What does NZ pay to borrow?

The government's debt and the interest it pays on it, using figures published by Treasury, New Zealand Debt Management (NZDM) and Stats NZ. Figures taken from a document link to their source; calculated figures show their working in the method section. Checked on 30 October 2026 (New Zealand time).

$186.8 billionnet core Crown debt, 30 June 2026 (40.9% of GDP)[1][3]

$9.06 billioncore Crown finance costs (mostly interest), year to 30 June 2026[12]

2.0%finance costs as a share of GDP, 2025/26[12][17]

6.2%finance costs as a share of core Crown expenses, 2025/26[12][16]

1. How much does the government owe?

At 30 June 2026, net core Crown debt was $186.8 billion, or 40.9% of GDP.[1][3] A year earlier it was $182.2 billion (41.8% of GDP).[2][4] These are audited figures from the government's annual financial statements.[11][32] In plain words, net core Crown debt is what the core Crown has borrowed minus most of the financial assets it holds, such as cash and investments. It does not subtract advances (money the government has lent) or the NZ Super Fund's assets.

Treasury's pre-election update says: The Government’s headline debt indicator is net core Crown debt.[50] Treasury also publishes other measures:

Gross debt: $227.4 billion (49.8% of GDP), up from $203.7 billion a year earlier.[7][6][8][5]
Net debt, a wider measure that adds Crown entity borrowing and also subtracts advances and the NZ Super Fund's financial assets, which net core Crown debt does not: $91.2 billion (20.0% of GDP).[29][30][27]

What do these measures include?

Net core Crown debt, in Treasury's words, is debt issued by the sovereign (the core Crown) less core Crown borrowings less core Crown financial assets, excluding advances and financial assets held by the NZS Fund.[26]

Gross debt represents debt issued by the sovereign (core Crown) and includes Government stock held by the NZS Fund, ACC and NHC. Gross debt excludes NZS Fund borrowings, Reserve Bank’s holdings of settlement cash and Reserve Bank bills.[25]

For net debt, Treasury's glossary says: Net debt represents core Crown and Crown entity borrowings (excluding Kiwi Group Capital Limited) less core Crown financial assets (including advances). It includes the financial assets and borrowings of the NZS Fund.[27]

Core Crown covers Ministers, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank, but not Crown entities and SOEs (state-owned enterprises).[24]

Treasury's forecast path

Treasury's Pre-election Economic and Fiscal Update (PREFU), published on 29 September 2026, forecasts the following, at 30 June each year.[37][38][39][40] Earlier years are actuals from the annual financial statements.[33][34]

The chart starts in 2017, the first year in Treasury's time series table. Actual years use GDP as revised in the 2026 financial statements; forecast years use Treasury's September 2026 GDP forecasts.

30 June	Net core Crown debt $b	% of GDP	Gross debt $b	% of GDP
2026 actual	186.8	40.9%	227.4	49.8%
2027	209.6	43.7%	243.4	50.7%
2028	223.0	43.9%	259.4	51.1%
2029	230.5	43.3%	269.8	50.7%
2030	232.8	41.8%	273.2	49.0%
2031	229.8	39.5%	269.0	46.2%

2026 is the audited actual. 2027 to 2031 are Treasury forecasts based on policy settings and economic conditions when they were prepared. They are not targets. PREFU was finalised before the audited accounts: its unaudited 2026 figure was $186.7 billion (41.0% of GDP, on Treasury's September GDP estimate of $455.9 billion), against the audited $186.8 billion (40.9% of GDP, on revised GDP of $456.8 billion).[59][38][41][17]

2. The interest bill

In the year to 30 June 2026 (the 2025/26 year), core Crown finance costs were $9.06 billion, up from $8.86 billion the year before.[12][13] Treasury's update splits this into $8.70 billion of interest on financial liabilities (mostly borrowing) and $0.36 billion of "interest unwind" on provisions, an accounting charge on amounts set aside for future costs. The split is unaudited; the total matches the audited accounts.[43][44]

2025/26 finance costs
Per year	$9.06 billion
Per day (365 days)	$24.8 million
Per person a year	$1,691
Share of core Crown expenses	6.2%
Share of GDP	2.0%

Per person uses Stats NZ's provisional estimate of 5,357,300 people living in New Zealand at 30 June 2026.[60] It is the total divided by the population, not an amount anyone is billed. Core Crown expenses were $146.3 billion.[16]

The core Crown also earns interest on the money it holds and lends. In 2025/26 its interest revenue was $3.52 billion.[35] Interest expense on financial liabilities ($8.70 billion) minus interest revenue was about $5.2 billion.[43] This is a rough comparison: the assets that earn interest are not the same as the debt. (Treasury's segment table shows total core Crown interest expenses of $9.06 billion, which includes the interest unwind.[36])

Compared with other spending

Treasury groups core Crown expenses by purpose (its "functional classification"). These groups are not the same as Votes in the Budget. Finance costs were the 4th-largest of the 15 groups in 2025/26, after health ($32.92 billion), education ($21.21 billion) and the largest group, social security and welfare ($50.39 billion).[23][16][15][14]

Core Crown expenses, 2025/26	$ billion	Share
Social security and welfare	50.39	34.4%
Health	32.92	22.5%
Education	21.21	14.5%
Finance costs	9.06	6.2%
Law and order	7.08	4.8%
Transport and communications	6.04	4.1%
Core government services	5.92	4.0%
Defence	3.53	2.4%
Economic and industrial services	3.01	2.1%
Environmental protection	2.51	1.7%
Housing and community development	1.96	1.3%
Heritage, culture and recreation	1.44	1.0%
Primary services	1.03	0.7%
Other	0.19	0.1%
GSF pension expenses	0.06	under 0.1%
Total (excluding losses)	146.32	100%

Treasury's forecast

Treasury says core Crown finance costs are expected to gradually increase from 2.0% of GDP in 2025/26 to 2.4% of GDP by 2029/30, that this largely reflects the additional borrowings expected over the forecast period, and that they stay flat as a share of GDP by 2030/31. In nominal terms core Crown finance costs grow from $9.1 billion in 2025/26 to $13.7 billion by 2030/31.[45][42] Section 3 shows how much these forecasts depend on interest rates.

2022 is the first year in Treasury's finance costs table. Amounts are in dollars of each year, not adjusted for inflation; the table also shows each year as a share of GDP.

Year to 30 June	Finance costs $b	Per day $m	% of GDP
2021/22 actual	2.88	7.9	0.8%
2022/23 actual	6.57	18.0	1.6%
2023/24 actual	8.94	24.4	2.1%
2024/25 actual	8.86	24.3	2.0%
2025/26 actual	9.06	24.8	2.0%
2026/27	10.29	28.2	2.1%
2027/28	11.40	31.1	2.2%
2028/29	12.48	34.2	2.3%
2029/30	13.50	37.0	2.4%
2030/31	13.69	37.5	2.4%

Per day divides by the days in each year (366 in years that include 29 February). % of GDP uses GDP as revised in the 2026 financial statements for actual years and Treasury's GDP forecasts for forecast years.[31][41] The forecasts used market interest rates at 30 June 2026, adjusted for rates on 21 August 2026.[47]

3. What interest rate is the government paying?

On its existing borrowing: about 3.5% in 2025/26

The 2026 Treasury documents used here do not give a single average rate, so this is calculated. Interest on core Crown financial liabilities in 2025/26 ($8.70 billion, unaudited) divided by average core Crown borrowings over the year ($247.9 billion, the average of 30 June 2025 and 30 June 2026) is 3.51%.[43][10][9] Using borrowings at the start or the end of the year instead gives 3.6% or 3.4%. Core Crown borrowings are all of the core Crown's debt obligations, including settlement deposits that banks hold with the Reserve Bank.[28]

For government bonds alone, interest expense divided by the average value of bonds gives about 3.9%.[20][21][19] The accounts give this only for the whole Crown, not the core Crown, so it is a cross-check rather than a like-for-like figure.

Market rates for 10-year bonds

The 10-year government bond rate averaged 4.6% over April to June 2026, the latest actual figure in Treasury's update.[63][48] Over the whole 2025/26 year it averaged 4.5%. Shorter-term rates were lower over the year: 3.8% for 5-year bonds and 2.7% for 90-day bank bills.[49][51][52] Treasury also says: Since the completion of the fiscal forecasts, interest rates have risen.[46]

New Zealand Debt Management (NZDM) sells new bonds at regular tenders. At its tender on 29 October 2026, the April 2037 bond (about 10 and a half years to run) sold at an average yield of 4.99%. On 22 October 2026 the May 2036 bond sold at 4.99%.[96][97] The Reserve Bank's daily 10-year rate could not be checked, so it is not shown (see what is left out).

Why the average rate differs from market rates

These are general explanations of how government borrowing works, not statements from Treasury.

Older bonds keep their coupon. Each nominal bond line pays a fixed coupon set when it is first issued. For example, the May 2028 bond, first issued in October 2020, pays 0.25% a year, and the May 2041 bond, first issued in July 2020, pays 1.75%.[75][86] The coupon does not change until the bond is repaid. More of an existing line can be sold later at a price that reflects market rates at the time, so the cost of those later sales follows market rates. As old bonds are repaid and replaced, the average rate moves towards market rates. Section 4 lists every bond line.
Not all borrowing is 10-year bonds. Short-term borrowing and Reserve Bank settlement deposits pay short-term rates. Over 2025/26, 90-day bank bill rates averaged 2.7%, below the 10-year rate.[52] That is one reason the bonds-only figure (3.9%, whole Crown, on the accounts' amortised cost) is higher than the figure for all borrowing (3.5%).
The 10-year rate is one reference point. The government borrows for many different terms, so new borrowing will not necessarily cost the 10-year rate.

The annual accounts show the effect of older, lower rates. At 30 June 2026 the market value of government bonds (whole Crown) was $172.2 billion, against $177.1 billion in the accounts. Treasury says the difference is due to an increase in market rates since issuance.[18][19][22]

How fast bonds are replaced

Treasury forecasts repayments of $106.3 billion of market government bonds and $134.0 billion of new bonds (face value) in the five years to June 2031.[53][54] Section 7 shows these by year, next to the bonds already on issue that fall due.

How much the forecasts depend on interest rates

Treasury estimates how much the government's interest costs, and the interest it earns, would change if interest rates were 1 percentage point lower. It says the sensitivities are broadly symmetrical, so a 1 point rise would change them by roughly the same amounts in the other direction. "Net effect" is the change in the operating balance (revenue minus expenses); a plus means a larger surplus or a smaller deficit.[55][56][57][58]

Rates 1 point lower, $b	Interest costs	Interest earned	Net effect
2026/27	−0.56	−0.51	+0.05
2027/28	−0.89	−0.46	+0.43
2028/29	−1.17	−0.48	+0.69
2029/30	−1.42	−0.57	+0.85
2030/31	−1.63	−0.58	+1.05

Treasury's estimates cover the external exposures of NZDM (Treasury's debt management office) and the Reserve Bank together, so they are not exactly the same scope as core Crown finance costs.[58]

4. Bonds on issue

Government bonds are the government's main long-term borrowing. NZDM publishes every bond line on issue each month. At 30 September 2026 (published 1 October 2026), there were 19 lines, 15 nominal and 4 inflation-indexed, with a face value of $228.6 billion.[93][94] NZDM's sheet shows $350 million of each line issued to the Reserve Bank ($6.65 billion in all, including bonds on repo to the market); the market held the other $221.9 billion.[94]

The coupons on all 19 lines come to about $7.42 billion a year. That is not the full yearly cost, because inflation-indexed bonds also cost the rise in their principal (see below). Counting that, the bonds on issue cost about $8.21 billion a year: $6.72 billion of nominal coupons, $0.70 billion of inflation-indexed coupons and $0.79 billion of inflation indexation. That is 3.49% of the amount owed (nominal face value plus inflation-adjusted principal).[95][116] Parts may not add to totals because of rounding.

The average coupon on the 15 nominal lines, weighted by face value, is 3.21%. Across all 19 lines it is 3.17%, but inflation-indexed coupons are paid on top of inflation, so that figure mixes two kinds of rate.

The dashed line is the 4.99% nominal yield at the 29 October 2026 tender of the April 2037 bond, drawn against each coupon for comparison. It is the yield for one bond on one day. Inflation-indexed coupons are paid on top of inflation, so they are not directly comparable with it.[96]

$97.8 billion (43% of the face value on issue) falls due by the end of 2031. Any new borrowing that replaces them will be priced at market rates at the time.

All 19 bond lines (table)

Due	Coupon	Amount $m (face value)	Yearly cost $m
15 Apr 2027[74]	4.50%	16,113	725
15 May 2028[75]	0.25%	15,420	39
20 Apr 2029[76]	3.00%	20,196	606
15 May 2030[77]	4.50%	20,225	910
20 Sep 2030 inflation-indexed[89]	3.00%	4,625 inflation-adjusted 6,462	388 coupon 194 + indexation 194
15 May 2031[78]	1.50%	21,209	318
15 May 2032[79]	2.00%	15,950	319
14 Apr 2033[80]	3.50%	17,484	612
15 May 2034[81]	4.25%	12,575	534
15 May 2035[82]	4.50%	16,000	720
20 Sep 2035 inflation-indexed[90]	2.50%	7,303 inflation-adjusted 10,047	554 coupon 251 + indexation 303
15 May 2036[83]	4.25%	16,975	721
15 Apr 2037[84]	2.75%	9,012	248
15 May 2038[85]	4.75%	7,350	349
20 Sep 2040 inflation-indexed[91]	2.50%	5,190 inflation-adjusted 7,066	389 coupon 177 + indexation 213
15 May 2041[86]	1.75%	7,369	129
20 Sep 2050 inflation-indexed[92]	3.25%	2,450 inflation-adjusted 2,526	158 coupon 82 + indexation 76
15 May 2051[87]	2.75%	7,650	210
15 May 2054[88]	5.00%	5,500	275
All 19 lines	3.17% weighted average coupon, all lines (nominal only 3.21%)	228,596	8,206

Nominal bonds: yearly cost = face value × coupon. Inflation-indexed bonds: coupon × inflation-adjusted principal (after the 20 September 2026 coupon), plus the indexation added over the year to 20 September 2026 (next table). The weighted average coupon uses face value for every line. Amounts include bonds issued to the Reserve Bank.

