Auckland’s contribution to national GDP remained at 37.6 percent. House prices rose dramatically in the first years of the 21st century and by 2007, an average house cost more than six times household income. New Zealand External Debt: % of Nominal GDP data is updated yearly, available from Dec 1993 to Dec 2020. The Labour Party was greatly divided over Rogernomics, especially following the 1987 sharemarket crash and its effect on the economy, which slumped along with the rest of the world into recession in the early 1990s. [45] Unemployment numbers are not always directly comparable between OECD nations, as they do not all keep labour market statistics in the same way. The increase in the working population percentage is attributed to increasing wages and higher costs of living moving more people into employment. nations with negative real GDP growth totaling 3.5%. The Government of Norman Kirk, who succeeded Marshall, put greater emphasis on expanding New Zealand's trade, especially with South East Asia. For example, by way of investment in infrastructure and other areas that foster growth, such as education. We may be punching above our weight, but that’s only because we are in the wrong weight division! [105], The Tiwai Point Aluminium Smelter, which opened in 1971, was also upgraded as part of the Think Big strategy and now brings in approximately NZ$1 billion in exports every year. The average income of the poorest tenth increased by 13% from $9700 to $11,000. Taxation in New Zealand is collected at a national level by the Inland Revenue Department (IRD) on behalf of the New Zealand Government. [46], Shamubeel Eaqub, formerly a principal economist at the New Zealand Institute of Economic Research (NZIER), said that thirty years ago, an average house in New Zealand cost two or three times the average household income. [31] In 2011, economist Bill Rosenberg said that the figure is closer to 9% if foreign ownership of forestry is included. It is a key indicator for the sustainability of government finance. In FY 2014, New Zealand's investment income from the rest of the world was NZ$7 billion, versus outgoings of NZ$16.3 billion, a deficit of NZ$9.3 billion. [112] Between 1986 and 1993, the unemployment rate rose from 3.6% to 11%. Ian has a Bachelor of Commerce (Hons) majoring in Finance from the University of Auckland. A detailed list of historic and forecast debt-to-GDP ratios for most countries can be found on the IMF’s database here. The deregulation of government-owned enterprises in the 1980s and 1990s reduced government's role in the economy and permitted the retirement of some public debt. However, the outlook includes some challenges. [147] In 2013, trade between New Zealand and China was worth NZ$16.8 billion. [150], China is New Zealand's largest trading partner buying primarily meat, dairy products and pine logs. [131][132][133][134][135], In an attempt to stimulate the economy, the Reserve Bank lowered the Official Cash Rate (OCR) from a high of 8.25% (July 2008) to an all-time low of 2.5% at the end of April 2009. NZ$4 billion was contributed annually, and a total of NZ$19.1 billion has been contributed since 2007. [64], This poses a significant problem for superannuation. If the ratio indicates that a nation cannot pay its government debts, there is a risk of default, which could wreak havoc on the markets. The inequality ratio increased between 1988 and 2004, and decreased until the onset of the Global Financial Crisis in 2008, increasing again to 2011 and then declining again from then. [130] The directors of many of these finance companies were subsequently investigated for fraud and some high-profile directors went to prison. Commodity prices have been at record highs in recent quarters and remain elevated. [56] Mortgage adviser Bruce Patten said the trend was 'disturbing' and added to the gap between the 'haves and have-nots'. We expect it to be available again tomorrow morning (Wednesday the 16th of May). The Government has two plans to bring Ultra-Fast Broadband to 97.8% of the population by 2019, and is spending NZ$1.35 billion on public-private partnerships to roll out fibre-to-the-home connection in all main towns and cities with population over 10,000. [54] According to a submission made to the Housing Affordability Inquiry,[55] escalating house prices are also impacting on many middle income groups, especially those with large families. New Zealand Government Debt to GDP History. New Zealand's small size and long distances from major world markets creates significant challenges in its ability to compete in global markets. After the stock market crash of 1987, unemployment rose 170%[43] reaching an all-time high of 11.20% in September 1991. Prior to joining Milford Ian worked at ANZ Bank New Zealand, most recently in the Specialised Finance team originating, structuring and executing leveraged transactions. [18] From 1989 foreign investment increased from $9.7 billion to $101.4 billion in 2013 – an increase of over 1,000%. In FY 2014, export receipts exceeded imports by NZ$3.9 billion. As dairying developed, the North Island slowly became more important to the economy. Before returning to New Zealand in 2014, Ian spent seven years at a UK fund manager as a Credit Analyst investing in European and US leveraged loans and high yield bonds. Government books continue to improve, assets up