
2024/25Net core Crown debt $182.2 billionTreasury basis: PBE Standards

Not adjusted for inflation.

Net debt. Net core Crown debt: $182.2 billion in 2024/25.

Each measure retains its own definition and period. Lines break at changes in basis and missing periods. Choose a measure to see its note and readout.

Download CSVDownload JSONAnalyse with AI

Full downloads for every dataset on this page:

net government debtCSVJSON
Gross sovereign-issued debtCSVJSON
Net debt measures comparedCSVJSON
government spending, tax and debt per personCSVJSON

Net debt: definitions

Net government debt

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.

Gross sovereign-issued debt

Debt issued by the core Crown, including Government stock held by the NZ Super Fund, GSF, ACC and EQC, it does not net off these internal holdings. Gross debt (which excludes Reserve Bank settlement cash and bills) is shown alongside.

Net debt measures compared

The three net debt measures Treasury has used over time, side by side and never spliced together. The former net government debt (used before 2009) includes advances; net government debt (2009–2021) excludes advances and NZ Super Fund assets (Treasury notes it was the headline indicator 2009–2021); net debt includes Crown entity borrowings and NZ Super Fund assets (series available from 2007/08).

Government spending, tax and debt per person

Government spending, tax revenue and net government debt divided by New Zealand's estimated resident population at 30 June, the end of each government financial year. Dollars are not adjusted for inflation.

Net debt: comparison limits

These affect how far the figures can be compared.

Net government debt

  • One of three different net debt measures Treasury has used as its headline. They are not interchangeable, 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.

Gross sovereign-issued debt

  • Gross measures ignore the financial assets the Crown holds; see net debt measures for that view.

Net debt measures compared

  • Different definitions give very different numbers (e.g. 2025, net core Crown debt about 42% of GDP, net debt about 20%). Always say which measure you mean.
  • Measures cover different year ranges; a measure appearing or ending is a definitional change, not a change in debt.
  • The former measure (2007/08) and net debt (2007/08–2008/09) were briefly negative, financial assets exceeded debt on those definitions.

Government spending, tax and debt per person

  • Starts in 1995/96, the first year of the population series used.
  • Not adjusted for inflation; see the inflation-adjusted government finances for real terms.
  • Expenses and revenue are for the whole year; the population is at year end (30 June), which slightly understates per-person amounts in fast-growing years.
  • Accounting basis breaks in the Treasury series carry through (shown as breaks).

Net debt by NZ government

The last published observation before each term began and ended. The current term uses the latest observation.Change since a government took office is not the same as its effect.

Prime ministersIn officeStartEndChange
Bolger, ShipleyNov 1990 to Dec 1999Not available$25,923 million (1998/99)Not available
ClarkDec 1999 to Nov 2008$25,923 million (1998/99)$10,258 million (2007/08)Not comparable: accounting basis changed
Key, EnglishNov 2008 to Oct 2017$10,258 million (2007/08)$59,480 million (2016/17)A rise of $49,222 million
Ardern, HipkinsOct 2017 to Nov 2023$59,480 million (2016/17)$155,273 million (2022/23)A rise of $95,793 million
LuxonNov 2023 to now$155,273 million (2022/23)$182,171 million (2024/25, latest)A rise of $26,898 million so far
Compare governments on any measure

Net debt: data by period

The latest ten published periods for up to six series in each dataset. The downloads contain every observation.

Net government debt

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.

Periodnet government debt (excl. NZS Fund and advances)net government debt (excl. NZS Fund and advances)
2024/25$182,171 million (pbe)41.8% of GDP (pbe)
2023/24$175,464 million (pbe)41.8% of GDP (pbe)
2022/23$155,273 million (pbe)38.7% of GDP (pbe)
2021/22$128,873 million (pbe)35.2% of GDP (pbe)
2020/21$102,080 million (pbe)29.7% of GDP (pbe)
2019/20$83,375 million (pbe)26.2% of GDP (pbe)
2018/19$57,736 million (pbe)18.6% of GDP (pbe)
2017/18$57,495 million (pbe)19.5% of GDP (pbe)
2016/17$59,480 million (pbe)21.6% of GDP (pbe)
2015/16$61,880 million (pbe)23.9% of GDP (pbe)

Gross sovereign-issued debt

Debt issued by the core Crown, including Government stock held by the NZ Super Fund, GSF, ACC and EQC, it does not net off these internal holdings. Gross debt (which excludes Reserve Bank settlement cash and bills) is shown alongside.