What inflation-indexed bonds cost

An inflation-indexed bond's principal rises with consumer prices, and its coupon is paid on that higher principal. So its cost each year is the coupon on the adjusted principal plus the rise in principal, which is repaid when the bond falls due. The coupon alone understates the cost.

NZDM tracks the rise with an index ratio for each bond. Between 20 September 2025 and 20 September 2026 the ratios rose about 3.1%.[117][118][119][120] Applied to the face value of the four lines on issue at 30 September 2026, that rise comes to $0.79 billion over the year, on top of $0.70 billion of coupons. Together that is $1.49 billion, or 5.7% of their inflation-adjusted principal of $26.1 billion.[95][116]

Due	Index ratio 2025 → 2026	Coupons $m	Indexation $m	Total $m
Sep 2030 coupon 3.00%	135.51 → 139.71	194	194	388
Sep 2035 coupon 2.50%	133.43 → 137.58	251	303	554
Sep 2040 coupon 2.50%	132.04 → 136.14	177	213	389
Sep 2050 coupon 3.25%	100.00 → 103.11	82	76	158
All four		704	786	1,490

Index ratios are on 20 September of each year. Indexation over the year = face value (in the bonds table above) × (index ratio on 20 September 2026 − index ratio on 20 September 2025) ÷ 100. NZDM's sheet for the September 2050 bond starts on 20 December 2025 at 100.74, after a first quarterly factor of 0.74, so this page uses 100 as its ratio on 20 September 2025, before any indexation.[120] This uses the past year's inflation; future years depend on future inflation. Coupons use principal after the 20 September 2026 coupon.

The coupon is not the yield

The coupon is the fixed interest a bond pays on its face value. The yield is the return for the price paid. When more of an existing line is sold, it keeps its coupon but sells at a price that reflects market rates. For example, the April 2037 bond has a 2.75% coupon but sold at a 4.99% yield on 29 October 2026.[84][96]

The yearly cost of $8.21 billion worked out here (3.49% of the amount owed) differs from the interest in the accounts. For 2025/26 the accounts show interest expense on government bonds of $6.49 billion (whole Crown), about 3.9% of the average value of bonds in the accounts (section 3).[20] These are different measures. They differ because:

they cover different things: a full year to 30 June 2026, against the bonds on issue at 30 September 2026 and inflation over the year to 20 September 2026;
the accounts measure bonds at amortised cost, which spreads any difference between the sale price and face value over the bond's life;[22]
the accounts are for the whole Crown, and the bond list includes bonds held by parts of the government, such as the Reserve Bank.

The face value here ($228.6 billion at 30 September 2026) is also not the same as the $177.1 billion carrying value of government bonds in the accounts at 30 June 2026.[19] Section 5 sets out how NZDM's figures relate to the accounts.

Source copies: NZDM's workbooks could not be downloaded automatically for this page, because the site refused the request. A person working on the project downloaded them through a normal web browser on 30 October 2026 (New Zealand time). The figures were read from those copies.

5. All the borrowing NZDM manages

Bonds are most, but not all, of what NZDM manages. At 30 September 2026 it reported:[94][95][111][113]

30 September 2026	$ billion	Rate
Nominal bonds, 15 lines (face value)	209.0	3.21% average coupon
Inflation-indexed bonds, 4 lines (face value)	19.6	5.7% of adjusted principal: coupons plus indexation over the past year
Inflation indexation added to that principal	6.5
Treasury bills (face value)	5.1	Not published for bills on issue. Latest bill tenders (20 and 27 October 2026): 3.19% to 3.71%[108][110]
Euro-Commercial Paper (short-term borrowing in other currencies, in NZ dollars at month-end exchange rates)	5.2	Not published in these sources
Total	245.4

The bond amounts include $6.65 billion issued to the Reserve Bank ($5.25 billion nominal, $1.40 billion inflation-indexed). None of NZDM's sheets label a bond as a green bond, so this page does not show one (see what is left out). Treasury bills fell from $5.76 billion at 30 June 2026 and Euro-Commercial Paper from $6.79 billion.[112][114]

How this compares with the accounts

Treasury's accounts give core Crown borrowings of $256.8 billion at 30 June 2026.[9] On the same date NZDM's bonds, Treasury bills and Euro-Commercial Paper came to $230.7 billion at face value (Euro-Commercial Paper in NZ dollars at month-end exchange rates): bonds $218.1 billion, bills $5.76 billion and paper $6.79 billion.[115][112][114] The two measure different things, so they are not added together here. The accounts differ because:

core Crown borrowings include settlement deposits that banks hold with the Reserve Bank, and government stock held by ACC and NHC;[28] the Reserve Bank is part of the core Crown;[24]
they include derivatives in loss and other items, such as government retail stock, which Treasury counts in "other borrowings" without giving its amount;[61][67]
they measure bonds at amortised cost, not face value;[22]
bonds held inside the government are taken out when the accounts are combined. Treasury says that in 2025/26 more bonds were held by third parties and fewer by parts of the government, resulting in lower inter-entity eliminations.[71]

Treasury publishes borrowings by type only for the whole Crown (which also includes Crown entities and state-owned enterprises), not for the core Crown. Its Euro-Commercial Paper ($9.1 billion) and Treasury bills ($5.3 billion) at 30 June 2026 do not match NZDM's figures for that date, and the sources do not explain why.[65]

Borrowings by type, whole Crown, 30 June 2026

Whole Crown, 30 June 2026	$ billion
Government bonds	177.1
Kiwi Group customer deposits	32.2
Settlement deposits	24.4
Derivatives in loss	9.4
European commercial paper	9.1
Treasury bills	5.3
International Monetary Fund allocation	5.0
Public private partnership liability	3.7
Finance lease liabilities	1.1
Other borrowings	26.9
Total borrowings	294.0

Note 20 of the 2026 financial statements. "Government retail stock is included in other borrowings."[65][67]

Settlement cash and gross debt

Settlement deposits are money banks keep at the Reserve Bank. They count in core Crown borrowings but are taken out of gross debt. Treasury's own steps from one to the other at 30 June 2026:[68][7]

30 June 2026	$ billion
Core Crown borrowings	256.8
Plus core Crown unsettled purchases of securities	0.5
Less NZ Super Fund borrowings	−4.4
Less Reserve Bank settlement cash and Reserve Bank bills	−25.5
Gross debt	227.4

The Reserve Bank settlement cash and bills taken off were $25.5 billion, down from $33.0 billion a year earlier.[69] Across the whole Crown, settlement deposits fell from $32.1 billion to $24.4 billion.[66][65] Treasury says: Settlement deposits have also decreased by $7.6 billion mainly owing to the repayment of FLP advances and the downward movement of the official cash rate through the current year.[70] The average rate in section 3 divides by core Crown borrowings, which include settlement deposits, so changes in these deposits move that average.[28]

Bonds issued to the Reserve Bank

At 30 September 2026 NZDM showed $6.65 billion of government bonds (face value) issued to the Reserve Bank, up from $6.30 billion at 30 June 2026.[94][115] NZDM's figure includes bonds on repo to the market (bonds the Reserve Bank has sold under an agreement to buy them back). The Reserve Bank is part of the core Crown, so bonds it holds are owed by one part of the core Crown to another. When the accounts are combined, amounts owed between parts of the government, and the interest on them, are taken out.[24][71] Treasury's accounts describe the unwinding of the Reserve Bank's Large Scale Asset Purchase (LSAP) programme: these bonds are “refinanced” to the market as part of the core Crown borrowing programme. The impact was increased government bonds held by third parties and fewer held by parties within the Government Reporting Entity (resulting in lower inter-entity eliminations during the 2025/26 year).[71] In 2025/26 the government issued $33.7 billion of bonds and repaid $18.9 billion. The repayments included the maturity of marketable bonds in September 2025 and May 2026, and the repurchase of bonds to manage down of the LSAP programme.[73][72]

6. What new borrowing costs now

NZDM sells bonds and Treasury bills at tenders. The yield accepted at a tender shows what new borrowing of that term cost on that day. For nominal bonds, these are the latest tender of each line from 1 August to 29 October 2026, the date of NZDM's latest bond tender file. For Treasury bills, they are the three bills offered at the latest bill tender, on 27 October 2026. Inflation-indexed bond tenders come from NZDM's sheet published on 15 October 2026.[96][108][107]

Tender yields (table)

Due	Coupon	Tender	Average yield
Jan 2027 bill[108]		27 Oct 2026	3.19%
Apr 2027 bill[109]		27 Oct 2026	3.36%
Oct 2027 bill[110]		20 Oct 2026	3.71%
Apr 2029 bond[98]	3.00%	8 Oct 2026	4.12%
May 2030 bond[99]	4.50%	29 Oct 2026	4.22%
May 2031 bond[100]	1.50%	22 Oct 2026	4.48%
May 2032 bond[101]	2.00%	15 Oct 2026	4.54%
May 2034 bond[102]	4.25%	17 Sep 2026	4.82%
May 2035 bond[103]	4.50%	1 Oct 2026	5.00%
May 2036 bond[97]	4.25%	22 Oct 2026	4.99%
Apr 2037 bond[96]	2.75%	29 Oct 2026	4.99%
May 2041 bond[104]	1.75%	10 Sep 2026	5.27%
May 2054 bond[105]	5.00%	15 Oct 2026	5.50%
Sep 2030 inflation-indexed bond[107]	3.00%	24 Sep 2026	1.94% plus inflation
Sep 2040 inflation-indexed bond[106]	2.50%	15 Oct 2026	3.13% plus inflation

Yield is NZDM's weighted average successful yield (for inflation-indexed bonds, the issue yield). Treasury bills pay no coupon. No bills due October 2027 were accepted at the 27 October 2026 tender, so the 20 October 2026 tender is shown.[110] Inflation-indexed yields are on top of inflation, because the principal also rises with prices, so they cannot be compared directly with nominal yields.[107][106]

Bonds falling due in the next four years

Five bond lines, $76.6 billion at face value, fall due by October 2030, within four years of 30 October 2026. This table sets each one's coupon next to the yield at its own latest tender, where it had one.

Due	Amount $b	Coupon	Latest tender yield
15 Apr 2027[74]	16.1	4.50%	not tendered 1 Aug to 29 Oct 2026
15 May 2028[75]	15.4	0.25%	not tendered 1 Aug to 29 Oct 2026
20 Apr 2029[76]	20.2	3.00%	4.12% 8 Oct 2026[98]
15 May 2030[77]	20.2	4.50%	4.22% 29 Oct 2026[99]
20 Sep 2030 inflation-indexed[89]	4.6	3.00%	1.94% plus inflation 24 Sep 2026[107]

Treasury bills, the shortest borrowing, sold at 3.19% (due January 2027) and 3.36% (due April 2027) on 27 October 2026.[108][109] A yield on one day is not a forecast of what replacement borrowing will cost.

7. Upcoming borrowing

Treasury's forecasts of NZDM's bond repayments and new issues, next to the bonds already on issue at 30 September 2026 that fall due in each year (market holdings, face value).[53][54][94]

Year to 30 June	Bonds on issue falling due $b	Treasury forecast: repaid $b	Treasury forecast: new bonds $b
2026/27	15.8	22.0	30.0
2027/28	15.1	15.1	28.0
2028/29	19.8	16.6	26.0
2029/30	19.9	22.6	25.0
2030/31	25.1^*	30.0	25.0

^* 2030/31 includes the September 2030 inflation-indexed bond at face value ($4.28 billion of market holdings)[89]; its repayment will include the inflation indexation. Treasury notes: This table only reflects the transactions forecast by New Zealand Debt Management. It is not consolidated with other entities within the Crown.[64] Its repayment forecasts are not the same as the bonds now due in each year. That note may explain some of the difference, but the sources do not say how much. The list at 30 September 2026 leaves out bonds already repaid or bought back since 1 July 2026. PREFU was published on 29 September 2026.

8. Try it: what if the rate changed?

If the average rate on core Crown borrowings moved to 3.50%

0% 3.5%
average rate
2025/26 4.99%
Apr 2037 tender
29 Oct 2026 8%

Yearly interest on core Crown borrowings of $256.8 billion (30 June 2026):

Per person a year: . Per day: .

For comparison only, not the interest bill: the same rate on net core Crown debt of $186.8 billion gives

Change in borrowing More borrowing Less borrowing

Amount, $ billion

Yearly interest on it at the rate above: $0

This is a simple illustration, not a forecast: yearly interest = rate × amount.

The interest bill is paid on core Crown borrowings. In 2025/26, 3.51% of average borrowings ($247.9 billion) gives the $8.70 billion of interest expense on financial liabilities; adding the $0.36 billion interest unwind gives the $9.06 billion of finance costs. The slider uses borrowings at 30 June 2026, which were higher than the year's average, so at 3.5% it shows more than the 2025/26 interest expense.
Net core Crown debt is borrowings minus financial assets, and the government earns interest on those assets. Rate × net debt is therefore not the interest bill. It is closer to interest expense minus interest earned, and only if the assets earned the same rate (in 2025/26 that difference was about $5.2 billion).
A change in market rates does not reach the whole debt at once. Fixed-coupon bonds keep their coupon until they are repaid (see section 4). Short-term borrowing and settlement deposits pay short-term rates, so changes in those rates reach them sooner. New borrowing is priced at market rates for its term when it is raised. The latest 10-year tender yield is shown as one example of a market rate. Recent tender yields ranged from 3.19% for the Treasury bill due Jan 2027 to 5.50% for the bond due May 2054 (section 6).[108][105]

9. What is left out

This page uses only figures that could be checked in a saved copy of an official document. These could not be checked, so they are not on this page:

Today's 10-year government bond rate from the Reserve Bank's daily series (table B2). The Reserve Bank's website refused an automated download on 30 October 2026, so no copy could be saved and checked. The page uses Treasury's April to June 2026 average (4.6%) and the yields at New Zealand Debt Management's latest tenders instead.
Green bonds as a separate line. NZDM's bonds-on-issue workbook lists each bond only as Nominal or Inflation-Indexed. None of the saved sources says which lines are green bonds, so any green bonds are counted inside nominal bonds and are not shown separately.
Interest rates on Euro-Commercial Paper and on settlement deposits at the Reserve Bank. NZDM's Euro-Commercial Paper workbook gives amounts only, and the saved sources do not state the rate paid on settlement deposits.
The rates paid on the Treasury bills on issue. NZDM's workbook gives the amounts on issue, not the yields they were sold at. The page shows the yields at the latest tenders instead.
Government retail stock (Kiwi Bonds) amount. The annual financial statements include government retail stock in 'other borrowings' and do not show it separately. NZDM's retail stock data was not among the saved workbooks.
A line-by-line match between NZDM's amounts and Treasury's core Crown borrowings. Treasury publishes borrowings by type only for the total Crown, values bonds at amortised cost rather than face value, and does not publish the core Crown split. NZDM's Euro-Commercial Paper at 30 June 2026 ($6,787m) and the total Crown figure in the financial statements ($9,053m) differ, and the saved sources do not explain why.
Spending by Vote (for example Vote Education or Vote Police). The annual financial statements group spending by purpose (education, law and order, and so on), not by Vote. The page uses those purpose groups and says so.
How the interest bill splits between bonds, Treasury bills and Reserve Bank deposits. Treasury does not publish this split for the core Crown. The page's average rate therefore uses the total of interest on borrowing.
Treasury's web pages that list these documents. Treasury's HTML pages refused automated requests on 30 October 2026. The PDF documents themselves downloaded normally and are the sources used.