and debt down The Pacific region with numerous islands is New Zealand's sixth largest trading market and is growing every year. [100], Having lost unrestricted access to its traditional market, New Zealand continued to search for alternative export markets and diversify its economy. General government debt-to-GDP ratio measures the gross debt of the general government as a percentage of GDP. [39] In 2019, New Zealand was ranked 1st on the Corruption Perceptions Index with a score of 87 out of 100. [22] The information technology sector is growing rapidly. Statistics on external debt. At the same time subsidies to many industries, notably agriculture, were removed or significantly reduced. Approximately 8% are being made by overseas cash buyers[47] primarily Australians, Chinese, and British – although most economists believe foreign investment is currently too small to have a significant effect on property prices. The electricity market is regulated by the Electricity Industry Participation Code administered by the Electricity Authority (EA). [102] By the end of that year, only 26.8% of New Zealand's exports were to Britain. The costs of fixing the damage has been estimated at over NZ$11 billion (as at 2009[update]). Between 1984 and 1993, New Zealand changed from a somewhat closed and centrally controlled economy to one of the most open economies in the OECD. The New Zealand dollar is the 10th-most traded currency in the world.[25]. The economy of New Zealand is a highly developed free-market economy. [85] Due to the high demand for these primary products, manifested by the New Zealand wool boom of 1951, New Zealand had one of the highest standards of living in the world for 70 years. "[53], Between 1982 and 2011, New Zealand's gross domestic product grew by 35%. New Zealand income levels, which used to be above those of many other countries in Western Europe prior to the crisis of the 1970s, have dropped in relative terms and never recovered. In 2014 the average sales price there went from $619,136 to $696,047, a rise of 12% in that 12-month period alone. In the 19th century, the bulk of economic activity was in the South Island of New Zealand. Refrigeration transformed and shaped the development of the economy but, in the process, established New Zealand's economic dependence on Britain. Gigabit internet (1000Mbit/s download speeds) was made available to the entire Ultra-Fast Broadband (UFB) footprint on 1 October 2016, in an announcement from Chorus. [104] Once Labour came to power in 1984, many of these projects were sold to private industry as part of a wider sale of state-assets.[105]. A growing number of New Zealand companies use the United Kingdom as a base to supply their products to the European market. According to IMF forecasts from April 14, 2020, however, the city-state will likely see its debt-to-GDP ratio increase slightly from 114.1% in 2019 … Household debt, % of net disposable income, 2018. [150] New Zealand initiated a free trade agreement with Singapore in September 2000 which was extended in 2005 to include Chile and Brunei and is now known as the P4 agreement. This statistic shows the national debt of New Zealand from 2015 to 2019 in relation to gross domestic product (GDP), with projections up until 2025. [160], Through the Ministry of Foreign Affairs and Trade, New Zealand also provides international aid and development funding to help stimulate sustainable economic development in underdeveloped economies. New Zealand cut its growth forecast for 2019/2020 and flagged a budget deficit on Wednesday, but announced a significant lift in capital spending to … This field is for validation purposes and should be left unchanged. Large scale industrial plants were established based on New Zealand's abundant natural gas. Apologies for the inconvenience and thank you for your patience. Hence the ratio compares what a country owes to what it produces in an attempt to quantify the ability of the country to repay its debt. He has also worked on advisory, restructuring and formal insolvency appointments at PricewaterhouseCoopers in Auckland and London. In the 21st century, Asian economies have been developing rapidly providing significant demand for New Zealand's exports. The percentage of the population employed also increased in recent years, to 68.8% of all inhabitants, with full-time jobs increasing slightly, and part-time occupations decreasing in turn. These products became New Zealand's staple and most valuable exports, underpinning the success of the economy, from the 1850s until the 1970s. Since then, commodity prices have rebounded strongly, with strong demand from China and the international situation improving. [77], From 1995 to 2013, the energy intensity of the economy per unit of GDP declined by 25 percent. A drought over the 2007/08 summer led to lower production of dairy products in the first half of 2008. In 2018, New Zealand's main trading partners were China, Australia, the European Union, the United States and Japan. Since 1992, New Zealand has co-operated with Australia and France to respond to disasters in the Pacific. Awarded to Milford Asset Management for Fund Manager of the Year KiwiSaver Category NZ, Site Map | Terms & Conditions | Privacy Policy | Getting Advice at Milford. When disasters occur, they often have severe social and economic effects which last for years. New Zealand Debt to GDP Ratio - Historical Data; Year Government Debt as % of GDP Annual Change; 2016: 42.34%-1.09%: 2015: 43.43%-0.80%: 2014: 44.23%-2.31%: 2013: 46.54%-5.27%: 2012: 51.82%: 3.46%: 2011: 48.36%: 13.47%: 2010: 34.89%: 2.94%: 2009: 31.95%-4.10%: 2008: 36.05%-0.89%: 2007: 36.94%-5.99%: 2006: 42.93%-1.24%: 2005: 44.17%: 0.30%: 2004: 43.87%-4.38%: 2003: 48.25%: 15.47%: … Japan is New Zealand's fourth largest trading partner. We are sorry but registration to access your client login is currently unavailable due to maintenance. [154] This common background has not translated into a free trade agreement between the two countries.