NZ Debt Facts and Figures

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New Zealand debt forecast for the future

•Treasury estimates showed that without policy changes, gross government debt would rise alarmingly, reaching 48 per cent of GDP by 2013 and 70 per cent of GDP – or about $227 billion – by 2023.


•That level of debt equates to just over $45,000 for every New Zealander. Put another way, it would represent $180,000 of government debt for every family of four – equivalent to a second mortgage on their home.


•Paying interest on that debt would have cost the Government $13.7 billion a year – more than is currently spent on the public health system.


•Debt last peaked at more than 70 per cent of GDP in the 1980s and it took almost 20 years of tough decisions to bring it back to prudent levels.


New Zealands national debt is forecast to reach a maximum of 43 per cent of GDP in 2016/17 and to reduce to about 37 per cent in 2022/23.


The previous net debt indicator is around 2.5 per cent of GDP and the new net debt indicator is around 9 per cent of GDP. Over time, the difference between gross debt and the new net debt indicator narrows because debt is rising faster than financial assets.

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