10. Method and sources

Conventions and terms

Government years run 1 July to 30 June. "2025/26" means the year to 30 June 2026.
All dollar amounts are nominal NZ dollars (not adjusted for inflation). "Billion" means a thousand million. Figures are rounded half up from Treasury's $ million figures, so parts may not add to totals.
Debt is measured at 30 June. Actual % of GDP figures use GDP as revised in the 2026 financial statements ($456.8 billion for 2025/26). Forecast % of GDP uses Treasury's PREFU GDP forecasts.[17][41]
Average rate on borrowing: interest on financial liabilities (core Crown, PREFU Table 5.16, unaudited; the audited total of $9.057 billion matches PREFU) divided by the simple average of core Crown borrowings at the start and end of the year. Other ways to measure it: interest on government bonds divided by average bonds, whole Crown (3.9%); and all finance costs divided by average gross debt (4.2%). The last one overstates the rate, because finance costs include interest on borrowing that gross debt leaves out (such as settlement deposits) and the interest unwind on provisions.
Borrowings in the accounts (Note 20) include derivatives in loss (derivative contracts whose value is negative to the government). The accounts give these only for the whole Crown: $9.35 billion at 30 June 2026 and $5.92 billion a year earlier.[61][62] Taking them out of average core Crown borrowings gives about 3.6% instead of 3.5%. This is approximate because it mixes whole Crown and core Crown figures. The slider uses borrowings including them.
Bonds on issue: one row per line from NZDM's month-end sheet for 30 September 2026. Yearly cost of a nominal bond = face value × coupon. Yearly cost of an inflation-indexed bond = coupon × inflation-adjusted principal, plus face value × the change in its index ratio from 20 September 2025 to 20 September 2026 ÷ 100. The weighted average coupon is the sum of face value × coupon divided by total face value. Amounts due by year add up each line's face value by the year (calendar or June year, as labelled) it is due.
Borrowing NZDM manages: bonds and Treasury bills at face value from NZDM's month-end sheets, inflation indexation from its inflation-indexed bond sheet, and Euro-Commercial Paper as NZDM reports it in NZ dollars. These are not added to figures from Treasury's accounts.
Tender yields: for nominal bonds, the latest tender of each line between 1 August and 29 October 2026 in NZDM's bond tender history (published 29 October 2026); for Treasury bills, the three bills offered at the 27 October 2026 tender (published 27 October 2026); for inflation-indexed bonds, the latest tender in NZDM's sheet published 15 October 2026. For bonds and bills this is the weighted average successful yield; for inflation-indexed bonds, the issue yield shown in NZDM's sheet.
Spending comparisons use Treasury's functional classification of core Crown expenses, not Vote appropriations.
Per person uses the 30 June 2026 population. Stats NZ notes that its "mean year ended" estimates suit yearly rates; this page uses the 30 June figure stated in the release.

GDP: Gross domestic product: the value of everything produced in New Zealand in a year. Debt and interest are often shown as a share of it.
Government bonds: Loans to the government, sold to investors, that pay interest and are repaid on a set date. Face value is the amount repaid at the end.
Treasury bills: Short-term government borrowing, usually for less than a year.
Settlement deposits: Money banks keep at the Reserve Bank to settle payments with each other.
Provisions and interest unwind: Provisions are amounts set aside for future costs. Interest unwind is an accounting charge as those future costs get closer.
Votes: The Budget approves spending in Votes, each administered by a government department.
Financial liabilities: Amounts the government owes under financial contracts, such as bonds, Treasury bills and settlement deposits.
Coupon and yield: A bond's coupon is the fixed interest it pays each year on its face value. Its yield is the return to someone who buys it at today's price and holds it until it is repaid.
Inflation-indexed bonds: Bonds whose principal rises with consumer prices. The coupon is paid on that adjusted principal.
ACC and NHC: The Accident Compensation Corporation and the Natural Hazards Commission, both Crown entities.
Offices of Parliament: The Auditor-General, the Ombudsman and the Parliamentary Commissioner for the Environment.
NZDM: New Zealand Debt Management, the part of the Treasury that borrows for the government.
Tender: An auction where investors bid for new government bonds or bills. The yield accepted is the price of that borrowing on that day.
Euro-Commercial Paper: Short-term borrowing sold to investors overseas, often in other currencies.
Index ratio: The figure NZDM uses to scale an inflation-indexed bond's principal with consumer prices.
Market holdings: Bonds held by investors outside the government, as opposed to those issued to the Reserve Bank.
Nominal bonds: Bonds whose principal is a fixed dollar amount, as opposed to inflation-indexed bonds.
Carrying value and fair value: Carrying value is the amount in the accounts (for bonds, amortised cost). Fair value is the market value on the day.
Crown entities: Organisations owned by the Crown that are outside the core Crown, such as ACC.
GSF: The Government Superannuation Fund, a pension scheme for some past and present public servants. It is separate from NZ Super.
Operating balance: The government's revenue minus its expenses over a year.

Calculated figures (61)

Core Crown finance costs per day, 2025/26: $24.8 million a day (NZD million per day)
fin_costs_2026 / 365 (1 July 2025 to 30 June 2026 has 365 days) = 24.8137
Core Crown finance costs per person, 2025/26: $1,691 per person (NZD per person per year)
fin_costs_2026 x 1,000,000 / population_2026 = 1,690.5904
Finance costs as a share of core Crown expenses, 2025/26: 6.2% (%)
fin_costs_2026 / cc_exp_2026 x 100 = 6.1898
Finance costs, % of GDP, 2025/26: 2.0% (% of GDP)
fin_costs_2026 / gdp_2026_fsg x 100 = 1.9825
Rank of finance costs among the 15 core Crown functional expense lines, 2025/26 (1 = largest): 4th of 15 (rank)
position of cc_functional_2026['Finance costs'] when the 15 lines are sorted largest first (the 15 lines sum to cc_exp_2026) = 4.0000
Core Crown interest on financial liabilities minus interest revenue, 2025/26 (rough comparison): $5.2 billion (NZD million)
prefu_int_fin_liab_2026 - cc_int_rev_2026 (the interest unwind on provisions is left out because it is not interest on borrowing) = 5,179.0000
Average core Crown borrowings over 2025/26 (simple average of 30 June 2025 and 30 June 2026): 247,902.0 (NZD million)
(ccb_2025 + ccb_2026) / 2 = 247,902.0000
Average gross debt over 2025/26 (simple average of 30 June 2025 and 30 June 2026): 215,568.0 (NZD million)
(gross_2025 + gross_2026) / 2 = 215,568.0000
Effective interest rate on existing borrowing, 2025/26 (headline): 3.5% (% per year)
prefu_int_fin_liab_2026 / avg_ccb x 100 = 3.5086
Alternative effective rate: all core Crown finance costs / average gross debt, 2025/26: 4.2% (% per year)
fin_costs_2026 / avg_gross x 100 = 4.2015
Cross-check: interest expense on Government bonds / average Government bonds, 2025/26 (total Crown): 3.9% (% per year)
bonds_int_exp_2026 / ((bonds_open_2025 + bonds_carrying) / 2) x 100 = 3.9032
Effective rate using borrowings at the start of the year (30 June 2025) instead of the average: 3.6% (% per year)
prefu_int_fin_liab_2026 / ccb_2025 x 100 = 3.6398
Effective rate using borrowings at the end of the year (30 June 2026) instead of the average: 3.4% (% per year)
prefu_int_fin_liab_2026 / ccb_2026 x 100 = 3.3866
Finance costs, % of GDP, year ending 30 June 2022 (FSG revised GDP): 0.8% (% of GDP)
prefu_fc_series[2022] / fsg_gdp_history[2022] x 100 = 0.7899
Finance costs, % of GDP, year ending 30 June 2023 (FSG revised GDP): 1.6% (% of GDP)
prefu_fc_series[2023] / fsg_gdp_history[2023] x 100 = 1.6342
Finance costs, % of GDP, year ending 30 June 2024 (FSG revised GDP): 2.1% (% of GDP)
prefu_fc_series[2024] / fsg_gdp_history[2024] x 100 = 2.1248
Finance costs, % of GDP, year ending 30 June 2025 (FSG revised GDP): 2.0% (% of GDP)
prefu_fc_series[2025] / fsg_gdp_history[2025] x 100 = 2.0351
Finance costs per day, year ending 30 June 2022: $7.9 million a day (NZD million per day)
prefu_fc_series[2022] / 365 (days in the year to 30 June 2022) = 7.9014
Finance costs per day, year ending 30 June 2023: $18.0 million a day (NZD million per day)
prefu_fc_series[2023] / 365 (days in the year to 30 June 2023) = 17.9973
Finance costs per day, year ending 30 June 2024: $24.4 million a day (NZD million per day)
prefu_fc_series[2024] / 366 (days in the year to 30 June 2024) = 24.4344
Finance costs per day, year ending 30 June 2025: $24.3 million a day (NZD million per day)
prefu_fc_series[2025] / 365 (days in the year to 30 June 2025) = 24.2795
Finance costs per day, year ending 30 June 2027: $28.2 million a day (NZD million per day)
prefu_fc_series[2027] / 365 (days in the year to 30 June 2027) = 28.1945
Finance costs per day, year ending 30 June 2028: $31.1 million a day (NZD million per day)
prefu_fc_series[2028] / 366 (days in the year to 30 June 2028) = 31.1366
Finance costs per day, year ending 30 June 2029: $34.2 million a day (NZD million per day)
prefu_fc_series[2029] / 365 (days in the year to 30 June 2029) = 34.1945
Finance costs per day, year ending 30 June 2030: $37.0 million a day (NZD million per day)
prefu_fc_series[2030] / 365 (days in the year to 30 June 2030) = 36.9918
Finance costs per day, year ending 30 June 2031: $37.5 million a day (NZD million per day)
prefu_fc_series[2031] / 365 (days in the year to 30 June 2031) = 37.5041
Finance costs forecast, % of GDP, year ending 30 June 2027: 2.1% (% of GDP)
prefu_fc_series[2027] / prefu_gdp_forecast[2027] x 100 = 2.1434
Finance costs forecast, % of GDP, year ending 30 June 2028: 2.2% (% of GDP)
prefu_fc_series[2028] / prefu_gdp_forecast[2028] x 100 = 2.2455
Finance costs forecast, % of GDP, year ending 30 June 2029: 2.3% (% of GDP)
prefu_fc_series[2029] / prefu_gdp_forecast[2029] x 100 = 2.3445
Finance costs forecast, % of GDP, year ending 30 June 2030: 2.4% (% of GDP)
prefu_fc_series[2030] / prefu_gdp_forecast[2030] x 100 = 2.4225
Finance costs forecast, % of GDP, year ending 30 June 2031: 2.4% (% of GDP)
prefu_fc_series[2031] / prefu_gdp_forecast[2031] x 100 = 2.3506
10-year yield (June quarter 2026 avg) minus headline effective rate: 1.1 points (percentage points)
prefu_10yr_history[2026] - eff_rate = 1.0914
Slider start: core Crown borrowings at 30 June 2026 x headline effective rate rounded to 0.1: 8,989.3 (NZD million)
ccb_2026 x 3.5 / 100 = 8,989.2950
Slider start: change from 2025/26 interest on financial liabilities: 291.3 (NZD million)
ccb_2026 x 3.5 / 100 - prefu_int_fin_liab_2026 = 291.2950
Slider start: net core Crown debt x headline effective rate rounded to 0.1: 6,537.4 (NZD million)
ncd_2026 x 3.5 / 100 = 6,537.4400
Slider at the 10-year rate: core Crown borrowings at 30 June 2026 x 4.6%: 11,814.5 (NZD million)
ccb_2026 x 4.6 / 100 = 11,814.5020
Slider at the latest tender yield for the April 2037 bond: core Crown borrowings at 30 June 2026 x 4.9942%: 12,827.0 (NZD million)
ccb_2026 x 4.9942 / 100 = 12,826.9535
Slider example: $10 billion of extra borrowing at the latest tender yield for the April 2037 bond (4.9942%): 499.4 (NZD million)
10,000 x 4.9942 / 100 = 499.4200
Sensitivity: effective rate if all derivatives in loss (whole Crown figures) are taken out of average core Crown borrowings: 3.6% (% per year)
prefu_int_fin_liab_2026 / (avg_ccb - (deriv_loss_2025 + deriv_loss_2026) / 2) x 100 (mixes core Crown borrowings with whole Crown derivatives, so approximate) = 3.6202
Government bonds: carrying value minus fair value, 30 June 2026: 4,903 (NZD million)
bonds_carrying - bonds_fair_value = 4,903.0000
Yearly coupon cost of each bond line at 30 September 2026 (nominal: face value x coupon; inflation-indexed: current principal x coupon): nzgb_2027_04: 725.09, nzgb_2028_05: 38.55, nzgb_2029_04: 605.88, nzgb_2030_05: 910.13, nzgb_2031_05: 318.14, nzgb_2032_05: 319.00, nzgb_2033_04: 611.94, nzgb_2034_05: 534.44, nzgb_2035_05: 720.00, nzgb_2036_05: 721.44, nzgb_2037_04: 247.83, nzgb_2038_05: 349.13, nzgb_2041_05: 128.96, nzgb_2051_05: 210.38, nzgb_2054_05: 275.00, nzgb_2030_09_iib: 193.85, nzgb_2035_09_iib: 251.19, nzgb_2040_09_iib: 176.64, nzgb_2050_09_iib: 82.10 (NZD million a year)
nominal bonds: total_m x coupon_pct / 100; inflation-indexed bonds: nzgb_iib_principal[maturity] x coupon_pct / 100
Total yearly coupon cost of all government bonds on issue, 30 September 2026: $7.42 billion a year (NZD million a year)
sum of bond_coupon_cost = 7,419.6548
Yearly coupon cost, nominal bonds: 6,715.9 (NZD million a year)
sum of bond_coupon_cost for nominal lines = 6,715.8775
Yearly coupon cost, inflation-indexed bonds (on current principal): 703.8 (NZD million a year)
sum of bond_coupon_cost for inflation-indexed lines = 703.7773
Weighted average coupon, all 19 bond lines, weighted by amount outstanding (face value): 3.17% (% per year)
sum(total_m x coupon_pct) / sum(total_m), all lines = 3.1700
Weighted average coupon, 15 nominal bond lines, weighted by amount outstanding: 3.21% (% per year)
sum(total_m x coupon_pct) / sum(total_m), nominal lines = 3.2129
Face value of bonds on issue (30 September 2026) falling due in each calendar year: 2027: 16,113, 2028: 15,420, 2029: 20,196, 2030: 24,850, 2031: 21,209, 2032: 15,950, 2033: 17,484, 2034: 12,575, 2035: 23,303, 2036: 16,975, 2037: 9,012, 2038: 7,350, 2040: 5,190, 2041: 7,369, 2050: 2,450, 2051: 7,650, 2054: 5,500 (NZD million)
sum of total_m by calendar year of maturity
Face value of bonds on issue falling due from October 2026 to the end of 2031: $97.8 billion (43% of the total) (NZD million)
sum of bond_maturities_by_year for 2027 to 2031 = 97,788.0000
Share of bonds on issue (face value) falling due by the end of 2031: 42.8 (%)
bond_due_by_2031 / nzgb_total_2026_09 x 100 = 42.7777
Face value of bonds on issue (30 September 2026) falling due by 31 October 2030: 76,579 (NZD million)
sum of total_m for lines with maturity on or before 2030-10-31 (2027-04-15, 2028-05-15, 2029-04-20, 2030-05-15, 2030-09-20) = 76,579.0000
Inflation indexation added to each inflation-indexed bond's principal over the year 20 September 2025 to 20 September 2026, on the face value on issue at 30 September 2026: 2030-09-20: 194.25, 2035-09-20: 303.07, 2040-09-20: 212.79, 2050-09-20: 76.19 (NZD million)
face value (total_m) x (Kt at 20 Sep 2026 - Kt at 20 Sep 2025) / 100, per line
Inflation indexation over the year to 20 September 2026, all four inflation-indexed bonds: $786 million (NZD million)
sum of iib_uplift = 786.3095
Inflation-indexed bonds: yearly cost = coupons on the inflation-adjusted principal + indexation over the past year: $1.49 billion a year (NZD million a year)
bond_coupon_cost_iib + iib_uplift_total = 1,490.0868
Inflation-indexed bonds: total current principal (face value plus indexation), 30 September 2026: $26.1 billion (NZD million)
sum of nzgb_iib_principal = 26,100.9159
Inflation-indexed bonds: yearly cost as a share of current principal: 5.7% (% per year)
iib_cost_total / iib_principal_total x 100 = 5.7089
Rise in the inflation index used for the bonds over the year to 20 September 2026 (2030 bond's factors): 3.1% (%)
(iib_kt_2030 at 20 Sep 2026 / at 20 Sep 2025 - 1) x 100 = 3.0994
Yearly cost of all government bonds on issue at 30 September 2026: nominal coupons + inflation-indexed coupons + indexation: $8.21 billion a year (NZD million a year)
bond_coupon_cost_nominal + iib_cost_total = 8,205.9643
Yearly bond cost as a share of amount outstanding (nominal face value + inflation-indexed current principal): 3.5 (% per year)
bond_cost_total / (nzgb_total_2026_09 - nzgb_summary_2026_09['iib'] + iib_principal_total) x 100 = 3.4900
Bonds on issue at 30 September 2026 falling due in each year to 30 June 2027-2031: face value, total and market holdings: 2027: {total_m: 16,113, market_m: 15,763, lines: 2027-04-15}, 2028: {total_m: 15,420, market_m: 15,070, lines: 2028-05-15}, 2029: {total_m: 20,196, market_m: 19,846, lines: 2029-04-20}, 2030: {total_m: 20,225, market_m: 19,875, lines: 2030-05-15}, 2031: {total_m: 25,834, market_m: 25,134, lines: 2031-05-15, 2030-09-20} (NZD million (face value))
sum of total_m and market_m by year to 30 June of maturity
NZDM borrowing on issue at 30 September 2026: bonds (face), inflation indexation on inflation-indexed bonds, Treasury bills (face), Euro-Commercial Paper (NZD): bonds_face: 228,596, iib_indexation: 6,532.92, tbills: 5,057, ecp: 5,187.10, total: 245,373.02 (NZD million)
nzgb_total_2026_09 + sum(nzgb_iib_indexation) + tbills_2026_09['total'] + ecp_2026_09
NZDM bonds, Treasury bills (face value) and Euro-Commercial Paper on issue at 30 June 2026 (no inflation indexation): $230.7 billion (NZD million)
nzgb_summary_2026_06['total'] + tbills_2026_06['total'] + ecp_2026_06 = 230,663.0000

