National's fiscal rules: two match Treasury forecasts, one sets a new test

National has pledged three Budget Responsibility Rules: surplus by 2028/29, net debt below 40 percent of GDP, and Crown expenditure down towards 30 percent of GDP. The surplus and debt targets align with Treasury's Budget 2026 forecasts. The expenditure target is the contested one — Crown spending has sat above 30 percent of GDP in recent years.