Total Crown operating balance before gains and losses (OBEGAL) was $−13,973 million in 2024/25, down $1,119 million on a year earlier.
Updated
Source: The Treasury (New Zealand). Last retrieved 10 October 2026.
| Period | Total Crown operating balance before gains and losses (OBEGAL) ($m) | Total Crown OBEGALx (OBEGAL excluding ACC) ($m) |
|---|---|---|
| 2024/25 | $−13,973 million | $−9,306 million |
| 2023/24 | $−12,854 million | $−8,773 million |
| 2022/23 | $−9,446 million | $−7,199 million |
| 2021/22 | $−9,691 million | $−8,664 million |
| 2020/21 | $−4,560 million | $−2,559 million |
| 2019/20 | $−23,057 million | $−20,902 million |
| 2018/19 | $7,429 million | $8,504 million |
| 2017/18 | $5,534 million | $5,942 million |
| 2016/17 | $4,069 million | $4,653 million |
| 2015/16 | $1,831 million | $2,121 million |
| 2014/15 | $414 million | $333 million |
| 2013/14 | $−2,802 million | $−3,833 million |
| 2012/13 | $−4,414 million | $−5,856 million |
| 2011/12 | $−9,240 million | $−11,884 million |
| 2010/11 | $−18,396 million | $−19,993 million |
| 2009/10 | $−6,315 million | $−7,666 million |
| 2008/09 | $−3,893 million | $−3,800 million |
| 2007/08 | $5,637 million | $5,793 million |
| 2006/07 | $5,860 million | No data |
| 2005/06 | $7,091 million | No data |
Lines break at accounting-basis changes and missing periods. Source: The Treasury (New Zealand).
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.
These affect how the figures can be compared.
The latest ten periods for up to the first six series. Downloads contain every published observation.
| Period | Total Crown operating balance before gains and losses (OBEGAL) | Total Crown operating balance before gains and losses (OBEGAL) | Total Crown OBEGALx (OBEGAL excluding ACC) | Total Crown OBEGALx (OBEGAL excluding ACC) |
|---|---|---|---|---|
| 2024/25 | $−13,973 million | −3.2% of GDP | $−9,306 million | −2.1% of GDP |
| 2023/24 | $−12,854 million | −3.1% of GDP | $−8,773 million | −2.1% of GDP |
| 2022/23 | $−9,446 million | −2.4% of GDP | $−7,199 million | −1.8% of GDP |
| 2021/22 | $−9,691 million | −2.6% of GDP | $−8,664 million | −2.4% of GDP |
| 2020/21 | $−4,560 million | −1.3% of GDP | $−2,559 million | −0.7% of GDP |
| 2019/20 | $−23,057 million | −7.3% of GDP | $−20,902 million | −6.6% of GDP |
| 2018/19 | $7,429 million | 2.4% of GDP | $8,504 million | 2.7% of GDP |
| 2017/18 | $5,534 million | 1.9% of GDP | $5,942 million | 2.0% of GDP |
| 2016/17 | $4,069 million | 1.5% of GDP | $4,653 million | 1.7% of GDP |
| 2015/16 | $1,831 million | 0.7% of GDP | $2,121 million | 0.8% of GDP |
Download the file, attach it in the assistant you use, then paste the prompt. Whatever it tells you is its reading of the data, not ours.
The attached CSV is Operating balance before gains and losses (OBEGAL) (operating-balance-obegal), from The Treasury (New Zealand), Fiscal Time Series – Historical Fiscal Indicators. Describe how each measure has changed, naming its unit and period. Treat changes in basis and missing periods as breaks. Distinguish observation from explanation. Limitations: 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.. Do not infer causation from changes during government terms.
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