[155]. Almost half of that increase went to a small group who were already the richest in the country. In the 1870s, Julius Vogel was periodically both colonial treasurer and premier. This ratio shows the difference between high household incomes (those in the 80th percentile) and low household incomes (those in the 20th percentile). New Zealand income levels, which used to be above those of many other countries in Western Europe prior to the crisis of the 1970s, have dropped in relative terms and never recovered. For a married couple the net tax amount is set by legislation to be no less than 66% of net average wage. B.16 ISBN: 978-1-98-858098-2 (print) 978-1-98-858099-9 (online) Pre-election Economic and Fiscal Update 16 September 2020 But as noted, the debt-to-GDP statistic is only one aspect to consider in assessing the appropriateness of government debt levels for an economy. [120], Deregulation also created a business-friendly regulatory framework which has benefited those able to take advantage of it. The challenge is to keep to even the 3.7% figure because officials no longer have the unusually low December 2018 deficit to include in their calculations, which operate on a 12-month trailing basis. There is no social security (payroll) tax or land tax in New Zealand. Before the debt-to-GDP figure is released later this month the treasury will release fiscal data for all of 2019. As a result, inflation rates fell to an average of 2.5% in the 1990s, compared to 12% in the 1970s. By the mid-20th century, pastoral-farming products made up more than 90% of New Zealand's exports,[96] 65% of which was going to Britain in the 1950s. New Zealand recorded a government debt equivalent to 27 percent of the country's Gross Domestic Product in 2019/2020 fiscal year. [90], Prior to European settlement and colonisation of New Zealand, Māori had a subsistence economy, the basic economic unit of which was the sub-tribe or hapū. Ian joined Milford in 2017 as a Senior Analyst focused on fixed income investments. [137] Only three months later, the New Zealand Productivity Commission expressed concern about low living standards and problems affecting the long-term drivers of growth. [84] For example, from 1920 to the late 1930s, the dairy export quota was usually around 35% of New Zealand's total exports, and in some years made up almost 45%. [126], Uncertainty began to dominate the global financial and economic environment. Australia is now the destination of 19% of New Zealand's exports, including light crude oil, gold, wine, cheese and timber, as well as a wide range of manufactured items. NZ also has a high dependence on international debt markets for its borrowing. [29] The proportion of the current account deficit that is attributable to the investment income imbalance (a net outflow to the Australian-owned banking sector) grew from one third in 1997 to roughly 70% in 2008.[32]. New Zealand has a large GDP for its population of 5 million, and sources of revenue are spread throughout the large island nation. New Zealand household debt to GDP ratio is updated quarterly, available from Dec 1990 to Dec 2020. Chorus wholesales services to retail providers (such as Spark). China’s national debt is currently over ¥38 trillion (over $5 trillion USD). The CER also creates a free labour market which allows New Zealand and Australian citizens to live and work freely in each other's country together with mutual recognition of professional qualifications. Your information will be handled in line with our. [18], Despite New Zealand's persistent current account deficits, the balance on external goods and services has generally been positive. Even as recently as 1991, 76% of New Zealand homes were occupied by their owners. Wriggle room “Within five years of taking office” implies the net debt forecasts will land at or below 20 per cent of GDP … Bringing excessive debt under control can further impact growth prospects through austerity measures that can curb government spending and/or raise taxes. New Zealand's diverse economy has a sizable service sector, accounting for 63% of all GDP activity as of 2013[update]. The debt-to-GDP ratio allows investors in government bonds to compare debt levels between countries. Household income or consumption by percentage share: Agriculture – products: wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish, Exports – commodities: dairy products, meat, wood and wood products, fish, machinery, Imports – commodities: machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics, Electricity – production by source:[82][164], Exchange rates: Because these Think Big projects required massive borrowing to get started, public debt soared from $4.2 billion in 1975 when Muldoon became prime minister to $21.9 billion when he left office nine years later. Government subsidies including agricultural subsidies were eliminated; import regulations were loosened up; the exchange rate was floated; and controls on interest rates, wages, and prices were removed; and personal rates of taxation were reduced. [157] The agreement covers the trade and economic relationship between the EU and New Zealand with a view to further liberalisation of trade and investment and acknowledges the intention of the European Union to upgrade its diplomatic presence in New Zealand with a resident ambassador.