Sources (120 entries)

Each entry gives the figure, the document, the page and table, and the text it was taken from. Copies of the source documents were saved on the date shown. The full data file is figures.json.

Net core Crown debt, 30 June 2026: 186,784 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Table 1 - Key financial results (Financial Statements Summary); PDF page 13 (printed page 7). Accessed 2026-10-30.
Net core Crown debt 186,784 182,171 4,613 2.5 191,761 (4,977) (2.6)
Columns: Actual 2026 | Actual 2025 | Variance $m | Variance % | Budget 2026 forecast | Variance $m | Variance %
Net core Crown debt, 30 June 2025: 182,171 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Table 1 - Key financial results (Financial Statements Summary); PDF page 13 (printed page 7). Accessed 2026-10-30.
Net core Crown debt 186,784 182,171 4,613 2.5 191,761 (4,977) (2.6)
Columns: Actual 2026 | Actual 2025 | Variance $m | Variance % | Budget 2026 forecast | Variance $m | Variance %
Net core Crown debt, % of GDP, 30 June 2026: 40.9 (% of GDP)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Table 1 - Key financial results (Financial Statements Summary), % of GDP rows; PDF page 13 (printed page 7). Accessed 2026-10-30.
Net core Crown debt 40.9 41.8 (0.9) 42.0 (1.1)
Columns: Actual 2026 | Actual 2025 | Variance $m | Variance % | Budget 2026 forecast | Variance $m | Variance %
Net core Crown debt, % of GDP, 30 June 2025: 41.8 (% of GDP)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Table 1 - Key financial results (Financial Statements Summary), % of GDP rows; PDF page 13 (printed page 7). Accessed 2026-10-30.
Net core Crown debt 40.9 41.8 (0.9) 42.0 (1.1)
Columns: Actual 2026 | Actual 2025 | Variance $m | Variance % | Budget 2026 forecast | Variance $m | Variance %
Gross debt, 30 June 2026 (commentary): 227.4 (NZD billion)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Government's Debt Position - Gross debt; PDF page 20 (printed page 14). Accessed 2026-10-30.
Gross debt (which represents debt issued by the core Crown) increased by $23.8 billion to reach $227.4 billion (49.8% of GDP) at 30 June 2026
Gross debt, % of GDP, 30 June 2026: 49.8 (% of GDP)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Government's Debt Position - Gross debt; PDF page 20 (printed page 14). Accessed 2026-10-30.
Gross debt (which represents debt issued by the core Crown) increased by $23.8 billion to reach $227.4 billion (49.8% of GDP) at 30 June 2026
Gross debt, 30 June 2026: 227,448 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, as at 30 June 2026; PDF page 165 (printed page 159). Accessed 2026-10-30.
238,816 223,761 Gross Debt 227,448 203,688
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Gross debt, 30 June 2025: 203,688 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, as at 30 June 2026; PDF page 165 (printed page 159). Accessed 2026-10-30.
238,816 223,761 Gross Debt 227,448 203,688
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Core Crown borrowings, 30 June 2026: 256,837 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, as at 30 June 2026; PDF page 165 (printed page 159). Accessed 2026-10-30.
266,686 252,677 Core Crown borrowings 256,837 238,967
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Core Crown borrowings, 30 June 2025: 238,967 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, as at 30 June 2026; PDF page 165 (printed page 159). Accessed 2026-10-30.
266,686 252,677 Core Crown borrowings 256,837 238,967
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Net core Crown debt, 30 June 2026 (debt analysis): 186,784 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, as at 30 June 2026; PDF page 165 (printed page 159). Accessed 2026-10-30.
200,188 191,761 Net core Crown debt 186,784 182,171
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Core Crown finance costs, year ended 30 June 2026: 9,057 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Expenses by Functional Classification, Core Crown expenses, Actual 30 June 2026 column; PDF page 162 (printed page 156). Accessed 2026-10-30.
9,513 9,061 Finance costs 9,057 8,862
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Core Crown finance costs, year ended 30 June 2025: 8,862 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Expenses by Functional Classification, Core Crown expenses, Actual 30 June 2025 column; PDF page 162 (printed page 156). Accessed 2026-10-30.
9,513 9,061 Finance costs 9,057 8,862
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Core Crown expenses: Education, year ended 30 June 2026: 21,206 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Expenses by Functional Classification, Core Crown expenses, Actual 30 June 2026 column; PDF page 162 (printed page 156). Accessed 2026-10-30.
21,454 21,540 Education 21,206 20,895
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Core Crown expenses: Health, year ended 30 June 2026: 32,917 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Expenses by Functional Classification, Core Crown expenses, Actual 30 June 2026 column; PDF page 162 (printed page 156). Accessed 2026-10-30.
32,709 33,210 Health 32,917 30,311
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Total core Crown expenses (excluding losses), year ended 30 June 2026: 146,321 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Expenses by Functional Classification, Core Crown expenses, Actual 30 June 2026 column; PDF page 162 (printed page 156). Accessed 2026-10-30.
150,349 147,239 Total core Crown expenses (excluding losses) 146,321 141,675
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Nominal GDP (revised), year ended 30 June 2026, as used in the FSG: 456,843 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Time Series of Fiscal Indicators; PDF page 173 (printed page 167). Accessed 2026-10-30.
Nominal GDP (revised) 275,602 295,421 309,922 317,745 343,541 365,126 401,969 420,885 435,461 456,843
Columns: years ended 30 June 2017 to 2026, all Actual
Government bonds: fair value vs carrying value, 30 June 2026: 172,177 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - Government bonds; PDF page 108 (printed page 102). Accessed 2026-10-30.
The fair value of Government bonds measured at amortised cost is $172,177 million (2025: $146,345 million). This valuation is based on observable market prices at 30 June 2026. The difference between fair value and carrying value is due to an increase in market rates since issuance, decreasing the fair value of the bonds.
Government bonds (carrying value, total Crown), 30 June 2026: 177,080 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - By type; PDF page 107 (printed page 101). Accessed 2026-10-30.
181,913 176,757 Government bonds 177,080 155,313
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Interest expense on Government bonds, year ended 30 June 2026 (total Crown): 6,487 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - Reconciliation of borrowings, year to 30 June 2026 (Government bonds column; total Crown); PDF page 107 (printed page 101). Accessed 2026-10-30.
Interest expense 6,487 3,386 9,873
Columns: Government bonds | Other borrowings | Total borrowings ($m)
Government bonds at 1 July 2025 (excluding derivatives, total Crown): 155,313 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - Reconciliation of borrowings, year to 30 June 2026 (Government bonds column; total Crown); PDF page 107 (printed page 101). Accessed 2026-10-30.
Borrowings at 1 July 2025 (excluding derivatives in loss) 155,313 110,848 266,161
Columns: Government bonds | Other borrowings | Total borrowings ($m)
Measurement basis of Government bonds: Government bonds are measured at amortised cost.
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - Government bonds; PDF page 108 (printed page 102). Accessed 2026-10-30.
Government bonds are measured at amortised cost.
Core Crown expenses by functional classification, year ended 30 June 2026 (all 15 lines): Social security and welfare: 50,388, Health: 32,917, Education: 21,206, Economic and industrial services: 3,012, Transport and communications: 6,035, Law and order: 7,077, Core government services: 5,918, Heritage, culture and recreation: 1,439, Housing and community development: 1,958, Defence: 3,525, Environmental protection: 2,509, Primary services: 1,030, GSF pension expenses: 61, Other: 189, Finance costs: 9,057 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Expenses by Functional Classification, Core Crown expenses, Actual 30 June 2026 column; PDF page 162 (printed page 156). Accessed 2026-10-30.
50,161 50,451 Social security and welfare 50,388 47,503 | 32,709 33,210 Health 32,917 30,311 | 21,454 21,540 Education 21,206 20,895 | 3,235 3,501 Economic and industrial services 3,012 3,514 | 7,226 6,074 Transport and communications 6,035 5,472 | 7,342 7,282 Law and order 7,077 6,734 | 6,723 6,597 Core government services 5,918 7,908 | 1,416 1,442 Heritage, culture and recreation 1,439 1,457 | 2,396 2,212 Housing and community development 1,958 2,150 | 3,552 3,597 Defence 3,525 3,271 | 2,615 2,382 Environmental protection 2,509 2,410 | 1,045 1,301 Primary services 1,030 996 | 49 50 GSF pension expenses 61 65 | 93 239 Other 189 127 | 9,513 9,061 Finance costs 9,057 8,862
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
What core Crown expenses cover: Ministers, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank, but not Crown entities and SOEs
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Expenses by Functional Classification; PDF page 162 (printed page 156). Accessed 2026-10-30.
Below is an analysis of core Crown expenses by functional classification. Core Crown expenses include expenses incurred by Ministers, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank, but not Crown entities and SOEs.
Treasury's definition of gross debt: Debt issued by the sovereign (core Crown); excludes NZS Fund borrowings, Reserve Bank settlement cash and Reserve Bank bills
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt Indicators; PDF page 160 (printed page 154). Accessed 2026-10-30.
Gross debt represents debt issued by the sovereign (core Crown) and includes Government stock held by the NZS Fund, ACC and NHC. Gross debt excludes NZS Fund borrowings, Reserve Bank’s holdings of settlement cash and Reserve Bank bills.
Treasury's definition of net core Crown debt: Core Crown borrowings less core Crown financial assets, excluding advances and NZS Fund financial assets
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt Indicators; PDF page 160 (printed page 154). Accessed 2026-10-30.
Net core Crown debt provides information about the financial sustainability of the Government. It represents debt issued by the sovereign (the core Crown) less core Crown borrowings less core Crown financial assets, excluding advances and financial assets held by the NZS Fund. Advances and financial assets held by the NZS Fund are
Treasury's definition of net debt: Core Crown and Crown entity borrowings (excluding Kiwi Group Capital) less core Crown financial assets (including advances); includes NZS Fund financial assets and borrowings
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Glossary of Terms - Net debt; PDF page 171 (printed page 165). Accessed 2026-10-30.
Net debt represents core Crown and Crown entity borrowings (excluding Kiwi Group Capital Limited) less core Crown financial assets (including advances). It includes the financial assets and borrowings of the NZS Fund.
What core Crown borrowings include: includes settlement deposits with the Reserve Bank
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, note 1; PDF page 165 (printed page 159). Accessed 2026-10-30.
1 Core Crown borrowings represent the total debt obligations of the consolidated core Crown segment. This includes any government stock held by ACC and NHC and includes settlement deposits with the Reserve Bank.
Net debt (including NZ Super Fund financial assets), 30 June 2026: 91,172 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, as at 30 June 2026; PDF page 165 (printed page 159). Accessed 2026-10-30.
110,886 98,736 Net debt 91,172 88,719
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Net debt (including NZ Super Fund financial assets), % of GDP, 30 June 2026: 20.0 (% of GDP)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Time Series of Fiscal Indicators (% of GDP), 2026 column; PDF page 173 (printed page 167). Accessed 2026-10-30.
