The fiscal deficit minus interest payments: what the government borrows for things other than interest on old debt.
| Period | Value | Status | Base |
|---|---|---|---|
| 2026-27 | 0.7 | Budget estimate | |
| 2025-26 | 0.8 | Revised estimate | |
| 2024-25 | 1.4 | Actual | |
| 2023-24 | 2.0 | Actual | |
| 2022-23 | 3.0 | Actual | |
| 2021-22 | 3.3 | Actual |
It shows whether today's policy adds to the debt burden on its own. A primary deficit near zero means new borrowing only covers interest.
Interest on past borrowing is outside the government's control in the short run, so a small primary deficit can still sit alongside a large fiscal deficit.