The New Zealand Taxpayers’ Union has today updated its online Debt Clock to reflect Total Crown Borrowings, replacing the previously used measure of Net Core Crown Debt.

The change comes after concerns that Net Core Crown Debt understates the true burden of government borrowing by excluding the ballooning liabilities of Crown entities and State-Owned Enterprises (SOEs).

Tory Relf, a spokeswoman for the Taxpayers’ Union, says:

“The Debt Clock needs to tell taxpayers the truth. The Net Core Crown Debt figure the Government likes to use conveniently leaves out tens of billions borrowed by Kāinga Ora, KiwiRail, and other Crown agencies. But whether it's borrowed by a Minister or one of their appointees to a Board, the taxpayer is still ultimately responsible.”

“Total Crown Borrowings is the most honest, transparent number. It reflects the full mortgage on the country – and the interest taxpayers are actually paying.”

According to Budget 2025 forecasts, Total Crown Borrowings are set to rise from $250.9 billion this year to $354.2 billion by 2029 – a blowout of more than $100 billion, or $49,160 per household.

“This Government has promised restraint but is still on track to add nearly $50,000 of debt for every household in the country over just five years. That’s not fiscal responsibility – it’s economic vandalism,” says Relf.

The Union says the updated Debt Clock – now updated with the figures released with last week’s Budget – gives taxpayers a more accurate understanding of New Zealand’s worsening fiscal position, and the real cost of government overspending.

“Politicians can play games with accounting tricks. But our Debt Clock won’t.” says Relf. 

“Tick tock.”

The updated clock is now live at www.DebtClock.nz.

A review of the pros and cons of using Net Core Crown Debt (the old measure): Core Crown Borrowings (a cleaner gross measure); and Total Crown Borrowings (the new measure) is available at www.taxpayers.org.nz/debt_clock_update_2025

Since its launch, the New Zealand Debt Clock has highlighted the burden of government debt in real time. We’ve always aimed to present this figure in a way that's meaningful, honest, and easy for taxpayers to understand.

In recent years, we’ve used Net Core Crown Debt – a figure often referenced in government fiscal targets. But we’re making a change. From today, the Debt Clock will display Total Crown Borrowings. We’ve just updated it to reflect the Treasury’s latest Econmic and Fiscal Update published with the Budget last week.

Why the Change?

There’s no single perfect measure of government debt. Like with any financial statement, different figures tell different parts of the story. But our job is to make sure taxpayers know the full picture – and Net Core Crown Debt has too many blind spots.

Let’s break down the options:

1. Net Core Crown Debt (the old measure)

Pros:

• Used in official Government fiscal targets.
• Gives a picture of the Government’s “net” position after liquid financial assets (like investments) are offset.

Cons:

• Opaque and prone to manipulation – depends on how the Government chooses to count "liquid assets".
• Doesn’t reflect the actual amount of money borrowed – or what interest taxpayers are paying.

• Excludes major government debt from Crown entities and SOEs like Kāinga Ora and KiwiRail — even though these debts are taxpayer-backed and directed by Ministers.

• Misleadingly low – paints a rosier picture than reality.

2. Core Crown Borrowings (a cleaner gross measure)

Pros:

• Represents the actual amount the core Government has borrowed.
• Ties directly to interest expenses – gives a more realistic picture of fiscal stress.
• Easier to compare to household debt (i.e., people don’t talk about their “net mortgage” – they talk about what they owe).

Cons:

• Still ignores massive Crown Entity and SOE borrowings (e.g. Kainga Ora, KiwiRail etc).
• Doesn’t reflect the full taxpayer liability across government.

3. Total Crown Borrowings (the new measure)

Pros:

• The most comprehensive measure of government debt – includes Crown entities, SOEs, and the lot.
• Can’t be gamed or disguised behind balance sheet footnotes.
• Reflects what taxpayers are ultimately on the hook for – whether debt is incurred by Ministers or their appointees to SOE boards.
• Aligns with international best practice for transparency.

Cons:

• Ministers have less direct day-to-day control over Crown entities and SOEs.

Why It Matters

Treasury’s Budget 2025 papers forecast Total Borrowings to rise from $250.9 billion in 2024 to $354.2 billion by 2029 – an increase of more than $100 billion – or $49,160 per household! – in just five years.

That’s real money, incurring real interest, to be paid by real taxpayers.

The bottom line is this: you can’t hide from interest payments. Whether it’s the core Crown or Kainga Ora borrowing the money, it’s the New Zealand taxpayer left footing the bill. And our Debt Clock should reflect that.

Conclusion

We’re switching to Total Borrowings because it gives the clearest, most honest picture of the Government’s debt. It includes everything – the full mortgage on the country.

We want a number that can’t be gamed. A number that is anchored in reality – tied to actual interest payments. And a number that reflects the total risk to taxpayers.

Politicians may try to hide behind accounting tricks. But our Debt Clock won’t.

Tick Tock, Tock Tock…

The Taxpayers’ Union is slamming the Department of Internal Affairs for wasting nearly $23 million of taxpayer money on a failed IT upgrade for the Births, Deaths and Marriages registry — a project that’s now been abandoned with nothing to show for it.

“Time and again, government departments dive headfirst into flashy IT projects, only to blow the budget, miss deadlines, and quietly pull the plug, with taxpayers left holding the bill,” said Taxpayers’ Union spokesperson Tory Relf.

“This isn’t just general bureaucratic waste, it’s a chronic failure in how the public service delivers IT,” Relf said. “Whether it’s Internal Affairs now or MFAT’s $33 million cloud project last year, the story is always the same: massive overspending, scope creep, no accountability, and zero results.”

