A year of missed targets | January 8, 2026

Finance Ministry reports tax shortfall, state budget deficit in 2025

Author

Andra Nasrie
January 08, 2026

Hello reader,

It’s the start of a new year, meaning we get an update on the state of the nation’s finances in 2025. For lack of a better word, it was “meh” at best.

The government reported a pretty significant tax collection shortfall, which, in turn, meant a pretty wide deficit in the state budget last year. That also meant more borrowing amid high government spending.

More details below. Can Finance Minister Purbaya, in his first full year at the job, turn things around in 2026?

Cheers,

Andra

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