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Beyond™

Beyond™ Election Guide

The debt, the deficit and the world.

Every promise is paid for from the same accounts. Here is what Treasury says those accounts look like, in its last update before the election, and what is happening overseas that could change them.

Government debt, 30/06/2026

$186.7b

41% of GDP, net core Crown debt

Interest on it in 2025/26

$9.1b

About $25m a day (Beyond's maths)

Interest by 2030/31

$13.7b

Treasury forecast

Inflation, year to June 2026

4.1%

Unemployment 5.6%

Source: Treasury, Pre-election Economic and Fiscal Update 2026 (29/09/2026). Checked 29/10/2026.

Government debt
Net core Crown debt each 30 June. Lighter bars are Treasury forecasts. It peaks at 43.9% of GDP in 2028, then falls to 39.5% by 2031.

Source: Treasury, Pre-election Economic and Fiscal Update 2026 (29/09/2026). Checked 29/10/2026. Forecasts use the outgoing government's spending and tax plans.

Deficit to surplus
OBEGALx, the day to day operating balance leaving out ACC. Treasury forecasts a surplus in 2028/29.

Source: Treasury, Pre-election Economic and Fiscal Update 2026 (29/09/2026). Checked 29/10/2026.

What would it take?

Test a promise against the debt. Move the slider to spend more or save each year from 2026/27 to 2030/31 without changing anything else, and see where debt lands.

No change to Treasury's forecast

Save $10b a yearSpend $10b more a year

Debt by 30/06/2031

$229.8b

Share of GDP

39.5%

Compared with Treasury

+$0.0b

Beyond's maths

We start from Treasury's forecast of $229.8b by 30/06/2031 (39.5% of GDP). Each year's extra is borrowed, and the interest on what has built up is borrowed too, at 4.9% a year: the $9.1b of interest paid in 2025/26 divided by the $186.7b of debt. GDP in 2030/31 of about $582b comes from Treasury's own debt figure and its share of GDP. It leaves out any effect the spending has on growth, tax or interest rates, so it is a rough guide, not a forecast.

Treasury's own path already needs the operating balance to swing by $12.6b, from a $8.6b deficit in 2025/26 to a $4b surplus in 2028/29, while each new Budget adds only $2.4b a year of new spending. Any promise bigger than that room needs a saving, a new tax or more borrowing to match.

The world around the election

Trade deals, tariffs and conflicts this year that bear on prices, exports and the Budget. Newest first.

  1. 20/10/2026

    India trade deal comes into force

    New Zealand drops all tariffs on Indian goods; India cuts or removes tariffs covering about 95% of what New Zealand sells it by value, with sheepmeat's 33% tariff gone on day one. A review is due after a year.

    Source: MFAT, New Zealand-India Free Trade Agreement.

  2. 29/09/2026

    Treasury names the Middle East conflict the main risk

    The Pre-election Update says the oil price shock delayed the recovery and that prices staying high for longer could mean higher interest rates and a weaker economy.

    Source: Treasury, Pre-election Economic and Fiscal Update 2026 (29/09/2026).

  3. 04/05/2026

    Singapore deal to keep essential supplies moving

    New Zealand and Singapore signed an Agreement on Trade in Essential Supplies, meant to keep critical goods flowing between them during a crisis.

    Source: Agreement on Trade in Essential Supplies (Wikipedia).

  4. 27/04/2026

    India trade deal signed

    Signed in New Delhi after negotiations concluded in December 2025. Parliament passed the law to put it in place in September.

    Source: MFAT, timeline of negotiations.

  5. 02/03/2026

    Strait of Hormuz closed in the Iran war

    Petrol here passed $3 a litre and some stations ran dry; the government said the country held about seven weeks of fuel.

    Source: The Spinoff, 03/03/2026.

  6. 21/02/2026

    US Supreme Court strikes down the "Liberation Day" tariffs

    The court ruled the President could not set tariffs under IEEPA. The extra US tariff on most New Zealand goods dropped from 15% to a replacement 10%; steel and aluminium tariffs stayed.

    Source: MFAT market report on the US tariff ruling.