{
  "better_direction": null,
  "coverage": {
    "end": "2025-06-30",
    "start": "1971-04-01"
  },
  "description": "The three net debt measures Treasury has used over time, side by side and never spliced together. The former net core Crown debt (used before 2009) includes advances; net core Crown 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).",
  "id": "net-debt-measures-compared",
  "issues": [
    {
      "code": "jump",
      "dataset": "net-debt-measures-compared",
      "level": "warning",
      "message": "557.4% change from 2018/19 to 2019/20 exceeds ±400%",
      "period": "2020-06-30",
      "series": "net-debt.nzd-m"
    },
    {
      "code": "jump",
      "dataset": "net-debt-measures-compared",
      "level": "warning",
      "message": "542.2% change from 2018/19 to 2019/20 exceeds ±400%",
      "period": "2020-06-30",
      "series": "net-debt.pct-gdp"
    }
  ],
  "kind": "level",
  "limitations": [
    "Different definitions give very different numbers (e.g. 2025 \u2014 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 \u2014 financial assets exceeded debt on those definitions."
  ],
  "provenance": {
    "adapter": "treasury-hfi",
    "origin": "https://www.treasury.govt.nz/sites/default/files/2026-01/fiscaltimeseries1972-2025-year-end25.xlsx",
    "retrieved_at": "2026-10-10T18:15:21.570Z",
    "sha256": "de59f9028a81a697ee66eea04861edfd8e2c3a7e472b3b8798d976951964f70f",
    "snapshot": "data/raw/treasury-hfi/2026-10-10_de59f9028a81.xlsx"
  },
  "related": [
    "net-core-crown-debt",
    "gross-sovereign-issued-debt"
  ],
  "series": [
    {
      "frequency": "annual",
      "group": "Net Debt Measures",
      "id": "former-core-crown-net-debt.nzd-m",
      "notes": [],
      "observations": [
        {
          "basis": "cash",
          "end": "1972-03-31",
          "label": "Year to Mar 1972",
          "period": "1972-03-31",
          "start": "1971-04-01",
          "value": 405.083
        },
        {
          "basis": "cash",
          "end": "1973-03-31",
          "label": "Year to Mar 1973",
          "period": "1973-03-31",
          "start": "1972-04-01",
          "value": 466.983
        },
        {
          "basis": "cash",
          "end": "1974-03-31",
          "label": "Year to Mar 1974",
          "period": "1974-03-31",
          "start": "1973-04-01",
          "value": 408.695
        },
        {
          "basis": "cash",
          "end": "1975-03-31",
          "label": "Year to Mar 1975",
          "period": "1975-03-31",
          "start": "1974-04-01",
          "value": 501
        },
        {
          "basis": "cash",
          "end": "1976-03-31",
          "label": "Year to Mar 1976",
          "period": "1976-03-31",
          "start": "1975-04-01",
          "value": 985.8
        },
        {
          "basis": "cash",
          "end": "1977-03-31",
          "label": "Year to Mar 1977",
          "period": "1977-03-31",
          "start": "1976-04-01",
          "value": 1069.4
        },
        {
          "basis": "cash",
          "end": "1978-03-31",
          "label": "Year to Mar 1978",
          "period": "1978-03-31",
          "start": "1977-04-01",
          "value": 1339.3
        },
        {
          "basis": "cash",
          "end": "1979-03-31",
          "label": "Year to Mar 1979",
          "period": "1979-03-31",
          "start": "1978-04-01",
          "value": 2548.273
        },
        {
          "basis": "cash",
          "end": "1980-03-31",
          "label": "Year to Mar 1980",
          "period": "1980-03-31",
          "start": "1979-04-01",
          "value": 3226.4
        },
        {
          "basis": "cash",
          "end": "1981-03-31",
          "label": "Year to Mar 1981",
          "period": "1981-03-31",
          "start": "1980-04-01",
          "value": 4063.729
        },
        {
          "basis": "cash",
          "end": "1982-03-31",
          "label": "Year to Mar 1982",
          "period": "1982-03-31",
          "start": "1981-04-01",