Net debt 5.9% 3.8% 1.8% 11.2% 10.5% 16.9% 17.8% 19.5% 20.4% 20.0%
Columns: years ended 30 June 2017 to 2026, all Actual
Nominal GDP (revised), years ended 30 June 2017-2026, as used in the FSG: 2017: 275,602, 2018: 295,421, 2019: 309,922, 2020: 317,745, 2021: 343,541, 2022: 365,126, 2023: 401,969, 2024: 420,885, 2025: 435,461, 2026: 456,843 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Time Series of Fiscal Indicators; PDF page 173 (printed page 167). Accessed 2026-10-30.
Nominal GDP (revised) 275,602 295,421 309,922 317,745 343,541 365,126 401,969 420,885 435,461 456,843
Columns: years ended 30 June 2017 to 2026, all Actual
Net core Crown debt, 30 June 2017-2026 (actuals): 2017: 59,480, 2018: 57,495, 2019: 57,736, 2020: 83,375, 2021: 102,080, 2022: 128,873, 2023: 155,273, 2024: 175,464, 2025: 182,171, 2026: 186,784 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Time Series of Fiscal Indicators ($ millions); PDF page 173 (printed page 167). Accessed 2026-10-30.
Net core Crown debt 59,480 57,495 57,736 83,375 102,080 128,873 155,273 175,464 182,171 186,784
Columns: years ended 30 June 2017 to 2026, all Actual
Net core Crown debt, % of GDP, 30 June 2017-2026 (actuals, revised GDP): 2017: 21.6, 2018: 19.5, 2019: 18.6, 2020: 26.2, 2021: 29.7, 2022: 35.3, 2023: 38.6, 2024: 41.7, 2025: 41.8, 2026: 40.9 (% of GDP)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Time Series of Fiscal Indicators (% of GDP); PDF page 173 (printed page 167). Accessed 2026-10-30.
Net core Crown debt 21.6% 19.5% 18.6% 26.2% 29.7% 35.3% 38.6% 41.7% 41.8% 40.9%
Columns: years ended 30 June 2017 to 2026, all Actual
Gross debt, % of GDP, 30 June 2017-2026 (actuals, revised GDP): 2017: 31.6, 2018: 29.8, 2019: 27.2, 2020: 32.2, 2021: 29.4, 2022: 32.6, 2023: 33.8, 2024: 41.8, 2025: 46.8, 2026: 49.8 (% of GDP)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Time Series of Fiscal Indicators (% of GDP); PDF page 173 (printed page 167). Accessed 2026-10-30.
Gross debt 31.6% 29.8% 27.2% 32.2% 29.4% 32.6% 33.8% 41.8% 46.8% 49.8%
Columns: years ended 30 June 2017 to 2026, all Actual
Core Crown interest revenue, year ended 30 June 2026: 3,519 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Statement of Segments, Core Crown column (Actual 2026 | Actual 2025); PDF page 47 (printed page 41). Accessed 2026-10-30.
Interest revenue 3,519 4,189 3,936 4,099 114 162 (1,585) (1,411) 5,984 7,039
Columns: Core Crown 2026 | 2025 | Crown entities 2026 | 2025 | SOEs 2026 | 2025 | Inter-segment eliminations 2026 | 2025 | Total Crown 2026 | 2025
Core Crown interest expenses, year ended 30 June 2026 (segment statement): 9,057 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Statement of Segments, Core Crown column (Actual 2026 | Actual 2025); PDF page 47 (printed page 41). Accessed 2026-10-30.
Interest expenses 9,057 8,862 2,201 2,387 577 572 (1,587) (1,431) 10,248 10,390
Columns: Core Crown 2026 | 2025 | Crown entities 2026 | 2025 | SOEs 2026 | 2025 | Inter-segment eliminations 2026 | 2025 | Total Crown 2026 | 2025
Net core Crown debt forecast, 30 June 2027-2031: 2027: 209,631, 2028: 222,955, 2029: 230,534, 2030: 232,763, 2031: 229,769 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Time Series of Fiscal and Economic Indicators - Fiscal Indicators ($millions); PDF page 139 (printed page 133). Accessed 2026-10-30.
Net core Crown debt 59,480 57,495 57,736 83,375 102,080 128,873 155,273 175,464 182,171 186,703 209,631 222,955 230,534 232,763 229,769
Columns: years ended 30 June 2017 to 2031; 2017-2025 Actual, 2026 Unaudited Actual, 2027-2031 Forecast
Net core Crown debt forecast, % of GDP, 2027-2031: 2027: 43.7, 2028: 43.9, 2029: 43.3, 2030: 41.8, 2031: 39.5 (% of GDP)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Time Series of Fiscal and Economic Indicators - Fiscal Indicators (% GDP); PDF page 139 (printed page 133). Accessed 2026-10-30.
Net core Crown debt2 21.6% 19.5% 18.6% 26.2% 29.7% 35.3% 38.6% 41.7% 41.9% 41.0% 43.7% 43.9% 43.3% 41.8% 39.5%
Columns: years ended 30 June 2017 to 2031; 2017-2025 Actual, 2026 Unaudited Actual, 2027-2031 Forecast
Gross debt forecast, 30 June 2027-2031: 2027: 243,425, 2028: 259,412, 2029: 269,819, 2030: 273,177, 2031: 269,019 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Time Series of Fiscal and Economic Indicators - Fiscal Indicators ($millions); PDF page 139 (printed page 133). Accessed 2026-10-30.
Gross debt1 87,141 88,053 84,449 102,257 100,835 118,950 135,789 175,966 203,688 227,448 243,425 259,412 269,819 273,177 269,019
Columns: years ended 30 June 2017 to 2031; 2017-2025 Actual, 2026 Unaudited Actual, 2027-2031 Forecast
Gross debt forecast, % of GDP, 2027-2031: 2027: 50.7, 2028: 51.1, 2029: 50.7, 2030: 49.0, 2031: 46.2 (% of GDP)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Time Series of Fiscal and Economic Indicators - Fiscal Indicators (% GDP); PDF page 139 (printed page 133). Accessed 2026-10-30.
Gross debt1 31.6% 29.8% 27.2% 32.2% 29.3% 32.6% 33.8% 41.8% 46.8% 49.9% 50.7% 51.1% 50.7% 49.0% 46.2%
Columns: years ended 30 June 2017 to 2031; 2017-2025 Actual, 2026 Unaudited Actual, 2027-2031 Forecast
Nominal GDP forecast, years ending 30 June 2026-2031 (footnote 3: 2026 is also a forecast): 2026: 455,882, 2027: 480,119, 2028: 507,501, 2029: 532,347, 2030: 557,351, 2031: 582,358 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Time Series of Fiscal and Economic Indicators - Fiscal Indicators; PDF page 139 (printed page 133). Accessed 2026-10-30.
Nominal expenditure GDP (revised)3 275,691 295,491 310,174 317,875 343,739 365,304 401,827 420,858 435,071 455,882 480,119 507,501 532,347 557,351 582,358
Columns: years ended 30 June 2017 to 2031; header reads Actual for 2017-2025, Unaudited Actual for 2026, Forecast for 2027-2031; footnote 3 says nominal expenditure GDP for 2026 is a forecast
Core Crown finance costs, years ending 30 June 2022-2031 (2022-2025 actual, 2026 unaudited actual, 2027-2031 forecast): 2022: 2,884, 2023: 6,569, 2024: 8,943, 2025: 8,862, 2026: 9,057, 2027: 10,291, 2028: 11,396, 2029: 12,481, 2030: 13,502, 2031: 13,689 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 5.16 - Finance costs (Core Crown Expense Tables); PDF page 132 (printed page 126). Accessed 2026-10-30.
Finance costs expenses 2,884 6,569 8,943 8,862 9,057 10,291 11,396 12,481 13,502 13,689
Columns: 2022, 2023, 2024, 2025 Actual; 2026 Unaudited Actual; 2027-2031 Forecast
Core Crown interest on financial liabilities, 2025/26 (unaudited actual): 8,698 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 5.16 - Finance costs (Core Crown Expense Tables), 2026 Unaudited Actual column; PDF page 132 (printed page 126). Accessed 2026-10-30.
Interest on financial liabilities 2,796 6,154 8,329 8,291 8,698 9,940 11,002 12,064 13,081 13,279
Columns: 2022, 2023, 2024, 2025 Actual; 2026 Unaudited Actual; 2027-2031 Forecast
Note: Unaudited. The audited FSG gives only the total (9,057, the same as PREFU's unaudited total) and does not split core Crown finance costs, so this split is taken from PREFU.
Core Crown interest unwind on provisions, 2025/26 (unaudited actual): 359 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 5.16 - Finance costs (Core Crown Expense Tables), 2026 Unaudited Actual column; PDF page 132 (printed page 126). Accessed 2026-10-30.
Interest unwind on provisions 88 415 614 571 359 351 394 417 421 410
Columns: 2022, 2023, 2024, 2025 Actual; 2026 Unaudited Actual; 2027-2031 Forecast
Treasury's description of the finance cost path: 2.0% of GDP in 2025/26 to 2.4% of GDP by 2029/30, flat as a share of GDP by 2030/31; $9.1 billion to $13.7 billion by 2030/31
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Fiscal Outlook chapter, '...but in contrast, finance costs grow.'; PDF page 47 (printed page 41). Accessed 2026-10-30.
Core Crown finance costs are expected to gradually increase from 2.0% of GDP in 2025/26 to 2.4% of GDP by 2029/30. This increase largely reflects the additional borrowings expected over the forecast period to meet Government funding requirements. With net core Crown debt expected to fall in nominal terms in the last year of the forecast period, core Crown finance costs stay flat as a share of GDP by 2030/31. In nominal terms core Crown finance costs grow from $9.1 billion in 2025/26 to $13.7 billion by 2030/31. Since the completion of the fiscal forecasts, interest rates have risen. The sensitivity of interest rate changes on interest expenses and income is outlined in the Risks to the Forecasts chapter on page 58.
Treasury note that interest rates rose after the forecasts were finalised: Since the completion of the fiscal forecasts, interest rates have risen.
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Fiscal Outlook chapter; PDF page 47 (printed page 41). Accessed 2026-10-30.
by 2030/31. Since the completion of the fiscal forecasts, interest rates have risen.
Interest rate basis for the forecasts: market rates prevailing on 30 June 2026, adjusted for rates on 21 August 2026
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Forecast Financial Statements - significant assumptions; PDF page 91 (printed page 85). Accessed 2026-10-30.
• Market derived forward-looking interest rates are used to forecast New Zealand Debt Management cash flows, expenses, revenues and valuations. The rates used for the Pre-election Update forecasts were based on market rates prevailing on 30 June 2026, with an adjustment made for interest rates prevailing on 21 August 2026.
10-year government bond rate, June quarter average, 2017-2026 (2026 is actual): 2017: 2.9, 2018: 2.8, 2019: 1.8, 2020: 0.8, 2021: 1.7, 2022: 3.7, 2023: 4.3, 2024: 4.7, 2025: 4.6, 2026: 4.6 (% per year)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Time Series of Fiscal and Economic Indicators - Economic Indicators (footnote 1: indicator for the 2026 period is an actual); PDF page 140 (printed page 134). Accessed 2026-10-30.
10-year bond rate1 (June quarter) 2.9 2.8 1.8 0.8 1.7 3.7 4.3 4.7 4.6 4.6 4.7 4.7 4.7 4.7 4.7
Columns: June years 2017 to 2031; header reads Actual for 2017-2025 and Forecast for 2026-2031, and footnote 1 says the indicator for the 2026 period is an actual
Government 10-year bonds, annual average, year ending 30 June 2026 (actual): 4.5 (% per year)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 4.1 - Key economic assumptions for fiscal forecasts (note 4: measures are actuals except real and nominal GDP); PDF page 92 (printed page 86). Accessed 2026-10-30.
Govt 10-year bonds (ann avg, %) 4.5 4.5 4.7 4.7 4.7 4.7 4.7
Columns: years ending 30 June 2025 Actual, 2026 (note 4: measures are actuals except real and nominal GDP), 2027-2031 Forecast
Which debt measure is the headline indicator: The Government’s headline debt indicator is net core Crown debt.
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Fiscal Indicators chapter; PDF page 120 (printed page 114). Accessed 2026-10-30.
The Government’s headline debt indicator is net core Crown debt.
5-year government bonds, annual average, year ending 30 June 2026 (actual): 3.8 (% per year)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 4.1 - Key economic assumptions for fiscal forecasts (note 4: measures are actuals except real and nominal GDP); PDF page 92 (printed page 86). Accessed 2026-10-30.
5-year bonds (ann avg, %) 4.0 3.8 4.2 4.2 4.3 4.3 4.3
Columns: years ending 30 June 2025 Actual, 2026 (note 4: measures are actuals except real and nominal GDP), 2027-2031 Forecast
90-day bank bill rate, annual average, year ending 30 June 2026 (actual): 2.7 (% per year)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 4.1 - Key economic assumptions for fiscal forecasts (note 4: measures are actuals except real and nominal GDP); PDF page 92 (printed page 86). Accessed 2026-10-30.
90-day bill rate (ann avg, %) 4.2 2.7 3.3 3.6 3.7 3.8 3.7
Columns: years ending 30 June 2025 Actual, 2026 (note 4: measures are actuals except real and nominal GDP), 2027-2031 Forecast
Repayment of market government bonds, years ending 30 June 2027-2031: 2027: 22.0, 2028: 15.1, 2029: 16.6, 2030: 22.6, 2031: 30.0, total: 106.3 (NZD billion)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 2.7 - Net issuance of market government bonds and short-term borrowing; PDF page 54 (printed page 48). Accessed 2026-10-30.
