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The Government’s latest financial statements have shown the country’s books were tracking better than forecast, even though the main operating measure remained in deficit.
Treasury released the Interim Financial Statements for the 7 months to 31 January 2026 on Thursday, comparing results against forecasts from the Half Year Economic and Fiscal Update 2025.
Chief Government Accountant Jayne Winfield said, “The key fiscal indicators for the seven months ended 31 January 2026 were overall favourable compared to the forecast.”
The Government’s main operating indicator, the operating balance before gains and losses excluding ACC, recorded a deficit of $6.0 billion. That was $1.9 billion smaller than forecast.
Net core Crown debt was $184.3 billion, or 41.9 percent of GDP, which was $1.1 billion lower than forecast.
Core Crown tax revenue was $70.4 billion, broadly in line with forecast, sitting 0.1 percent below.
Core Crown revenue was $77.3 billion, about $0.4 billion below forecast. The Treasury said revenue from the New Zealand Emissions Trading Scheme was lower than expected because the New Zealand Unit price fell after forecasts were prepared.
Core Crown expenses were $83.1 billion, which was $1.2 billion below forecast, reflecting lower spending across a range of areas.
The operating balance was a surplus of $4.0 billion, which was $4.5 billion stronger than forecast.
The Treasury said the core Crown residual cash deficit was $1.9 billion, $0.8 billion smaller than forecast, reflecting lower operating outflows and higher capital cash inflows.
Gross debt was $220.6 billion, or 50.2 percent of GDP, which was $3.6 billion lower than forecast.
Net worth attributable to the Crown was $183.5 billion, or 41.7 percent of GDP, which was $4.6 billion higher than forecast.
Is it good or bad news
Overall, it was good news compared with the Government’s own forecast, with a smaller deficit than expected and lower debt than predicted. It was still mixed, because the main operating measure remained in deficit and revenue was slightly below forecast.
