Government financial statements through the 11 months ending in May show core Crown revenue ran above Budget projections.
Core Crown revenue came in $1.7 billion above Budget forecasts while expenses ran $900 million below forecast. The operating balance (OBEGALx) recorded a deficit of $6.8 billion, which was $3 billion lower than Budget forecasts.
Corporate tax receipts exceeded expectations by $700 million. Finance Minister Nicola Willis said higher corporate tax revenue indicates increased profitability across the business sector.
The figures cover 11 months of the financial year. Full year Crown accounts will not be finalised until early October.
Economic growth slowed in the second quarter of 2026 during the Middle East conflict, but indicators including oil prices, inflation expectations, business confidence, tourist numbers and export returns have since improved.