Repayment of market government bonds (22.0) (15.1) (16.6) (22.6) (30.0) (106.3)
Columns: years ending 30 June 2027-2031 Forecast | Total ($billions)
Face value of market government bonds issued, years ending 30 June 2027-2031: 2027: 30.0, 2028: 28.0, 2029: 26.0, 2030: 25.0, 2031: 25.0, total: 134.0 (NZD billion)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 2.7 - Net issuance of market government bonds and short-term borrowing; PDF page 54 (printed page 48). Accessed 2026-10-30.
Face value of market government bonds issued 30.0 28.0 26.0 25.0 25.0 134.0
Columns: years ending 30 June 2027-2031 Forecast | Total ($billions)
Impact of interest rates 1 percentage point lower on interest expenses, 2027-2031: 2027: -564, 2028: -893, 2029: -1,165, 2030: -1,420, 2031: -1,625 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 3.1 - Fiscal sensitivity analysis (sensitivities broadly symmetrical; consolidated external exposures of Treasury Debt Management and the Reserve Bank); PDF page 64 (printed page 58). Accessed 2026-10-30.
Interest expenses2 (564) (893) (1,165) (1,420) (1,625)
Columns: years ending 30 June 2027-2031 Forecast ($millions)
Impact of interest rates 1 percentage point lower on interest income, 2027-2031: 2027: -513, 2028: -463, 2029: -480, 2030: -574, 2031: -576 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 3.1 - Fiscal sensitivity analysis; PDF page 64 (printed page 58). Accessed 2026-10-30.
Interest income2 (513) (463) (480) (574) (576)
Columns: years ending 30 June 2027-2031 Forecast ($millions)
Net impact on the operating balance of interest rates 1 percentage point lower, 2027-2031: 2027: 51, 2028: 430, 2029: 685, 2030: 846, 2031: 1,049 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 3.1 - Fiscal sensitivity analysis; PDF page 64 (printed page 58). Accessed 2026-10-30.
Net impact on operating balance 51 430 685 846 1,049
Columns: years ending 30 June 2027-2031 Forecast ($millions)
Table 3.1 footnotes: These sensitivities are broadly symmetrical. Interest sensitivities relate to consolidated external exposures of both the Treasury (Debt Management) and the Reserve Bank.
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 3.1 - Fiscal sensitivity analysis, footnotes 1 and 2; PDF page 64 (printed page 58). Accessed 2026-10-30.
1 These sensitivities are broadly symmetrical. 2 Interest sensitivities relate to consolidated external exposures of both the Treasury (Debt Management) and the Reserve Bank.
Net core Crown debt 30 June 2026 as shown in PREFU (unaudited, 41.0% of GDP on PREFU GDP): 186,703 (NZD million)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Time Series of Fiscal and Economic Indicators - Fiscal Indicators; PDF page 139 (printed page 133). Accessed 2026-10-30.
Net core Crown debt 59,480 57,495 57,736 83,375 102,080 128,873 155,273 175,464 182,171 186,703 209,631 222,955 230,534 232,763 229,769
Columns: years ended 30 June 2017 to 2031; 2017-2025 Actual, 2026 Unaudited Actual, 2027-2031 Forecast
Note: Superseded by the audited FSG figure of 186,784 (40.9% of GDP on revised GDP). Shown only to explain the small difference.
Estimated resident population of New Zealand, 30 June 2026 (provisional): 5,357,300 (people)
National population estimates: At 30 June 2026, Stats NZ, released 18 August 2026, Release summary and 'Key facts' (page dated 2026-08-18 10:45). Accessed 2026-10-30.
The provisional estimated resident population of Aotearoa New Zealand was 5,357,300 at 30 June 2026.
Derivatives in loss within borrowings, 30 June 2026 (total Crown): 9,352 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - By type; PDF page 107 (printed page 101). Accessed 2026-10-30.
10,148 5,947 Derivatives in loss 9,352 5,924
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Derivatives in loss within borrowings, 30 June 2025 (total Crown): 5,924 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - By type; PDF page 107 (printed page 101). Accessed 2026-10-30.
10,148 5,947 Derivatives in loss 9,352 5,924
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
10-year bond rate in Table 1.2, 2026 column (footnote 10: average for the June quarter): 4.6 (% per year)
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 1.2 - Economic Forecasts, row '10-year bond rate' with footnote 10; PDF page 34 (printed page 28). Accessed 2026-10-30.
10-year bond rate10 4.6 4.6 4.7 4.7 4.7 4.7 4.7
Columns: year ending 30 June 2025 Actual | 2026 Forecast | 2027-2031 Forecast (header as printed; Table 5 of the time series, PDF page 140, footnote 1, says the 2026 10-year rate is an actual)
Note: Footnote 10 on the same page reads: 'Average for the June quarter.'
Scope of Table 2.7 (bond repayments and issuance): This table only reflects the transactions forecast by New Zealand Debt Management. It is not consolidated with other entities within the Crown.
Pre-election Economic and Fiscal Update 2026 (B.16), The Treasury, 29 September 2026, Table 2.7, footnote 1; PDF page 54 (printed page 48). Accessed 2026-10-30.
1 This table only reflects the transactions forecast by New Zealand Debt Management. It is not consolidated with other entities within the Crown.
Borrowings by type, 30 June 2026 (total Crown, all 10 lines and total): Government bonds: 177,080, Kiwi Group customer deposits: 32,173, Settlement deposits: 24,431, Derivatives in loss: 9,352, European commercial paper: 9,053, Treasury bills: 5,299, International Monetary Fund allocation: 4,954, Public private partnership liability: 3,651, Finance lease liabilities: 1,096, Other borrowings: 26,910, Total borrowings: 293,999 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - By type (total Crown, Actual 30 June 2026 column); PDF page 107 (printed page 101). Accessed 2026-10-30.
181,913 176,757 Government bonds 177,080 155,313 32,128 31,470 Kiwi Group customer deposits 32,173 29,794 25,872 25,054 Settlement deposits 24,431 32,055 10,148 5,947 Derivatives in loss 9,352 5,924 11,946 5,137 European commercial paper 9,053 10,021 5,930 5,470 Treasury bills 5,299 4,847 4,788 4,707 International Monetary Fund allocation 4,954 4,674 3,627 3,635 Public private partnership liability 3,651 3,718 1,101 1,144 Finance lease liabilities 1,096 1,141 27,623 29,968 Other borrowings1 26,910 24,598 305,076 289,289 Total borrowings 293,999 272,085
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Settlement deposits, 30 June 2025 (total Crown): 32,055 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings - By type (total Crown, Actual 30 June 2025 column); PDF page 107 (printed page 101). Accessed 2026-10-30.
25,872 25,054 Settlement deposits 24,431 32,055
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Where government retail stock sits in Note 20: Government retail stock is included in other borrowings.
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Note 20: Borrowings, footnote 1; PDF page 107 (printed page 101). Accessed 2026-10-30.
1 Government retail stock is included in other borrowings.
From core Crown borrowings to gross debt, 30 June 2026: core_crown_borrowings: 256,837, unsettled_purchases: 507, less_nzs_fund_borrowings: -4,415, less_rb_settlement_cash_and_bills: -25,481, gross_debt: 227,448 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, as at 30 June 2026, 'Gross debt' rows; PDF page 165 (printed page 159). Accessed 2026-10-30.
Gross debt: 266,686 252,677 Core Crown borrowings 256,837 238,967 5,213 1,509 Core Crown unsettled purchases of securities2 507 467 (6,311) (4,371) Less NZS Fund borrowings3 (4,415) (2,715) 7 Less Reserve Bank settlement cash and (26,772) (26,054) Reserve Bank bills (25,481) (33,031) 238,816 223,761 Gross Debt 227,448 203,688
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Reserve Bank settlement cash and Reserve Bank bills taken off to reach gross debt, 30 June 2025: -33,031 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Fiscal Indicator Analysis - Debt, as at 30 June 2026, 'Gross debt' rows, Actual 30 June 2025 column; PDF page 165 (printed page 159). Accessed 2026-10-30.
(26,772) (26,054) Reserve Bank bills (25,481) (33,031)
Columns: Budget 2025 forecast for 2026 | Budget 2026 forecast | Actual 30 June 2026 | Actual 30 June 2025
Treasury's explanation of the change in short-term borrowing and settlement deposits, 2025/26: Settlement deposits have also decreased by $7.6 billion mainly owing to the repayment of FLP advances and the downward movement of the official cash rate through the current year.
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Commentary - Government's Fiscal Position (continued), borrowings; PDF page 25 (printed page 19). Accessed 2026-10-30.
Short-term borrowings such as ECP and Treasury bills are used to manage the Crown’s liquidity requirements. Treasury bills have increased by $0.5 billion, while ECPs have decreased by $1.0 billion. The overall net decrease of $0.5 billion compared with last year represents a change in the short-term cash needs of the Crown. Settlement deposits have also decreased by $7.6 billion mainly owing to the repayment of FLP advances and the downward movement of the official cash rate through the current year. Kiwi Group Capital Limited borrowings (eg, customer
Treasury's description of the effect of bonds bought back under the LSAP unwind, 2025/26: these bonds are “refinanced” to the market as part of the core Crown borrowing programme. The impact was increased government bonds held by third parties and fewer held by parties within the Government Reporting Entity (resulting in lower inter-entity eliminations during the 2025/26 year)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Commentary - Government's Debt Position, gross debt; PDF page 20 (printed page 14). Accessed 2026-10-30.
back as part of the Large Scale Asset Purchase (LSAP) unwind programme add to the total refinancing requirements of the Government – these bonds are “refinanced” to the market as part of the core Crown borrowing programme. The impact was increased government bonds held by third parties and fewer held by parties within the Government Reporting Entity (resulting in lower inter-entity eliminations during the 2025/26 year).
What the 2025/26 bond repayments included: the maturity of marketable bonds in September 2025 and May 2026, and the repurchase of bonds to manage down of the LSAP programme
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Commentary - The Crown's debt programme; PDF page 21 (printed page 15). Accessed 2026-10-30.
The repayment of government bonds included both the maturity of marketable bonds in September 2025 and May 2026, and the repurchase of bonds to manage down of the LSAP programme – these bonds were then retired by New Zealand Debt Management (NZDM).
Crown debt programme cash flows, year ended 30 June 2026: issue and repayment of government bonds: issue: 33,682, repayment: -18,899 (NZD million)
Financial Statements of the Government of New Zealand for the year ended 30 June 2026 (B.11), The Treasury, 8 October 2026, Table 8 - Cash proceeds from the Crown's debt programme, Actual 2026 column; PDF page 21 (printed page 15). Accessed 2026-10-30.
Issue of government bonds 33,682 40,918 (7,236) (17.7) 34,085 (403) (1.2) Repayment of government bonds (18,899) (20,191) 1,292 6.4 (18,195) (704) (3.9)
Columns: Actual 2026 | Actual 2025 | Variance $m | Variance % | Budget 2026 forecast | Variance $m | Variance %
Nominal government bond due 15 April 2027, on issue at 30 September 2026: maturity: 2027-04-15, coupon_pct: 4.5, type: Nominal, first_issued: 7/2014, total_m: 16,113, rbnz_m: 350, market_m: 15,763 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3927. Accessed 2026-10-30.
2026-09-30 | 7/2014 | 0427 | 4.50% | 2027-04-15 | Nominal | 16113 | 350 | 0 | 0 | 15763
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2028, on issue at 30 September 2026: maturity: 2028-05-15, coupon_pct: 0.25, type: Nominal, first_issued: 10/2020, total_m: 15,420, rbnz_m: 350, market_m: 15,070 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3928. Accessed 2026-10-30.
2026-09-30 | 10/2020 | 0528 | 0.0025 | 2028-05-15 | Nominal | 15420 | 350 | 0 | 0 | 15070