          "value": 5903.384
        },
        {
          "basis": "cash",
          "end": "1983-03-31",
          "label": "Year to Mar 1983",
          "period": "1983-03-31",
          "start": "1982-04-01",
          "value": 8959.4
        },
        {
          "basis": "cash",
          "end": "1984-03-31",
          "label": "Year to Mar 1984",
          "period": "1984-03-31",
          "start": "1983-04-01",
          "value": 11029.37
        },
        {
          "basis": "cash",
          "end": "1985-03-31",
          "label": "Year to Mar 1985",
          "period": "1985-03-31",
          "start": "1984-04-01",
          "value": 16063.1
        },
        {
          "basis": "cash",
          "end": "1986-03-31",
          "label": "Year to Mar 1986",
          "period": "1986-03-31",
          "start": "1985-04-01",
          "value": 19317.9
        },
        {
          "basis": "cash",
          "end": "1987-03-31",
          "label": "Year to Mar 1987",
          "period": "1987-03-31",
          "start": "1986-04-01",
          "value": 25399.5
        },
        {
          "basis": "cash",
          "end": "1988-03-31",
          "label": "Year to Mar 1988",
          "period": "1988-03-31",
          "start": "1987-04-01",
          "value": 25567
        },
        {
          "basis": "cash",
          "end": "1989-03-31",
          "label": "Year to Mar 1989",
          "period": "1989-03-31",
          "start": "1988-04-01",
          "value": 29933.637
        },
        {
          "basis": "cash",
          "end": "1990-06-30",
          "label": "1989/90",
          "period": "1990-06-30",
          "start": "1989-07-01",
          "value": 35705.695
        },
        {
          "basis": "cash",
          "end": "1991-06-30",
          "label": "1990/91",
          "period": "1991-06-30",
          "start": "1990-07-01",
          "value": 34071.669
        },
        {
          "basis": "cash",
          "end": "1992-06-30",
          "label": "1991/92",
          "period": "1992-06-30",
          "start": "1991-07-01",
          "value": 38414.798
        },
        {
          "basis": "cash",
          "end": "1993-06-30",
          "label": "1992/93",
          "period": "1993-06-30",
          "start": "1992-07-01",
          "value": 37196
        },
        {
          "basis": "ifrs",
          "end": "1994-06-30",
          "label": "1993/94",
          "period": "1994-06-30",
          "start": "1993-07-01",
          "value": 35423
        },
        {
          "basis": "ifrs",
          "end": "1995-06-30",
          "label": "1994/95",
          "period": "1995-06-30",
          "start": "1994-07-01",
          "value": 32969.509
        },
        {
          "basis": "ifrs",
          "end": "1996-06-30",
          "label": "1995/96",
          "period": "1996-06-30",
          "start": "1995-07-01",
          "value": 28986.329
        },
        {
          "basis": "ifrs",
          "end": "1997-06-30",
          "label": "1996/97",
          "period": "1997-06-30",
          "start": "1996-07-01",
          "value": 25561.781
        },
        {
          "basis": "ifrs",
          "end": "1998-06-30",
          "label": "1997/98",
          "period": "1998-06-30",
          "start": "1997-07-01",
          "value": 24635.057
        },
        {
          "basis": "ifrs",
          "end": "1999-06-30",
          "label": "1998/99",
          "period": "1999-06-30",
          "start": "1998-07-01",
          "value": 22274.782
        },
        {
          "basis": "ifrs",
          "end": "2000-06-30",
          "label": "1999/00",
          "period": "2000-06-30",
          "start": "1999-07-01",
          "value": 21900.256
        },
        {
          "basis": "ifrs",
          "end": "2001-06-30",
          "label": "2000/01",
          "period": "2001-06-30",
          "start": "2000-07-01",
          "value": 20292.976
        },
        {
          "basis": "ifrs",
          "end": "2002-06-30",
          "label": "2001/02",