"IT projects have become some of the worst offenders in the public sector when it comes to fiscal irresponsibility. Yet officials keep launching these bloated projects without the capability to manage them and taxpayers are forced to pick up the tab,” said Relf.

“Every time a department fails like this, they get a second chance — but taxpayers don’t get their money back. Writing off tens of millions and calling it a ‘lesson learned’ isn’t good enough. This cycle of failure must end.”

The Taxpayers’ Union can reveal through an Official Information Act response that the Environmental Defence Society (EDS) received $157,000 from the Department of Conservation in the 2023/24 financial year to produce two reports at $560.71 per page.

This follows earlier revelations that payment to the EDS had been made of $377,743 from the Ministry for the Environment, totalling more than half a million dollars in total taxpayer funding to the group since 2023.

Taxpayers’ Union Investigations Coordinator Rhys Hurley said:

“It’s utterly unacceptable that the public are forced to bankroll lobbyists, especially those like the Environmental Defence Society which dedicate their resources to driving up costs to the taxpayer through expensive legal challenges at every turn.”

“DOC’s staff ballooned by 37 percent between 2017 and 2023, and even then they’ve been outsourcing research to activist groups. Why are taxpayers paying twice to get stuck with lobby groups’ own spin?”

“From environmental lobbyists to politically-aligned unions, these groups should have to prove they have widespread public support by raising their own funds rather than relying on handouts. This isn’t environmental stewardship - it’s taxpayer-funded political activism.”

Responding to Minister Simeon Brown’s demands for underperforming SOEs like NZ Post and Pāmu to lift their game, Taxpayers’ Union Spokesman James Ross said:

“Minister Brown is absolutely right to ask why SOEs like NZ Post and Pāmu are failing to deliver basic commercial returns, proving that government ownership doesn’t guarantee results. If a household had assets that drained their coffers, they’d ask whether it was time to sell them. The Government should do the same.”

“Each household in New Zealand owns $275,000 worth in public assets, but instead of earning us returns, they actually cost us. Valued at more than $570 billion, the Crown’s portfolio should be working for taxpayers, not the other way around.”

“Past asset sales improved service quality, boosted performance, and paid down debt. It’s time we stop subsidising commercial mediocrity and sell the things we once wanted but no longer need, while keeping the things we truly value.”

The Taxpayers’ Union is warning that the Government’s freshwater consultation still leaves the door wide open for Te Mana o te Wai to keep driving up costs through the back door.

Taxpayers’ Union Spokesman James Ross, said:

“Te Mana o te Wai had towns like Alexandra and Clyde staring down $50,000-per-household bills. The Government was right to stop Otago’s regional plan, but there will be more where that came from if the concept isn’t scrapped entirely.”

“Removing Te Mana o te Wai from consent decisions is meaningless if it’s still baked into regional plans, because those are the very documents councils rely on when making those same decisions.”

“It makes no difference which part of the process is doing the blocking. Whether it’s in the plan or the consent stage, residents are still being tangled in red tape.”

“If a concept takes 350 words to define, and relies on six other woolly ideas to prop it up, it has no place in law.”

“Take mauri - the spiritual life force of water. It’s completely subjective, changes from region to region, and can’t be measured. That leaves councils exposed to costly legal challenges and constant uncertainty.”

“Amended or not, Te Mana o te Wai will still hold councils over a barrel. Until it’s scrapped entirely, the legal risk and the cost to ratepayers will only keep growing.”

Responding to the announcement of the plan to repeal of Labour’s ‘wellbeing’ provisions in the Public Finance Act, Taxpayers’ Union Spokesman James Ross said:

“Finally, the Minister of Finance is free to focus what they can actually control -- balancing the books, bringing down debt, and restoring the economy.”

“Loneliness, housing quality, and happiness all matter, but trying to legislate for ‘the vibe’ was never going to work. Real wellbeing comes from more opportunities in an economy with low inflation, stable debt, and rising incomes that let Kiwis afford the services and lifestyle they need to thrive.”

“What did the last Government's ‘wellbeing’ obsession give us? They chased the outcomes without doing the groundwork, turning surpluses into runaway deficits, tripling government debt, and letting inflation rip. It’s time to turn the page on his failed experiment and let the Finance Minister focus on the figures, not just the feelings.”

Responding to the Reserve Bank’s decision to cut the Official Cash Rate (OCR) by 25 basis points to 3.25 percent, Taxpayers’ Union Spokesman James Ross said:

“As expected, the Reserve Bank has cut interest rates. But it’s clear the Government is relying on these cuts to do the heavy lifting.”

“With no credible path back to surplus and a so-called ‘Growth Budget’ offering just one pro-growth policy, Nicola Willis seems content to try and outsource economic recovery to the Reserve Bank.”

“Growth is anaemic, yet the Government’s strategy amounts to crossing its fingers and hoping falling interest rates will do the job for them. That’s not leadership - it’s abdication.”

“Nicola Willis missed a golden opportunity to cut spending, boost growth, and chart a course back into the black. Kiwis can’t afford another five years of government-by-wishful-thinking.”

Responding to the Green Party’s claim that Budget 2025 failed to account for up to $714 million in increased KiwiSaver costs across the public sector, Taxpayers’ Union Spokesman James Ross said:

“If there’s a multi-million-dollar hole in the Budget, the answer isn’t to raid Budget 2026, as Nicola Willis has suggested, it’s to find savings. And that starts by scrapping the taxpayer-funded KiwiSaver handout altogether.”

“This $521-a-year giveaway, now halved and means-tested, has already been flagged by both Treasury and Inland Revenue, who recommended scrapping it entirely. It does little to boost real savings and means-testing it now adds a costly administrative mess.”

“Let’s not paper over the problem. If there’s a fiscal hole, the fix is clear: scrap the subsidy before it chews through Budget 2026.”