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 20 April 2029, on issue at 30 September 2026: maturity: 2029-04-20, coupon_pct: 3.0, type: Nominal, first_issued: 3/2018, total_m: 20,196, rbnz_m: 350, market_m: 19,846 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3929. Accessed 2026-10-30.
2026-09-30 | 3/2018 | 0429 | 0.03 | 2029-04-20 | Nominal | 20196 | 350 | 0 | 0 | 19846
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2030, on issue at 30 September 2026: maturity: 2030-05-15, coupon_pct: 4.5, type: Nominal, first_issued: 3/2023, total_m: 20,225, rbnz_m: 350, market_m: 19,875 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3930. Accessed 2026-10-30.
2026-09-30 | 3/2023 | 0530 | 0.045 | 2030-05-15 | Nominal | 20225 | 350 | 0 | 0 | 19875
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2031, on issue at 30 September 2026: maturity: 2031-05-15, coupon_pct: 1.5, type: Nominal, first_issued: 9/2019, total_m: 21,209, rbnz_m: 350, market_m: 20,859 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3931. Accessed 2026-10-30.
2026-09-30 | 9/2019 | 0531 | 0.015 | 2031-05-15 | Nominal | 21209 | 350 | 0 | 0 | 20859
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2032, on issue at 30 September 2026: maturity: 2032-05-15, coupon_pct: 2.0, type: Nominal, first_issued: 6/2021, total_m: 15,950, rbnz_m: 350, market_m: 15,600 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3932. Accessed 2026-10-30.
2026-09-30 | 6/2021 | 0532 | 0.02 | 2032-05-15 | Nominal | 15950 | 350 | 0 | 0 | 15600
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 14 April 2033, on issue at 30 September 2026: maturity: 2033-04-14, coupon_pct: 3.5, type: Nominal, first_issued: 10/2015, total_m: 17,484, rbnz_m: 350, market_m: 17,134 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3933. Accessed 2026-10-30.
2026-09-30 | 10/2015 | 0433 | 3.50% | 2033-04-14 | Nominal | 17484 | 350 | 0 | 0 | 17134
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2034, on issue at 30 September 2026: maturity: 2034-05-15, coupon_pct: 4.25, type: Nominal, first_issued: 11/2022, total_m: 12,575, rbnz_m: 350, market_m: 12,225 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3934. Accessed 2026-10-30.
2026-09-30 | 11/2022 | 0534 | 0.0425 | 2034-05-15 | Nominal | 12575 | 350 | 0 | 0 | 12225
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2035, on issue at 30 September 2026: maturity: 2035-05-15, coupon_pct: 4.5, type: Nominal, first_issued: 4/2024, total_m: 16,000, rbnz_m: 350, market_m: 15,650 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3935. Accessed 2026-10-30.
2026-09-30 | 4/2024 | 0535 | 0.045 | 2035-05-15 | Nominal | 16000 | 350 | 0 | 0 | 15650
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2036, on issue at 30 September 2026: maturity: 2036-05-15, coupon_pct: 4.25, type: Nominal, first_issued: 08/2024, total_m: 16,975, rbnz_m: 350, market_m: 16,625 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3936. Accessed 2026-10-30.
2026-09-30 | 08/2024 | 0536 | 0.0425 | 2036-05-15 | Nominal | 16975 | 350 | 0 | 0 | 16625
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 April 2037, on issue at 30 September 2026: maturity: 2037-04-15, coupon_pct: 2.75, type: Nominal, first_issued: 8/2016, total_m: 9,012, rbnz_m: 350, market_m: 8,662 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3937. Accessed 2026-10-30.
2026-09-30 | 8/2016 | 0437 | 2.75% | 2037-04-15 | Nominal | 9012 | 350 | 0 | 0 | 8662
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2038, on issue at 30 September 2026: maturity: 2038-05-15, coupon_pct: 4.75, type: Nominal, first_issued: 7/2026, total_m: 7,350, rbnz_m: 350, market_m: 7,000 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3938. Accessed 2026-10-30.
2026-09-30 | 7/2026 | 0538 | 0.0475 | 2038-05-15 | Nominal | 7350 | 350 | 0 | 0 | 7000
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2041, on issue at 30 September 2026: maturity: 2041-05-15, coupon_pct: 1.75, type: Nominal, first_issued: 7/2020, total_m: 7,369, rbnz_m: 350, market_m: 7,019 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3939. Accessed 2026-10-30.
2026-09-30 | 7/2020 | 0541 | 0.0175 | 2041-05-15 | Nominal | 7369 | 350 | 0 | 0 | 7019
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2051, on issue at 30 September 2026: maturity: 2051-05-15, coupon_pct: 2.75, type: Nominal, first_issued: 9/2021, total_m: 7,650, rbnz_m: 350, market_m: 7,300 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3940. Accessed 2026-10-30.
2026-09-30 | 9/2021 | 0551 | 0.0275 | 2051-05-15 | Nominal | 7650 | 350 | 0 | 0 | 7300
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Nominal government bond due 15 May 2054, on issue at 30 September 2026: maturity: 2054-05-15, coupon_pct: 5.0, type: Nominal, first_issued: 2/2024, total_m: 5,500, rbnz_m: 350, market_m: 5,150 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3941. Accessed 2026-10-30.
2026-09-30 | 2/2024 | 554 | 0.05 | 2054-05-15 | Nominal | 5500 | 350 | 0 | 0 | 5150
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Inflation-indexed government bond due 20 September 2030, on issue at 30 September 2026: maturity: 2030-09-20, coupon_pct: 3.0, type: Inflation-Indexed, first_issued: 10/2013, total_m: 4,625, rbnz_m: 350, market_m: 4,275 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3942. Accessed 2026-10-30.
2026-09-30 | 10/2013 | 0930 | 3.00% | 2030-09-20 | Inflation-Indexed | 4625 | 350 | 0 | 0 | 4275
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Inflation-indexed government bond due 20 September 2035, on issue at 30 September 2026: maturity: 2035-09-20, coupon_pct: 2.5, type: Inflation-Indexed, first_issued: 11/2014, total_m: 7,303, rbnz_m: 350, market_m: 6,953 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3943. Accessed 2026-10-30.
2026-09-30 | 11/2014 | 0935 | 2.50% | 2035-09-20 | Inflation-Indexed | 7303 | 350 | 0 | 0 | 6953
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Inflation-indexed government bond due 20 September 2040, on issue at 30 September 2026: maturity: 2040-09-20, coupon_pct: 2.5, type: Inflation-Indexed, first_issued: 3/2017, total_m: 5,190, rbnz_m: 350, market_m: 4,840 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3944. Accessed 2026-10-30.
2026-09-30 | 3/2017 | 0440 | 0.025 | 2040-09-20 | Inflation-Indexed | 5190 | 350 | 0 | 0 | 4840
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Inflation-indexed government bond due 20 September 2050, on issue at 30 September 2026: maturity: 2050-09-20, coupon_pct: 3.25, type: Inflation-Indexed, first_issued: 9/2025, total_m: 2,450, rbnz_m: 350, market_m: 2,100 (coupon % a year; amounts NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Month_end', row 3945. Accessed 2026-10-30.
2026-09-30 | 9/2025 | 0950 | 0.0325 | 2050-09-20 | Inflation-Indexed | 2450 | 350 | 0 | 0 | 2100
Columns: Month end | Date First Issued | Loan Prefix | Coupon | Maturity Date | Type | Total Amt Outstanding (Incl RB + EQC + SRESL) (NZ$m) | RBNZ (NZ$m) (includes bonds on repo to the market) | EQC (NZ$m) | SRESL (NZ$m) | Market Bonds (NZ$m)
Total government bonds outstanding, 30 September 2026 (monthly reconciliation): 228,596 (NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Monthly_change', rows 3, 10. Accessed 2026-10-30.
Total Bonds Outstanding @ | 2026-08-31 | 226903 / Total Bonds Outstanding @ | 2026-09-30 | 228596
Columns: description | date | NZ$m
Government bonds outstanding at 30 September 2026: total, market, RBNZ, nominal and inflation-indexed: total: 228,596, market: 221,946, rbnz: 6,650, nominal: 209,028, nominal_market: 203,778, iib: 19,568, iib_market: 18,168 (NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Summary', row 326. Accessed 2026-10-30.
2026-09-30 | 228596 | 221946 | 6650 | 0 | 0 | 209028 | 203778 | 5250 | 0 | 0 | 19568 | 18168 | 1400 | 0 | 0 | 15763 | 350 | 0 | 0 | 15070 | 350 | 0 | 0 | 19846 | 350 | 0 | 0 | 19875 | 350 | 0 | 0 | 20859 | 350 | 0 | 0 | 15600 | 350 | 0 | 0 | 17134 | 350 | 0 | 0 | 12225 | 350 | 0 | 0 | 15650 | 350 | 0 | 0 | 16625 | 350 | 0 | 0 | 8662 | 350 | 0 | 0 | 7000 | 350 | 0 | 0 | 7019 | 350 | 0 | 0 | 7300 | 350 | 0 | 0 | 5150 | 350 | 0 | 0 | 4275 | 350 | 0 | 0 | 6953 | 350 | 0 | 0 | 4840 | 350 | 0 | 0 | 2100 | 350 | 0 | 0
Columns (row 2 headers): Month end | A. Total NZGBs outstanding | A1. Total Market Bonds | A2. Total issuance to RBNZ (includes bonds on repo to the market) | A3. EQC | A4. SRESL | B. Total NBs | B1. Total Market NBs | B2. Total NBs to RBNZ (includes bonds on repo to the market) | B3. EQC | B4. SRESL | C. Total IIBs | C1. Total Market IIBs | C2. Total IIBs to RBNZ (includes bonds on repo to the market) | ...
Inflation-indexed bonds: current principal (face value plus inflation indexation), after the 20 September 2026 coupon: 2030-09-20: 6,461.5875, 2035-09-20: 10,047.4674, 2040-09-20: 7,065.666, 2050-09-20: 2,526.195 (NZD million)
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Inflation-Indexed bonds', rows 4, 5, 6, 7. Accessed 2026-10-30.
2030-09-20 | 2026-09-20 | 2026-12-20 | 139.71 | 1.2057272042200418 | 141.4 | 4625 | 1836.5874999999996 | 6461.5875 / 2035-09-20 | 2026-09-20 | 2026-12-20 | 137.58 | 1.2057272042200418 | 139.24 | 7303 | 2744.4674000000014 | 10047.467400000001 / 2040-09-20 | 2026-09-20 | 2026-12-20 | 136.14 | 1.2057272042200418 | 137.79 | 5190 | 1875.6659999999993 | 7065.665999999999 / 2050-09-20 | 2026-09-20 | 2026-12-20 | 103.11 | 1.2057272042200418 | 104.36 | 2450 | 76.19499999999971 | 2526.1949999999997
Columns: Maturity | Last Coupon | Next Coupon | K(t-1) | p | K(t) | Face Value | Indexation Value | Current Principal
Weighted average successful yield, April 2037 bond, tender of 29 October 2026: 4.9942 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 7. Accessed 2026-10-30.
2026-10-29 | 2037-04-15 | 0.0275 | Nominal | 1015 | 200 | 41 | 11 | 895 | 200 | 4.475 | 0 | 4.99 | 4.9975 | 4.9942 | 4.9975 | 5.0525 | 5.0215
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Note: The bonds due May 2036 and April 2037 are the two closest to 10 years from late October 2026.
Weighted average successful yield, May 2036 bond, tender of 22 October 2026: 4.9948 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 9. Accessed 2026-10-30.
2026-10-22 | 2036-05-15 | 0.0425 | Nominal | 1014 | 200 | 42 | 10 | 763 | 200 | 3.815 | 0 | 4.99 | 4.9975 | 4.9948 | 4.9975 | 5.0625 | 5.0236
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Note: The bonds due May 2036 and April 2037 are the two closest to 10 years from late October 2026.
Weighted average successful yield at the latest tender of the bond due 20 April 2029 (8 October 2026): tender_date: 2026-10-08, maturity: 2029-04-20, coupon_pct: 3.0, yield_pct: 4.1218 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 13. Accessed 2026-10-30.
2026-10-08 | 2029-04-20 | 0.03 | Nominal | 1012 | 250 | 34 | 11 | 1162 | 250 | 4.648 | 0 | 4.115 | 4.13 | 4.1218 | 4.13 | 4.18 | 4.1537
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Weighted average successful yield at the latest tender of the bond due 15 May 2030 (29 October 2026): tender_date: 2026-10-29, maturity: 2030-05-15, coupon_pct: 4.5, yield_pct: 4.2189 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 6. Accessed 2026-10-30.
2026-10-29 | 2030-05-15 | 0.045 | Nominal | 1015 | 250 | 45 | 6 | 1389 | 250 | 5.556 | 0 | 4.21 | 4.2225 | 4.2189 | 4.2225 | 4.28 | 4.2481
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Weighted average successful yield at the latest tender of the bond due 15 May 2031 (22 October 2026): tender_date: 2026-10-22, maturity: 2031-05-15, coupon_pct: 1.5, yield_pct: 4.475 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 8. Accessed 2026-10-30.
2026-10-22 | 2031-05-15 | 0.015 | Nominal | 1014 | 250 | 39 | 10 | 995 | 250 | 3.98 | 0 | 4.4725 | 4.4775 | 4.475 | 4.4775 | 4.54 | 4.4994
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Weighted average successful yield at the latest tender of the bond due 15 May 2032 (15 October 2026): tender_date: 2026-10-15, maturity: 2032-05-15, coupon_pct: 2.0, yield_pct: 4.544 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 10. Accessed 2026-10-30.
2026-10-15 | 2032-05-15 | 0.02 | Nominal | 1013 | 225 | 42 | 11 | 886 | 225 | 3.9378 | 0 | 4.5375 | 4.55 | 4.544 | 4.55 | 4.6375 | 4.5776
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Weighted average successful yield at the latest tender of the bond due 15 May 2034 (17 September 2026): tender_date: 2026-09-17, maturity: 2034-05-15, coupon_pct: 4.25, yield_pct: 4.818 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 20. Accessed 2026-10-30.