          "period": "2002-06-30",
          "start": "2001-07-01",
          "value": 19665.752
        },
        {
          "basis": "ifrs",
          "end": "2003-06-30",
          "label": "2002/03",
          "period": "2003-06-30",
          "start": "2002-07-01",
          "value": 17976.723
        },
        {
          "basis": "ifrs",
          "end": "2004-06-30",
          "label": "2003/04",
          "period": "2004-06-30",
          "start": "2003-07-01",
          "value": 15569.185
        },
        {
          "basis": "pbe",
          "end": "2005-06-30",
          "label": "2004/05",
          "period": "2005-06-30",
          "start": "2004-07-01",
          "value": 11092.976
        },
        {
          "basis": "pbe",
          "end": "2006-06-30",
          "label": "2005/06",
          "period": "2006-06-30",
          "start": "2005-07-01",
          "value": 8043.693
        },
        {
          "basis": "pbe",
          "end": "2007-06-30",
          "label": "2006/07",
          "period": "2007-06-30",
          "start": "2006-07-01",
          "value": 4109
        },
        {
          "basis": "pbe",
          "end": "2008-06-30",
          "label": "2007/08",
          "period": "2008-06-30",
          "start": "2007-07-01",
          "value": -19
        },
        {
          "basis": "pbe",
          "end": "2009-06-30",
          "label": "2008/09",
          "period": "2009-06-30",
          "start": "2008-07-01",
          "value": 6690
        },
        {
          "basis": "pbe",
          "end": "2010-06-30",
          "label": "2009/10",
          "period": "2010-06-30",
          "start": "2009-07-01",
          "value": 15871
        },
        {
          "basis": "pbe",
          "end": "2011-06-30",
          "label": "2010/11",
          "period": "2011-06-30",
          "start": "2010-07-01",
          "value": 28049
        },
        {
          "basis": "pbe",
          "end": "2012-06-30",
          "label": "2011/12",
          "period": "2012-06-30",
          "start": "2011-07-01",
          "value": 37347
        },
        {
          "basis": "pbe",
          "end": "2013-06-30",
          "label": "2012/13",
          "period": "2013-06-30",
          "start": "2012-07-01",
          "value": 42709
        },
        {
          "basis": "pbe",
          "end": "2014-06-30",
          "label": "2013/14",
          "period": "2014-06-30",
          "start": "2013-07-01",
          "value": 46178
        },
        {
          "basis": "pbe",
          "end": "2015-06-30",
          "label": "2014/15",
          "period": "2015-06-30",
          "start": "2014-07-01",
          "value": 46491
        },
        {
          "basis": "pbe",
          "end": "2016-06-30",
          "label": "2015/16",
          "period": "2016-06-30",
          "start": "2015-07-01",
          "value": 47268
        },
        {
          "basis": "pbe",
          "end": "2017-06-30",
          "label": "2016/17",
          "period": "2017-06-30",
          "start": "2016-07-01",
          "value": 47466
        },
        {
          "basis": "pbe",
          "end": "2018-06-30",
          "label": "2017/18",
          "period": "2018-06-30",
          "start": "2017-07-01",
          "value": 45246
        },
        {
          "basis": "pbe",
          "end": "2019-06-30",
          "label": "2018/19",
          "period": "2019-06-30",
          "start": "2018-07-01",
          "value": 43891
        },
        {
          "basis": "pbe",
          "end": "2020-06-30",
          "label": "2019/20",
          "period": "2020-06-30",
          "start": "2019-07-01",
          "value": 68819
        },
        {
          "basis": "pbe",
          "end": "2021-06-30",
          "label": "2020/21",
          "period": "2021-06-30",
          "start": "2020-07-01",
          "value": 83352
        },
        {
          "basis": "pbe",
          "end": "2022-06-30",
          "label": "2021/22",
          "period": "2022-06-30",
