Professional Documents
Culture Documents
Strategy
ADB Conference
Kuala Lumpur, November 2009
Philip Combes
Treasurer, New Zealand Debt Management
Office
Fiscal Outlook and
Government Funding
Net Debt and Operating Balance
Forecasts
Economic growth and limited increases in new government spending
expected to constrain growth in net debt in future years.
Forecast Bond Issuance
Government Bond Outstandings
Non-resident Holdings of Government
Bonds
Overseas investors continue to hold significant amounts of New Zealand
Government bonds.
% of market outstandings Source: Reserve Bank of New Zealand
2009/10 Bond Issuance Progress
Debt Strategy
USD v’s NZD Borrowing
Nominal v’s CPI-indexed Borrowing
$m
-2,000
-1,000
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
0
27/10/2008
26/11/2008
26/12/2008
25/01/2009
Cash Balance
24/02/2009
26/03/2009
25/04/2009
25/05/2009
24/06/2009
24/07/2009
23/08/2009
22/09/2009
22/10/2009
Bond Maturity Profile
Contact: New Zealand Debt Management Office, The Treasury, 1 The Terrace,
Wellington, 6011, New Zealand | PO Box 3724, Wellington 6140, New Zealand
Tel: +64 4 472 2733 | Fax: +64 4 472 2492 info@nzdmo.govt.nz www.nzdmo.govt.nz