Hon Nicola Willis
Minister of Finance

The latest interim Financial Statements of the Government show results were more positive than expected at the Half Year Economic and Fiscal Update for most indicators, Finance Minister Nicola Willis says.

Treasury published the Financial Statements of the Government of New Zealand for the Seven Months ended 31 January 2025 today.

“The results show the OBEGALx deficit was $1.4 billion smaller than forecast.

“Core Crown tax revenue was $600 million higher than forecast, while core Crown expenses were lower than forecast by $600 million – the latter mainly due to timing.

“Net core Crown debt was $66 million lower than forecast – so is tracking as expected.

“Core Crown expenses rose by 2 per cent in the seven months to January 2025 compared to the same period a year earlier. In the same period to January 2024, they rose by 9.7 per cent.

“The fiscal fix-up job is underway, but it won’t happen overnight. Rectifying the state of the books underpins the Government’s push to get the country back on track.

“Healthier books will help support economic growth, which will mean more and better paid jobs, and money to support the public services New Zealanders expect.”

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