28082 (2024). Hon Barbara Edmonds to the Minister of Finance

28082 (2024). Hon Barbara Edmonds to the Minister of Finance: Will the Government need to borrow money in order to fund Budget 2024?

Hon Nicola Willis: The Treasury’s latest forecasts for net core Crown debt and borrowing reflect a weaker economic and tax outlook. The Government’s Budget 2024 decisions to lower the operating allowances (including for Budget 2024 to $3.2 billion from $3.5 billion) will improve the debt track over the forecast period, compared to what otherwise would have been the case. If the Government had retained the operating allowances from the Half Year Update – those that were set by the previous Government – forecasts for net Core Crown debt would have been higher and OBEGAL would not return to surplus until at least 2031.