          "start": "2021-07-01",
          "value": 102770
        }
      ],
      "period_convention": "Fiscal years. Year ended 31 March to 1989, year ended 30 June from 1990 (the April–June 1989 quarter falls between the two).",
      "source_label": "(Former) Core Crown Net Debt",
      "title": "Former net core Crown debt (indicator used before 2009)",
      "unit": "nzd_millions"
    },
    {
      "frequency": "annual",
      "group": "Net Debt Measures",
      "id": "former-core-crown-net-debt.pct-gdp",
      "notes": [],
      "observations": [
        {
          "basis": "cash",
          "end": "1972-03-31",
          "label": "Year to Mar 1972",
          "period": "1972-03-31",
          "start": "1971-04-01",
          "value": 5.7951788269
        },
        {
          "basis": "cash",
          "end": "1973-03-31",
          "label": "Year to Mar 1973",
          "period": "1973-03-31",
          "start": "1972-04-01",
          "value": 5.77949257426
        },
        {
          "basis": "cash",
          "end": "1974-03-31",
          "label": "Year to Mar 1974",
          "period": "1974-03-31",
          "start": "1973-04-01",
          "value": 4.3659331268
        },
        {
          "basis": "cash",
          "end": "1975-03-31",
          "label": "Year to Mar 1975",
          "period": "1975-03-31",
          "start": "1974-04-01",
          "value": 4.91032049397
        },
        {
          "basis": "cash",
          "end": "1976-03-31",
          "label": "Year to Mar 1976",
          "period": "1976-03-31",
          "start": "1975-04-01",
          "value": 8.56770380671
        },
        {
          "basis": "cash",
          "end": "1977-03-31",
          "label": "Year to Mar 1977",
          "period": "1977-03-31",
          "start": "1976-04-01",
          "value": 7.65387918695
        },
        {
          "basis": "cash",
          "end": "1978-03-31",
          "label": "Year to Mar 1978",
          "period": "1978-03-31",
          "start": "1977-04-01",
          "value": 8.54854152039
        },
        {
          "basis": "cash",
          "end": "1979-03-31",
          "label": "Year to Mar 1979",
          "period": "1979-03-31",
          "start": "1978-04-01",
          "value": 14.3081021898
        },
        {
          "basis": "cash",
          "end": "1980-03-31",
          "label": "Year to Mar 1980",
          "period": "1980-03-31",
          "start": "1979-04-01",
          "value": 15.7032999124
        },
        {
          "basis": "cash",
          "end": "1981-03-31",
          "label": "Year to Mar 1981",
          "period": "1981-03-31",
          "start": "1980-04-01",
          "value": 16.9406745039
        },
        {
          "basis": "cash",
          "end": "1982-03-31",
          "label": "Year to Mar 1982",
          "period": "1982-03-31",
          "start": "1981-04-01",
          "value": 20.3368609618
        },
        {
          "basis": "cash",
          "end": "1983-03-31",
          "label": "Year to Mar 1983",
          "period": "1983-03-31",
          "start": "1982-04-01",
          "value": 26.8036857536
        },
        {
          "basis": "cash",
          "end": "1984-03-31",
          "label": "Year to Mar 1984",
          "period": "1984-03-31",
          "start": "1983-04-01",
          "value": 29.6066625507
        },
        {
          "basis": "cash",
          "end": "1985-03-31",
          "label": "Year to Mar 1985",
          "period": "1985-03-31",
          "start": "1984-04-01",
          "value": 38.0245715368
        },
        {
          "basis": "cash",
          "end": "1986-03-31",
          "label": "Year to Mar 1986",
          "period": "1986-03-31",
          "start": "1985-04-01",
          "value": 39.6029028885
        },
        {
          "basis": "cash",
          "end": "1987-03-31",
          "label": "Year to Mar 1987",
          "period": "1987-03-31",
          "start": "1986-04-01",
          "value": 43.8277569755
        },
        {
