Photo: RNZ
Balancing the government's books is always difficult, but with an ageing population, fewer people of working age paying taxes, the growing costs of spending on public services and rising debt, Treasury has issued some grave warnings about the nation's long-term fiscal position.
In a recent report, it says we hold nearly $35,000 in public debt for every New Zealander. And if no changes are made to borrowing, spending and taxing, by 2065 this will rise to $246,000 for every man, woman and child. Treasury has set out several options for the government on how to improve our long term position.
Treasury Secretary Iain Rennie speaks to Kathryn.
