Figure 1: The core Crown operating balance and projections of net debt from the Treasury’s long-term fiscal statements

Figure 1 shows the projections of the core Crown’s operating balance and core Crown net debt from each of the previous four statements. We have also added the 2021 projections for comparison purposes. Net debt shown here excludes the New Zealand Superannuation Fund assets. If they were included, the projections of net debt would be lower.