PeriodGross sovereign-issued debt (GSID)Gross sovereign-issued debt (GSID)Gross debtGross debt
2024/25Not availableNot available$203,688 million (pbe)46.7% of GDP (pbe)
2023/24Not availableNot available$175,966 million (pbe)41.9% of GDP (pbe)
2022/23Not availableNot available$135,789 million (pbe)33.8% of GDP (pbe)
2021/22$164,038 million (pbe)45.6% of GDP (pbe)$118,950 million (pbe)32.5% of GDP (pbe)
2020/21$131,256 million (pbe)38.2% of GDP (pbe)$100,835 million (pbe)29.4% of GDP (pbe)
2019/20$124,145 million (pbe)39.1% of GDP (pbe)$102,257 million (pbe)32.2% of GDP (pbe)
2018/19$90,930 million (pbe)29.3% of GDP (pbe)$84,449 million (pbe)27.2% of GDP (pbe)
2017/18$95,437 million (pbe)32.3% of GDP (pbe)$88,053 million (pbe)29.8% of GDP (pbe)
2016/17$92,620 million (pbe)33.6% of GDP (pbe)$87,141 million (pbe)31.6% of GDP (pbe)
2015/16$93,283 million (pbe)36.0% of GDP (pbe)$86,928 million (pbe)33.6% of GDP (pbe)

Net debt measures compared

The three net debt measures Treasury has used over time, side by side and never spliced together. The former net government debt (used before 2009) includes advances; net government debt (2009–2021) excludes advances and NZ Super Fund assets (Treasury notes it was the headline indicator 2009–2021); net debt includes Crown entity borrowings and NZ Super Fund assets (series available from 2007/08).

PeriodFormer net government debt (indicator used before 2009)Former net government debt (indicator used before 2009)net government debt (excl. NZS Fund and advances)net government debt (excl. NZS Fund and advances)Net debt (incl. NZS Fund)Net debt (incl. NZS Fund)
2024/25Not availableNot available$182,171 million (pbe)41.8% of GDP (pbe)$88,719 million (pbe)20.3% of GDP (pbe)
2023/24Not availableNot available$175,464 million (pbe)41.8% of GDP (pbe)$82,197 million (pbe)19.6% of GDP (pbe)
2022/23Not availableNot available$155,273 million (pbe)38.7% of GDP (pbe)$71,367 million (pbe)17.8% of GDP (pbe)
2021/22$102,770 million (pbe)28.1% of GDP (pbe)$128,873 million (pbe)35.2% of GDP (pbe)$61,850 million (pbe)16.9% of GDP (pbe)
2020/21$83,352 million (pbe)24.3% of GDP (pbe)$102,080 million (pbe)29.7% of GDP (pbe)$35,921 million (pbe)10.5% of GDP (pbe)
2019/20$68,819 million (pbe)21.7% of GDP (pbe)$83,375 million (pbe)26.2% of GDP (pbe)$35,710 million (pbe)11.2% of GDP (pbe)
2018/19$43,891 million (pbe)14.1% of GDP (pbe)$57,736 million (pbe)18.6% of GDP (pbe)$5,432 million (pbe)1.8% of GDP (pbe)
2017/18$45,246 million (pbe)15.3% of GDP (pbe)$57,495 million (pbe)19.5% of GDP (pbe)$11,219 million (pbe)3.8% of GDP (pbe)
2016/17$47,466 million (pbe)17.2% of GDP (pbe)$59,480 million (pbe)21.6% of GDP (pbe)$16,249 million (pbe)5.9% of GDP (pbe)
2015/16$47,268 million (pbe)18.3% of GDP (pbe)$61,880 million (pbe)23.9% of GDP (pbe)$23,193 million (pbe)9.0% of GDP (pbe)

Government spending, tax and debt per person

Government spending, tax revenue and net government debt divided by New Zealand's estimated resident population at 30 June, the end of each government financial year. Dollars are not adjusted for inflation.

Periodgovernment spending per persontax per personnet government debt per person
2024/25$26,607 (pbe)$22,855 (pbe)$34,212 (pbe)
2023/24$26,276 (pbe)$22,791 (pbe)$33,169 (pbe)
2022/23$24,533 (pbe)$21,607 (pbe)$29,860 (pbe)
2021/22$24,724 (pbe)$21,343 (pbe)$25,360 (pbe)
2020/21$21,194 (pbe)$19,271 (pbe)$20,076 (pbe)
2019/20$21,456 (pbe)$16,777 (pbe)$16,437 (pbe)
2018/19$17,496 (pbe)$17,397 (pbe)$11,616 (pbe)
2017/18$16,442 (pbe)$16,370 (pbe)$11,732 (pbe)
2016/17$15,859 (pbe)$15,715 (pbe)$12,357 (pbe)
2015/16$15,683 (pbe)$14,943 (pbe)$13,127 (pbe)

Net debt: questions for your AI

Download the files, attach them in the assistant you use, then paste the prompt. Its answer is its own reading of the data.