          "basis": "cash",
          "end": "1988-03-31",
          "label": "Year to Mar 1988",
          "period": "1988-03-31",
          "start": "1987-04-01",
          "value": 39.2330474013
        },
        {
          "basis": "cash",
          "end": "1989-03-31",
          "label": "Year to Mar 1989",
          "period": "1989-03-31",
          "start": "1988-04-01",
          "value": 42.3815104277
        },
        {
          "basis": "cash",
          "end": "1990-06-30",
          "label": "1989/90",
          "period": "1990-06-30",
          "start": "1989-07-01",
          "value": 47.5188914027
        },
        {
          "basis": "cash",
          "end": "1991-06-30",
          "label": "1990/91",
          "period": "1991-06-30",
          "start": "1990-07-01",
          "value": 44.8553416975
        },
        {
          "basis": "cash",
          "end": "1992-06-30",
          "label": "1991/92",
          "period": "1992-06-30",
          "start": "1991-07-01",
          "value": 49.9386381363
        },
        {
          "basis": "cash",
          "end": "1993-06-30",
          "label": "1992/93",
          "period": "1993-06-30",
          "start": "1992-07-01",
          "value": 46.8764571702
        },
        {
          "basis": "ifrs",
          "end": "1994-06-30",
          "label": "1993/94",
          "period": "1994-06-30",
          "start": "1993-07-01",
          "value": 41.1746928433
        },
        {
          "basis": "ifrs",
          "end": "1995-06-30",
          "label": "1994/95",
          "period": "1995-06-30",
          "start": "1994-07-01",
          "value": 35.8765890073
        },
        {
          "basis": "ifrs",
          "end": "1996-06-30",
          "label": "1995/96",
          "period": "1996-06-30",
          "start": "1995-07-01",
          "value": 29.7088481879
        },
        {
          "basis": "ifrs",
          "end": "1997-06-30",
          "label": "1996/97",
          "period": "1997-06-30",
          "start": "1996-07-01",
          "value": 25.0347984917
        },
        {
          "basis": "ifrs",
          "end": "1998-06-30",
          "label": "1997/98",
          "period": "1998-06-30",
          "start": "1997-07-01",
          "value": 23.4802960407
        },
        {
          "basis": "ifrs",
          "end": "1999-06-30",
          "label": "1998/99",
          "period": "1999-06-30",
          "start": "1998-07-01",
          "value": 20.5874357647
        },
        {
          "basis": "ifrs",
          "end": "2000-06-30",
          "label": "1999/00",
          "period": "2000-06-30",
          "start": "1999-07-01",
          "value": 19.0995046396
        },
        {
          "basis": "ifrs",
          "end": "2001-06-30",
          "label": "2000/01",
          "period": "2001-06-30",
          "start": "2000-07-01",
          "value": 16.6051403743
        },
        {
          "basis": "ifrs",
          "end": "2002-06-30",
          "label": "2001/02",
          "period": "2002-06-30",
          "start": "2001-07-01",
          "value": 15.1341372756
        },
        {
          "basis": "ifrs",
          "end": "2003-06-30",
          "label": "2002/03",
          "period": "2003-06-30",
          "start": "2002-07-01",
          "value": 13.1048601796
        },
        {
          "basis": "ifrs",
          "end": "2004-06-30",
          "label": "2003/04",
          "period": "2004-06-30",
          "start": "2003-07-01",
          "value": 10.5507301867
        },
        {
          "basis": "pbe",
          "end": "2005-06-30",
          "label": "2004/05",
          "period": "2005-06-30",
          "start": "2004-07-01",
          "value": 7.0744666875
        },
        {
          "basis": "pbe",
          "end": "2006-06-30",
          "label": "2005/06",
          "period": "2006-06-30",
          "start": "2005-07-01",
          "value": 4.89088305576
        },
        {
          "basis": "pbe",
          "end": "2007-06-30",
          "label": "2006/07",
