Tick Tock: Taxpayers' Union Refreshes Debt Clock to Show Full Government Borrowing
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