National's Budget Responsibility Rules

National has prioritised a return to balanced budgets, so we can reduce debt as a share of the economy and keep taxes low for every New Zealander.

A re-elected National Government will maintain three Budget Responsibility Rules to keep debt down, get back to surplus, and keep taxes low. These rules will provide the responsible economic and fiscal management needed to strengthen New Zealand’s financial resilience and enable greater investment in frontline services, like health, education, and law and order.

What we'll do

Prioritise a return to surplus in 2028/29 and maintain a surplus over time, sufficient to see the debt curve bend down

Keep government debt on a downward trajectory towards 40 per cent of GDP and maintain debt below 40 per cent of GDP over time

Keep taxes low by right-sizing government, with core Crown expenditure as a share of the economy declining towards 30 per cent of GDP

Prioritise spending restraint and ongoing fiscal discipline rather than introducing new taxes on hard-working New Zealanders

Support additional expenditure for frontline services through ongoing reprioritisation and reductions in lower-priority expenditure

Continue investing in the roads, hospitals, schools and defence capability New Zealand needs, while ensuring investments deliver value for money and are consistent with responsible debt management.