The aim of government debt management in Norway is to borrow at the lowest possible cost. Ample liquidity in the government bond market will help to lower the government's borrowing costs. In this analysis, we examine a number of indicators that, from various angles, can shed light on developments in liquidity in the Norwegian government bond market. The indicators show that liquidity has improved somewhat in the years after 2012. But similar to developments internationally, liquidity still appears to be weaker than prior to the financial crisis. At the same time, new banking regulation has made banks more solvent and liquid than they were pre-crisis and has likely improved their capacity to provide liquidity in periods of turbulence.