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Investor Presentaiton

NZGBs maintained above 20% of GDP Source: The Treasury's NZDMO 0 5 10 1995 15 NZ$b 25 25 20 1996 1997 1998 1999 2000 2001 2002 Bond Programme 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -NZGBS as % GDP 2022 30% 25% 20% 15% 10% 5% do go 0% 16
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