The June 2023 Treasury summary of the actual net debt measure defines net debt to be Gross debt less core Crown financial assets. “Net debt ended the year at 18.0 per cent of GDP, in line with the Budget 2023 forecast. Thus while Gross debt was $135.8 billion for June year 2023 net debt was just $71.4 Billion or 18% of GDP. But inexplicitly, the National government has decided to report net debt without taking account the assets in the NZ Super Fund. Focussing on reducing government gross debt might cause untold unnecessary damage to an economy already in recession.

Source: New Zealand Herald May 21, 2024 06:48 UTC