2026-09-17 | 2034-05-15 | 0.0425 | Nominal | 1009 | 150 | 49 | 9 | 736 | 150 | 4.9067 | 0 | 4.815 | 4.825 | 4.818 | 4.825 | 4.9075 | 4.8523
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Weighted average successful yield at the latest tender of the bond due 15 May 2035 (1 October 2026): tender_date: 2026-10-01, maturity: 2035-05-15, coupon_pct: 4.5, yield_pct: 5.0014 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 16. Accessed 2026-10-30.
2026-10-01 | 2035-05-15 | 0.045 | Nominal | 1011 | 200 | 49 | 12 | 861 | 200 | 4.305 | 0 | 4.995 | 5.005 | 5.0014 | 5.005 | 5.0975 | 5.0319
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Weighted average successful yield at the latest tender of the bond due 15 May 2041 (10 September 2026): tender_date: 2026-09-10, maturity: 2041-05-15, coupon_pct: 1.75, yield_pct: 5.2691 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 24. Accessed 2026-10-30.
2026-09-10 | 2041-05-15 | 0.0175 | Nominal | 1008 | 50 | 22 | 10 | 172 | 50 | 3.44 | 0 | 5.2575 | 5.2775 | 5.2691 | 5.28 | 5.3175 | 5.3019
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Weighted average successful yield at the latest tender of the bond due 15 May 2054 (15 October 2026): tender_date: 2026-10-15, maturity: 2054-05-15, coupon_pct: 5.0, yield_pct: 5.4975 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'Nominals', row 12. Accessed 2026-10-30.
2026-10-15 | 2054-05-15 | 0.05 | Nominal | 1013 | 50 | 23 | 8 | 174 | 50 | 3.48 | 0 | 5.49 | 5.5025 | 5.4975 | 5.5025 | 5.5475 | 5.5261
Columns: Tender Date | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd.Avg. successful Yield (%) | ...
Issue yield at the latest tender of the inflation-indexed bond due 20 September 2040 (15 October 2026): tender_date: 2026-10-15, maturity: 2040-09-20, coupon_pct: 2.5, yield_pct: 3.1325 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'IIBs', row 6. Accessed 2026-10-30.
2026-10-15 | SPA | 2040-09-20 | 0.025 | Inflation-Indexed | 1013 | 25 | 32 | 8 | 127 | 25 | 5.08 | 0 | 3.1325 | 3.12
Columns: Tender Date | Auction Type | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Issue Yield (%) | Median Successful Yield (%)
Issue yield at the latest tender of the inflation-indexed bond due 20 September 2030 (24 September 2026): tender_date: 2026-09-24, maturity: 2030-09-20, coupon_pct: 3.0, yield_pct: 1.935 (% per year)
NZ Government Bonds, Tender Results History Data (workbook), New Zealand Debt Management, nominal bonds sheet published 29 October 2026, inflation-indexed bonds sheet published 15 October 2026, Worksheet 'IIBs', row 8. Accessed 2026-10-30.
2026-09-24 | SPA | 2030-09-20 | 0.03 | Inflation-Indexed | 1010 | 25 | 20 | 6 | 99 | 25 | 3.96 | 0 | 1.935 | 1.9275
Columns: Tender Date | Auction Type | Maturity Date | Coupon | Type | Tender No | Volume Offered ($m) | Total Number of Bids | Number of Successful Bids | Volume Bid ($m) | Volume Accepted ($m) | Coverage Ratio | Over/Under Allocation ($M) | Issue Yield (%) | Median Successful Yield (%)
Treasury bills due 13 January 2027: weighted average successful yield at the 27 October 2026 tender: tender_date: 2026-10-27, maturity: 2027-01-13, yield_pct: 3.1919 (% per year)
Treasury Bills, Tender Results History Data (workbook), New Zealand Debt Management, published 27 October 2026, Worksheet 'Sheet1', row 6. Accessed 2026-10-30.
2026-10-27 | 2027-01-13 | 1894 | 100 | 4 | 2 | 50 | 20 | -80 | 3.16 | 3.2025 | 3.1919 | 3.2175 | 3.2325 | 3.225
Columns: Tender Date | Maturity Date | Tender No | Volume Offered (Millions) | Total Number of Bids | Number of Successful bids | Volume Bid (Millions) | Volume Accepted (Millions) | Over/Under Allocation (Millions) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd. Avg.Successful Yield % | Lowest Unsuccessful Yield (%) | Highest Unsuccessful Yield (%) | Wtd. Avg. Unsuccessful Yield %
Treasury bills due 7 April 2027: weighted average successful yield at the 27 October 2026 tender: tender_date: 2026-10-27, maturity: 2027-04-07, yield_pct: 3.3615 (% per year)
Treasury Bills, Tender Results History Data (workbook), New Zealand Debt Management, published 27 October 2026, Worksheet 'Sheet1', row 7. Accessed 2026-10-30.
2026-10-27 | 2027-04-07 | 1894 | 100 | 3 | 2 | 30 | 25 | -75 | 3.3575 | 3.3675 | 3.3615 | 3.4075 | 3.4075 | 3.4075
Columns: Tender Date | Maturity Date | Tender No | Volume Offered (Millions) | Total Number of Bids | Number of Successful bids | Volume Bid (Millions) | Volume Accepted (Millions) | Over/Under Allocation (Millions) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd. Avg.Successful Yield % | Lowest Unsuccessful Yield (%) | Highest Unsuccessful Yield (%) | Wtd. Avg. Unsuccessful Yield %
Treasury bills due 20 October 2027: weighted average successful yield at the 20 October 2026 tender: tender_date: 2026-10-20, maturity: 2027-10-20, yield_pct: 3.7075 (% per year)
Treasury Bills, Tender Results History Data (workbook), New Zealand Debt Management, published 27 October 2026, Worksheet 'Sheet1', rows 11, 8. Accessed 2026-10-30.
2026-10-20 | 2027-10-20 | 1893 | 50 | 10 | 3 | 170 | 50 | 0 | 3.705 | 3.71 | 3.7075 | 3.71 | 3.7775 | 3.7433 / 2026-10-27 | 2027-10-20 | 1894 | 50 | 1 | 0 | 30 | 0 | -50 | 0 | 0 | 0 | 3.8275 | 3.8275 | 3.8275
Columns: Tender Date | Maturity Date | Tender No | Volume Offered (Millions) | Total Number of Bids | Number of Successful bids | Volume Bid (Millions) | Volume Accepted (Millions) | Over/Under Allocation (Millions) | Lowest Accepted Yield (%) | Highest Accepted Yield (%) | Wtd. Avg.Successful Yield % | Lowest Unsuccessful Yield (%) | Highest Unsuccessful Yield (%) | Wtd. Avg. Unsuccessful Yield %
Note: At the 27 October 2026 tender (row 8) no bills due 20 October 2027 were accepted (volume accepted 0), so the 20 October 2026 tender is the latest with a yield for this bill.
Treasury bills on issue, 30 September 2026 (face value): market: 4,920, niffl: 137, total: 5,057 (NZD million (face value))
New Zealand Treasury Bills on Issue, History Data (workbook), New Zealand Debt Management, data to 30 September 2026, Worksheet 'Summary', row 371. Accessed 2026-10-30.
2026-09-30 | 4920 | 0 | 0 | 0 | 0 | 137 | 5057
Columns: Month End | Market (NZ$m) | EQC (NZ$m) | RBNZ (NZ$m) | NZFF (NZ$m) | SRESL (NZ$m) | NIFFL (NZ$m) | Total (NZ$m)
Treasury bills on issue, 30 June 2026 (face value): market: 5,695, niffl: 60, total: 5,755 (NZD million (face value))
New Zealand Treasury Bills on Issue, History Data (workbook), New Zealand Debt Management, data to 30 September 2026, Worksheet 'Summary', row 368. Accessed 2026-10-30.
2026-06-30 | 5695 | 0 | 0 | 0 | 0 | 60 | 5755
Columns: Month End | Market (NZ$m) | EQC (NZ$m) | RBNZ (NZ$m) | NZFF (NZ$m) | SRESL (NZ$m) | NIFFL (NZ$m) | Total (NZ$m)
Euro-Commercial Paper on issue, 30 September 2026 (NZD equivalent): 5,187.1 (NZD million)
New Zealand Government Euro-Commercial Paper on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, Worksheet 'Month_end', rows 84, 86. Accessed 2026-10-30.
2026-09-30 | 5187.0964722612 / * NZD equivalents are calculated by using end of month spot exchange rates. It is the rate published by the RBNZ (https://www.rbnz.govt.nz/statistics/b1) where possible, or the Bloomberg 14:00 rate
Columns: Month End | Amount (NZ$m)*
Euro-Commercial Paper on issue, 30 June 2026 (NZD equivalent): 6,787.0 (NZD million)
New Zealand Government Euro-Commercial Paper on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, Worksheet 'Month_end', rows 81, 86. Accessed 2026-10-30.
2026-06-30 | 6787.04058115409 / * NZD equivalents are calculated by using end of month spot exchange rates. It is the rate published by the RBNZ (https://www.rbnz.govt.nz/statistics/b1) where possible, or the Bloomberg 14:00 rate
Columns: Month End | Amount (NZ$m)*
Government bonds outstanding at 30 June 2026: total, market, RBNZ, nominal and inflation-indexed: total: 218,121, market: 211,821, rbnz: 6,300, nominal: 198,678, nominal_market: 193,778, iib: 19,443, iib_market: 18,043 (NZD million (face value))
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Summary', row 323. Accessed 2026-10-30.
2026-06-30 | 218121 | 211821 | 6300 | 0 | 0 | 198678 | 193778 | 4900 | 0 | 0 | 19443 | 18043 | 1400 | 0 | 0 | 16918 | 350 | 0 | 0 | 15070 | 350 | 0 | 0 | 21091 | 350 | 0 | 0 | 19350 | 350 | 0 | 0 | 19659 | 350 | 0 | 0 | 14850 | 350 | 0 | 0 | 16659 | 350 | 0 | 0 | 11900 | 350 | 0 | 0 | 15100 | 350 | 0 | 0 | 15775 | 350 | 0 | 0 | 8287 | 350 | 0 | 0 | 6869 | 350 | 0 | 0 | 7300 | 350 | 0 | 0 | 4950 | 350 | 0 | 0 | 4175 | 350 | 0 | 0 | 6953 | 350 | 0 | 0 | 4815 | 350 | 0 | 0 | 2100 | 350 | 0 | 0
Columns (row 2 headers): Month end | A. Total NZGBs outstanding | A1. Total Market Bonds | A2. Total issuance to RBNZ (includes bonds on repo to the market) | A3. EQC | A4. SRESL | B. Total NBs | B1. Total Market NBs | B2. Total NBs to RBNZ (includes bonds on repo to the market) | B3. EQC | B4. SRESL | C. Total IIBs | C1. Total Market IIBs | C2. Total IIBs to RBNZ (includes bonds on repo to the market) | ...
Inflation-indexed bonds: indexation value (current principal minus face value), after the 20 September 2026 coupon: 2030-09-20: 1,836.5875, 2035-09-20: 2,744.4674, 2040-09-20: 1,875.666, 2050-09-20: 76.195 (NZD million)
Wholesale New Zealand Government Bonds on Issue, History Data (workbook), New Zealand Debt Management, published 1 October 2026, data to 30 September 2026, Worksheet 'Inflation-Indexed bonds', rows 4, 5, 6, 7. Accessed 2026-10-30.
2030-09-20 | 2026-09-20 | 2026-12-20 | 139.71 | 1.2057272042200418 | 141.4 | 4625 | 1836.5874999999996 | 6461.5875 / 2035-09-20 | 2026-09-20 | 2026-12-20 | 137.58 | 1.2057272042200418 | 139.24 | 7303 | 2744.4674000000014 | 10047.467400000001 / 2040-09-20 | 2026-09-20 | 2026-12-20 | 136.14 | 1.2057272042200418 | 137.79 | 5190 | 1875.6659999999993 | 7065.665999999999 / 2050-09-20 | 2026-09-20 | 2026-12-20 | 103.11 | 1.2057272042200418 | 104.36 | 2450 | 76.19499999999971 | 2526.1949999999997
Columns: Maturity | Last Coupon | Next Coupon | K(t-1) | p | K(t) | Face Value | Indexation Value | Current Principal
Index ratio (Kt) of the inflation-indexed bond due 20 September 2030, 20 September 2025 and 20 September 2026: kt_2025_09_20: 135.51, kt_2026_09_20: 139.71 (index (100 = face value))
Inflation-Indexed Bond Factors (workbook), New Zealand Debt Management, sheets for the 2030, 2035, 2040 and 2050 bonds published 22 October 2026, Worksheet 'Sep-2030 IIB Factors', rows 53, 57. Accessed 2026-10-30.
2025-09-20 | 0.74 | 135.51 / 2026-09-20 | 0.76 | 139.71
Columns: CouponDate | PFactor | Kt
Index ratio (Kt) of the inflation-indexed bond due 20 September 2035, 20 September 2025 and 20 September 2026: kt_2025_09_20: 133.43, kt_2026_09_20: 137.58 (index (100 = face value))
Inflation-Indexed Bond Factors (workbook), New Zealand Debt Management, sheets for the 2030, 2035, 2040 and 2050 bonds published 22 October 2026, Worksheet 'Sep-2035 IIB Factors', rows 48, 52. Accessed 2026-10-30.
2025-09-20 | 0.74 | 133.43 / 2026-09-20 | 0.76 | 137.58
Columns: CouponDate | PFactor | Kt
Index ratio (Kt) of the inflation-indexed bond due 20 September 2040, 20 September 2025 and 20 September 2026: kt_2025_09_20: 132.04, kt_2026_09_20: 136.14 (index (100 = face value))
Inflation-Indexed Bond Factors (workbook), New Zealand Debt Management, sheets for the 2030, 2035, 2040 and 2050 bonds published 22 October 2026, Worksheet 'Sep-2040 IIB Factors', rows 39, 43. Accessed 2026-10-30.
2025-09-20 | 0.74 | 132.04 / 2026-09-20 | 0.76 | 136.14
Columns: CouponDate | PFactor | Kt
Index ratio (Kt) of the inflation-indexed bond due 20 September 2050, 20 September 2025 and 20 September 2026: kt_2025_09_20: 100, kt_2026_09_20: 103.11, pfactors: [0.74, 0.77, 0.8, 0.76] (index (100 = face value))
Inflation-Indexed Bond Factors (workbook), New Zealand Debt Management, sheets for the 2030, 2035, 2040 and 2050 bonds published 22 October 2026, Worksheet 'Sep-2050 IIB Factors', rows 5, 6, 7, 8. Accessed 2026-10-30.
2025-12-20 | 0.74 | 100.74 / 2026-03-20 | 0.77 | 101.52 / 2026-06-20 | 0.8 | 102.33 / 2026-09-20 | 0.76 | 103.11
Columns: CouponDate | PFactor | Kt
Note: The 2050 bond's sheet starts at 20 December 2025 with PFactor 0.74 and Kt 100.74, so its index was 100 at 20 September 2025.