This article assesses the impact of ‘rebalancing’ (ré-équilibrage) policies implemented in New Caledonia following the Noumea Accord in 1998. These policies were designed to redress the disadvantages of the Indigenous Kanak population (both at the political and at the socio-economic level) and to foster Kanak support for a post-Noumea Accord deal with the non-Indigenous population. It outlines the institutional framework of the Noumea Accord and its impact on development policy, exploring the structural dynamics of the New Caledonian economy and the extent of achievements in reducing inequalities. Conventional indicators demonstrate some accomplishments as regards reducing provincial inequalities but this article argues that the goals of rebalancing remain far from achieved and it explores the reasons for those shortcomings. I argue that most difficulties stem from the lack of structural reforms and absence of a shared vision of development. Nevertheless, scope does exist in New Caledonia for fostering balanced development that is environmentally and socially sustainable and better adapted to local specificities.