Government surplus return delayed until 2030 following Treasury update

Tuesday 16 December 2025 · 5 outlets · 6 reports · updated Tue 16 Dec 2025, 2:26pm

In this story Nicola Willis, Treasury

New Treasury forecasts show the government's return to a budget surplus has been delayed until 2030. The Half-Year Economic and Fiscal Update indicates a slower economic recovery and a deepening deficit, with the deficit for the year to next June expected to be $13.9 billion.

How they headlined it

1:06pm2:26pm

1. NZ HeraldTue 16 Dec 2025, 1:06pm

   Treasury update shows there is still no surplus in sight for the Government, as debt pile grows (opens in new tab)

2. NewsroomTue 16 Dec 2025, 1:09pm

   Willis delays return to surplus by another year (opens in new tab)

3. 1NewsTue 16 Dec 2025, 1:11pm

   Govt pushes out surplus expectations again (opens in new tab)

4. RNZTue 16 Dec 2025, 1:20pm

   Government books bleaker as surplus gets further away, deficits grow (opens in new tab)

   • Nicola Willis working on 'disciplined' plan to return to surplus, says cuts would deliver 'human misery' (opens in new tab) Tue 16 Dec 2025, 2:26pm
5. Otago Daily TimesTue 16 Dec 2025, 1:24pm

   Govt books bleaker than forecast, surplus pushed out again (opens in new tab)