New Zealand Government Bond 10Y Yield
Long-term interest rate: yield on 10-year government bonds, monthly average.
Government Bond 10Y Yield in New Zealand increased to 4.94 percent in Sep 2026 from 4.71 percent in Aug 2026.
New Zealand Government Bond 10Y Yield — History
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New Zealand Government Bond 10Y Yield — analysis in simple words
Latest reading
Government Bond 10Y Yield in New Zealand increased to 4.94 percent in Sep 2026 from 4.71 percent in Aug 2026.
It has risen in each of the last three months.
Recent trend
A year earlier (Sep 2025) it was 4.29%, so the latest figure is 0.65 percentage points higher.
Over the past five years the average was 4.27%, with a range from 2.23% to 5.47%. The latest value is above that five-year average.
Historical context
This data series starts in Jan 1970 and has 680 monthly observations. The latest reading is higher than 27% of all of them.
The highest value on record is 18.71% (May 1985) and the lowest is 0.54% (Oct 2020). The long-run average is 7.32%.
Compared with other countries
Among 44 economies with recent data, New Zealand ranks 15th from the top. The median across all these economies is 4.03%, so New Zealand is above the typical country.
Within East Asia & Pacific (6 economies with data) it ranks 3rd; the regional median is 4.70%.
Statistics
- Latest
- 4.94%Sep 2026
- Previous
- 4.71%
- 5-year average
- 4.27%
- Long-run average
- 7.32%since Jan 1970
- All-time high
- 18.71%May 1985
- All-time low
- 0.54%Oct 2020
- Observations
- 680Monthly
Recent Data
| Period | Value | Change |
|---|---|---|
| Sep 2026 | 4.94% | ▲ +0.23 pp |
| Aug 2026 | 4.71% | ▲ +0.10 pp |
| Jul 2026 | 4.61% | ▲ +0.15 pp |
| Jun 2026 | 4.46% | ▼ −0.22 pp |
| May 2026 | 4.68% | ■ 0.00 pp |
| Apr 2026 | 4.68% | ▲ +0.04 pp |
| Mar 2026 | 4.64% | ▲ +0.19 pp |
| Feb 2026 | 4.45% | ▼ −0.06 pp |
| Jan 2026 | 4.51% | ▼ −0.01 pp |
| Dec 2025 | 4.52% | ▲ +0.31 pp |
| Nov 2025 | 4.21% | ▲ +0.13 pp |
| Oct 2025 | 4.08% | ▼ −0.21 pp |
| Sep 2025 | 4.29% | ▼ −0.12 pp |
| Aug 2025 | 4.41% | ▼ −0.14 pp |
| Jul 2025 | 4.55% | ▼ −0.03 pp |
| Jun 2025 | 4.58% | ▼ −0.01 pp |
| May 2025 | 4.59% | ▲ +0.04 pp |
| Apr 2025 | 4.55% | ▼ −0.08 pp |
| Mar 2025 | 4.63% | ▲ +0.02 pp |
| Feb 2025 | 4.61% | ▼ −0.04 pp |
| Jan 2025 | 4.65% | ▲ +0.16 pp |
| Dec 2024 | 4.49% | ▼ −0.14 pp |
| Nov 2024 | 4.63% | ▲ +0.25 pp |
| Oct 2024 | 4.38% | ▲ +0.19 pp |
| Sep 2024 | 4.19% | ▼ −0.03 pp |
| Aug 2024 | 4.22% | ▼ −0.28 pp |
| Jul 2024 | 4.50% | ▼ −0.14 pp |
| Jun 2024 | 4.64% | ▼ −0.11 pp |
| May 2024 | 4.75% | ▼ −0.07 pp |
| Apr 2024 | 4.82% |
Government Bond 10Y Yield — New Zealand vs Peers
Latest available reading for each economy (periods may differ). New Zealand highlighted.
More New Zealand indicators
Understanding Government Bond 10Y Yield — a simple guide
What it measures
The interest rate (yield) investors earn on 10-year government bonds — the benchmark long-term interest rate.
How it is calculated
The average market yield during the month on government bonds with about 10 years left to maturity.
A 7% yield means a ₹100 bond pays about ₹7 a year in interest relative to its price.
Higher yields make borrowing more expensive for governments, companies and home buyers.
Lower yields reduce borrowing costs and tend to support asset prices.
Why it matters for the economy and markets
The 10-year yield sets the tone for home-loan rates, corporate borrowing costs and stock valuations. Rising yields usually make bonds more attractive relative to shares.
How to read it
Yields rise when investors expect higher inflation or interest rates, or demand more compensation for risk. The gap between the 10-year yield and the policy rate (the “yield curve”) is closely watched.
What to look at alongside it
The policy rate, inflation, the budget deficit and global bond yields.
Key terms
- Yield
- The annual return an investor earns from a bond at its current price.
- Yield curve
- The gap between long-term and short-term interest rates.
- Bond price vs yield
- When bond prices fall, yields rise — they move in opposite directions.
Data source
OECD — Organisation for Economic Co-operation and Development (series OECD long-term interest rate), monthly data from Jan 1970 to Sep 2026. Values are shown exactly as published by the source and may be revised later.
How to use the chart
Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.
Frequently asked questions
What is the current government bond 10y yield of New Zealand?
What is the highest and lowest government bond 10y yield of New Zealand?
What does government bond 10y yield measure?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.