Antipodean Macro

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Only Charts

ONLY CHARTS #473

NZ Half-year Budget

Dec 16, 2025
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1. New Zealand’s half-year fiscal update (HYEFU) projects larger operating budget deficits over the forecast horizon.

The Government uses the old trick of projecting a budget surplus in the last year of the forecast horizon (2029-30). It won’t happen.

2. Under the ‘old’ headline budget balance measure (OBEGAL), the budget is not expected to return to surplus.

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