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The Treasury has warned the strength of the Crown's balance sheet is likely to deteriorate if policy settings are not changed.
Its 2025 Investment Statement found liabilities were forecast to rise 33 percent by 2029 to $504 billion, as the debt grows to fund investment spending and operating deficits.
The increase in liabilities was also projected to outpace the increase in assets, with net worth expected to fall 10 percent to $172b.
As at June 2024, assets on the Crown's balance sheet totalled $571b, and liabilities were $380b.
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