Updated
Pick a measure to see where it stood at the start and end of each government's term. Change during a term is not the same as a government's effect: economic shocks, global conditions and decisions by earlier governments all matter, and terms rarely line up with the periods statistics cover.
| Period | Net core Crown debt (excl. NZS Fund and advances) (% of GDP) |
|---|---|
| 2024/25 | 41.8% |
| 2023/24 | 41.8% |
| 2022/23 | 38.7% |
| 2021/22 | 35.2% |
| 2020/21 | 29.7% |
| 2019/20 | 26.2% |
| 2018/19 | 18.6% |
| 2017/18 | 19.5% |
| 2016/17 | 21.6% |
| 2015/16 | 23.9% |
| 2014/15 | 24.7% |
| 2013/14 | 25.3% |
| 2012/13 | 25.5% |
| 2011/12 | 23.5% |
| 2010/11 | 19.5% |
| 2009/10 | 13.5% |
| 2008/09 | 9.0% |
| 2007/08 | 5.4% |
| 2006/07 | 7.6% |
| 2005/06 | 9.8% |
Source: The Treasury (New Zealand). Definitions, limitations and downloads
Values use the last full period ending before each boundary. Each value is labelled with its period.
| Government | In office | Start value | End value | Change |
|---|---|---|---|---|
| Clark | Dec 1999 to Nov 2008 | Not available | 5.4% of GDP (2007/08) | Not available |
| Key, English | Nov 2008 to Oct 2017 | 5.4% of GDP (2007/08) | 21.6% of GDP (2016/17) | A rise of 16.1 percentage points |
| Ardern, Hipkins | Oct 2017 to Nov 2023 | 21.6% of GDP (2016/17) | 38.7% of GDP (2022/23) | A rise of 17.1 points |
| Luxon | Nov 2023 to now | 38.7% of GDP (2022/23) | 41.8% of GDP (2024/25, latest) | A rise of 3.1 points so far |
The start value is the last period ending before the term began. The end value is the last period ending before the term ended, or the latest available full period for the current government. We use full periods only. If the series does not reach back to a boundary, the table says “Not available”.
Government bands are labelled with prime ministers. Accounting-basis breaks and missing periods remain visible in the chart.Change since a government took office is not the same as its effect.
