The Government is confident there'll be a good bounce-back when the country emerges from Covid-19 restrictions, because its books are in good shape.
Treasury figures show a deficit of $4.6 billion, about ten billion less than expected, due to a higher tax take and lower expenses.
The Crown's net worth has also jumped by $40 billion in the year to June 30.
Finance Minister Grant Minister says the post-lockdown rebound will cut across two quarters, there'll be a hit, but the resilience and strength of the economy will help us rebound.
Former Finance Minister Steven Joyce joined Kerre McIvor.