[158]. [49] In 2015, prices rose another 14%. [91][92] From then immigrants became self-sufficient in farming, and started quarrying a variety of minerals including gold, which was discovered at Gabriel's Gully in Central Otago, leading to the Otago Gold Rush in 1861. New Zealand provides emergency supplies and transport, funding for roading and housing and the deployment of specialists to affected areas. Awarded to Milford Asset Management for New Zealand Fund Manager of the Year. [92] Many government departments were corporatised, and from 1 April 1987 became State owned enterprises, required to make a profit. For many years New Zealand's economy was built on a narrow range of agricultural products, such as wool, meat and dairy. The forecast 2019/20 New Zealand Government Bond programme is unchanged, at NZ$10 billion, from that published at the Budget Economic and Fiscal Update 2019 . [34], The cuts in income tax were estimated to have reduced revenue by $2.46 billion. It is not intended to be viewed as investment or financial advice. The program aims to deliver ultra-fast broadband capable of at least 100 Mbit/s download and 50Mbit/s upload to 75% of New Zealanders by 2019. Present-day telecommunications in New Zealand include telephony, radio, television, and internet usage. Only Mexico's citizens had a higher percentage-wise "take home" proportion of their salaries. 02/08/20 General Gov’t Debt falls to 34.1% of GDP as of end-December 2019. [44] The Asian financial crisis of 1997 set unemployment upwards again, by 28%. [58], Whether purchases are made by New Zealanders or foreigners, it is generally those who are already well off that are buying the bulk of properties on the market. [125] Through 2011, global conditions deteriorated and the terms of trade eased off their 2011 peak, continuing to moderate until September 2012. Officials expect a deficit of 3.7% of GDP, way over the 2.9% targeted in the budget. New Zealand Government Debt to GDP was 27 % in 2021. Since then demand for milk products has been so strong that in the 12 months to March 2014, there was a 51% increase in total exports to China. The Gross Domestic Product (GDP) in New Zealand was worth 206.93 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. [90], Other projects included the Clyde Dam on the Clutha River, which was built to meet a growing demand for electricity, and the expansion of the New Zealand Steel plant at Glenbrook. Unemployment and social welfare benefits were cut and 'market rents' were introduced for state houses – in some cases tripling the rents of low-income people. [115] These reforms became known derisively as Ruthanasia. [31] Foreign ownership has also done nothing to improve New Zealand's foreign debt. We are working hard to make it available as soon as possible. For example, Germany's public debt is many times larger than that of Greece. In the ten years from 2014, the number of New Zealanders over the age of 65 is projected to grow by about 200,000. [102], Britain gained full membership of the EEC on 1 January 1973, and all trade agreements with New Zealand came to an end, except the Luxembourg Agreement. We are currently experiencing high call and email volumes which means there may be a delay in our responding to your query. [52], As a result, more and more people are being pushed out of the property market. At 27.8 per cent of GDP in 2019, New Zealand's debt burden was lower than that of comparable countries, it said - slightly behind Switzerland. Debt-to-GDP is a ratio of a country’s public debt to its gross domestic product (GDP). New Zealand welcomes and encourages foreign investment, which is overseen by the Overseas Investment Office. If you would like to email us with your enquiry, please click here. This table outlines the New Zealand Government's planned spending for the [127] To try and stop a flight of funds from New Zealand institutions to those in Australia, the Government established the Crown Retail Deposit Guarantee Scheme to cover depositors funds in the event that a bank or finance company went broke. Household debt: 125.7 % of disposable income. [22] The primary sector continues to dominate New Zealand's exports, despite accounting for only 6.5% of GDP as of 2013[update]. Some key considerations for NZ specifically are susceptibility to natural disasters, financial vulnerability from high household and agricultural indebtedness, and reliance on commodity income (especially dairy exports) and key trading partners, particularly China. Unfortunately, these actions caused Japan’s debt level to skyrocket. The allocation of $550 million represents about 0.26% of New Zealand's gross national income (GNI).