Half-year update looms as key test of Government’s fiscal credentials

Finance Minister Nicola Willis. (Image: NZME)

Mon, 15 Dec 2025

The upcoming Half-Year Economic and Fiscal Update is shaping as a critical test of this Government’s fiscal credentials. Can the Government return to surplus by 2029, as forecast in the Budget?Whether it’s a year later or earlier is largely immaterial, numbers-wise. Except for the credibility around it. After moving the surplus goalposts from the operating balance excluding gains and losses (obegal) to obegalx (removing ACC losses as well), you would want to make sure the new target is met.Already, we have a pending clash of the Tit...

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