          "period": "2007-06-30",
          "start": "2006-07-01",
          "value": 2.3424183517
        },
        {
          "basis": "pbe",
          "end": "2008-06-30",
          "label": "2007/08",
          "period": "2008-06-30",
          "start": "2007-07-01",
          "value": -0.0100567411924
        },
        {
          "basis": "pbe",
          "end": "2009-06-30",
          "label": "2008/09",
          "period": "2009-06-30",
          "start": "2008-07-01",
          "value": 3.52333352644
        },
        {
          "basis": "pbe",
          "end": "2010-06-30",
          "label": "2009/10",
          "period": "2010-06-30",
          "start": "2009-07-01",
          "value": 8.04189426107
        },
        {
          "basis": "pbe",
          "end": "2011-06-30",
          "label": "2010/11",
          "period": "2011-06-30",
          "start": "2010-07-01",
          "value": 13.608290437
        },
        {
          "basis": "pbe",
          "end": "2012-06-30",
          "label": "2011/12",
          "period": "2012-06-30",
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          "period": "2019-06-30",
          "start": "2018-07-01",
          "value": 1.75052638702
        },
        {
          "basis": "pbe",
          "end": "2020-06-30",
          "label": "2019/20",
          "period": "2020-06-30",
          "start": "2019-07-01",
          "value": 11.2425814454
        },
        {
          "basis": "pbe",
          "end": "2021-06-30",
          "label": "2020/21",
          "period": "2021-06-30",
          "start": "2020-07-01",
          "value": 10.4639612215
        },
        {
          "basis": "pbe",
          "end": "2022-06-30",
          "label": "2021/22",
          "period": "2022-06-30",
          "start": "2021-07-01",
          "value": 16.9108278513
        },
        {
          "basis": "pbe",
          "end": "2023-06-30",
          "label": "2022/23",
          "period": "2023-06-30",
          "start": "2022-07-01",
          "value": 17.7688090389
        },
        {
          "basis": "pbe",
          "end": "2024-06-30",
          "label": "2023/24",
          "period": "2024-06-30",
          "start": "2023-07-01",
          "value": 19.5644257203
        },
        {
          "basis": "pbe",
          "end": "2025-06-30",
          "label": "2024/25",
          "period": "2025-06-30",
          "start": "2024-07-01",
          "value": 20.3435885559
        }
      ],
      "period_convention": "Fiscal years. Year ended 31 March to 1989, year ended 30 June from 1990 (the April–June 1989 quarter falls between the two).",
      "source_label": "Net Debt",
      "title": "Net debt (incl. NZS Fund)",
      "unit": "percent_of_gdp"
    }
  ],
  "source": {
    "edition": "Update for Year End 30 June 2025",
    "id": "treasury-hfi",
    "landing_url": "https://www.treasury.govt.nz/publications/information-release/data-fiscal-time-series-historical-fiscal-indicators",
    "licence": {
      "attribution": "Source: The Treasury, Fiscal Time Series – Historical Fiscal Indicators, licensed under CC BY 4.0. Figures transformed and calculated by NZ in Numbers.",
      "checked_on": "2026-10-10",
      "evidence": "Treasury's copyright page (treasury.govt.nz/copyright-and-licensing) states most material is Crown copyright licensed CC BY 4.0. Read via search summary because the page blocks automated access \u2014 confirm in a browser and set status to confirmed.",
      "exclusions": "Treasury logos, emblems, trade marks and website design are not covered and must not be reused.",
      "name": "Creative Commons Attribution 4.0 International (CC BY 4.0)",
      "reuse": "open-licence",
      "status": "reported",
      "url": "https://creativecommons.org/licenses/by/4.0/"
    },
    "name": "Fiscal Time Series – Historical Fiscal Indicators",
    "organisation": "The Treasury (New Zealand)",
    "publication_date": "2026-01-09"
  },
  "title": "Net debt measures compared",
  "topic": "government-finances"
}