  1. 1Download net-core-crown-debt.csv
  2. 2Attach it in ChatGPT, Claude, Gemini or another assistant
  3. 3
    Paste this prompt

    The attached CSV is net government debt, from The Treasury (New Zealand). Describe how each measure has changed, naming its unit and period. Treat changes in basis and missing periods as breaks. Do not infer causation from government terms. Read the limits before comparing. Supporting datasets: net-core-crown-debt, gross-sovereign-issued-debt, net-debt-measures-compared, government-finances-per-person.

Questions about net debt in NZ

Short answers with their definitions, sources and limits.

How much debt does the New Zealand government have?How much government debt is there per person?What is New Zealand's debt to GDP ratio?

Related NZ data

These topics put net debt alongside other measures.

Economic growth: Economy and incomesHousehold incomes: Economy and incomes

Net debt: sources

The source publication, licence and snapshot used to build this page.

Organisation
The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators
Licence
Creative Commons Attribution 4.0 International (CC BY 4.0). Source: The Treasury, Fiscal Time Series – Historical Fiscal Indicators, licensed under CC BY 4.0. Figures transformed and calculated by NZ in Numbers.
Reuse limits
Treasury logos, emblems, trade marks and website design are not covered and must not be reused.
Snapshot
data/raw/treasury-hfi/2026-10-10_de59f9028a81.xlsx
SHA256
de59f9028a81a697ee66eea04861edfd8e2c3a7e472b3b8798d976951964f70f
Retrieved
10 October 2026

Net debt: sources

The source publication, licence and snapshot used to build this page.

Organisation
The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators
Licence
Creative Commons Attribution 4.0 International (CC BY 4.0). Source: The Treasury, Fiscal Time Series – Historical Fiscal Indicators, licensed under CC BY 4.0. Figures transformed and calculated by NZ in Numbers.
Reuse limits
Treasury logos, emblems, trade marks and website design are not covered and must not be reused.
Snapshot
data/raw/treasury-hfi/2026-10-10_de59f9028a81.xlsx
SHA256
de59f9028a81a697ee66eea04861edfd8e2c3a7e472b3b8798d976951964f70f
Retrieved
10 October 2026

Net debt: sources

The source publication, licence and snapshot used to build this page.

Organisation
The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators
Licence
Creative Commons Attribution 4.0 International (CC BY 4.0). Source: The Treasury, Fiscal Time Series – Historical Fiscal Indicators, licensed under CC BY 4.0. Figures transformed and calculated by NZ in Numbers.
Reuse limits
Treasury logos, emblems, trade marks and website design are not covered and must not be reused.
Snapshot
data/raw/treasury-hfi/2026-10-10_de59f9028a81.xlsx
SHA256
de59f9028a81a697ee66eea04861edfd8e2c3a7e472b3b8798d976951964f70f
Retrieved
10 October 2026

Net debt: sources

The source publication, licence and snapshot used to build this page.

Calculated by NZ in Numbers from The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators; Stats NZ Tatauranga Aotearoa, Population estimates: New Zealand estimated resident population at 30 June.

Organisation
The Treasury (New Zealand) and Stats NZ Tatauranga Aotearoa; NZ in Numbers calculation, NZ in Numbers calculation
Licence
Creative Commons Attribution 4.0 International (CC BY 4.0). Calculated by NZ in Numbers from the source datasets listed; please also credit those sources.
Snapshot
SHA256
a88edc730fc280641f1742eb902179d8f438d5392dfc6e8d63b231f9bda604f5
Retrieved
11 October 2026
Formula
Per person ($) = Treasury figure ($ million) × 1,000,000 ÷ estimated resident population at 30 June of the same financial year
Inputs
  • core-crown-expenses, core-crown-expenses.nzd-m. Source: The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators. Content hash: b370468849b560f610e3b3661752f4a4dc61ff1741d62246b4e603d0ccd02af0.
  • population, population.3.999999.RC9999. Source: Stats NZ Tatauranga Aotearoa, Population estimates: New Zealand estimated resident population at 30 June. Content hash: f46bb14bb0d00f405d3e636d6b8f7d09a3833e9863488f3864b2376f7a631382.
  • core-crown-tax-revenue, core-crown-tax-revenue.nzd-m. Source: The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators. Content hash: 89c761693e9cfaa9e97c530b8c8616802fb5dffb25f003910c65c720b1a41f90.
  • net-core-crown-debt, core-crown-net-debt.nzd-m. Source: The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators. Content hash: 73fbdec799345fc0e765c9958aee39215d21b385cb1b3bf899bf5d222ddeb93b.