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An Introduction to New Zealand's Fiscal Policy Framework

Independent updates

Alongside the requirement for government to produce a Fiscal Strategy Report every year, the fiscal responsibility provisions also provide for regular independent reports by the Treasury. The degree of independence that Treasury has to produce these reports is unusual by international standards and a key feature of New Zealand's fiscal framework. The required reports are:

  • Fiscal and economic updates containing forecasts for the next four financial years following the current fiscal year. These forecasts must include a range of specific fiscal and economic data. The Treasury must produce them each Budget, every half-year between Budgets, and prior to a general election.
  • Statements on the Long-term Fiscal Position, published at least every four years, which look at the 40- year trajectory of government finances, assuming current spending and revenue policy remains the same.
  • Investment Statements, published at least every four years, which look at the assets and liabilities on the Crown balance sheet and how they are expected to change over time.
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