[161]. “By 2017 National’s Budget projections show New Zealand’s Net International Investment Position will skyrocket to minus 80.9% of GDP of $257 billion, equating to $208 billion in net debt … [40] Find statistics on the gross domestic product (GDP), NZ's official measure of economic growth. Historical data on the value and ratio of New Zealand public debt to its Gross Domestic Product. Debt is calculated as the sum of the following liability categories (as applicable): currency and deposits; debt securities, loans; insurance, pensions and standardised guarantee schemes, and other accounts payable. He viewed New Zealand as a "Britain of the South Seas"[94] and began the development of infrastructure in New Zealand investing heavily in roads, railways, telegraphs and bridges funded by public borrowing. [78] A contributing factor is the growth of relatively less energy-intensive service industries. There is no consensus as to what the appropriate ratio is. Economic activity was depressed for some years afterwards, until refrigeration was introduced in 1882. Because of the growing number of elderly becoming eligible, superannuation costs rose from $7.3 billion a year in 2008 to $10.2 billion in 2014. However, beyond the expiry of the Budget Responsibility Rules, rather than target a specific debt-to-GDP ratio the government is considering introducing a target range for debt to be 15-25% GDP. Milford Funds Limited is the Manager and Issuer of the Milford KiwiSaver Plan and the Milford Investment Funds. New Zealand has a universal superannuation scheme. [139] In December however Bloxham stated that he thought the New Zealand economy would continue to grow strongly. There is also 83,000 km of local roads built and maintained by local authorities. New Zealand External Debt accounted for 89.9 % of the country's Nominal GDP in 2020, compared with the ratio of 89.9 % in the previous year. [35] To compensate, GST was raised from 12.5% to 15%. [125] In 2009 the economy picked up, led by strong demand from major trading partners Australia and China, and historically high prices for New Zealand's dairy and log exports. Get the latest local and international market insights, news and investment information direct to your inbox each week. National taxes are levied on personal and business income, and on the supply of goods and services (GST). The amount of Superannuation paid depends on the person's household situation. Tight monetary policy and major efforts to reduce the government budget deficit brought the inflation rate down from an annual rate of more than 18% in 1987. A separate central bank gave New Zealand's government control of monetary policy for the first time,[98] although New Zealand remained part of the sterling area by pegging its pound to the British pound sterling until the introduction of the New Zealand dollar in 1967, after which the dollar was instead pegged to the United States dollar.[99]. In response to the pandemic, the country closed its borders to everyone except New Zealand citizens and residents on 19 March, and went into full (Level 4) lockdown from 26 March to 27 April, followed by a partial (Level 3) lockdown from 28 April to 13 May. Compare Debt Between Countries . The New Zealand Aid Programme, allocated about $550m a year, is focused primarily on promoting development in the Pacific. In the 2010 New Zealand budget, personal tax rates were cut with the top personal tax rate reduced from 38% to 33%[33] The cuts gave New Zealand the second-lowest personal tax burden in the OECD. [125] However, in early 2008 the economy entered recession, before the effects of the global financial crisis (GFC) set in later that year. But Germany's 2017 GDP was … Russia is the … [38] In 2018, New Zealand was ranked 2nd on the Corruption Perceptions Index with a score of 87 out of 100. In 2011 exports to Pacific Islands were worth over $1.5 billion up 12% on the previous year. From around 1900, dairy farming became increasingly viable in areas which were less suitable for sheep, particularly in Northland, the Waikato and Taranaki. The border closure combined with the lockdowns saw the retail, accommodation, hospitality, and transport sectors experiencing major declines. Statistics on external debt. [67], According to the National Infrastructure Unit of the Treasury, New Zealand "...continues to face challenges to its infrastructure; all forms of infrastructure are long-term investments, and change does not come about easily or quickly. [63] In 2011 there were twice as many children in New Zealand as elderly (65 and over); by 2051 there are projected to be 60% more elderly than children. Source: IMF World Economic Outlook (April 2019). Borrowing can be attractive where it enhances the productive capacity of the country. This data on the chart includes mortgages that New Zealand households have on rental properties, whereas the household debt published in the Household balance sheet (C22) data table does not include mortgages on rental properties. In 2010 the GDP grew by a modest 1.6%, but over the next couple of years economic activity continued to improve, driven by the rebuild in Canterbury after the Christchurch earthquakes and recovery in domestic demand. [23], The major capital market is the New Zealand Exchange (NZX). Goods exported to the islands include refined oil, construction materials, medicines, sheep meat, milk, butter, fruit and vegetables. 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