Key facts
- New Zealand's Treasury has released a draft long-term fiscal statement called He Tirohanga Mokopuna 2021.
- The statement examines potential fiscal scenarios over the next 40 years.
- Key areas covered include climate change, an aging population, and healthcare costs.
- The Treasury is soliciting public submissions on the draft until July 30.
- Treasury Deputy Secretary Bryan Chapple highlighted the need for input from young people.
- The statement is intended to be independent of ministers and provide policy options.
New Zealand's Treasury has released a draft of its long-term fiscal statement, He Tirohanga Mokopuna 2021, which aims to project the country's financial position 40 years into the future. The statement, open for public submissions until July 30, explores various scenarios related to climate change, an aging population, healthcare costs, and government revenue and expenditure.
Treasury Deputy Secretary Bryan Chapple stressed the importance of public input, particularly from younger generations who will be most affected by long-term policy decisions. He encouraged submissions that connect personal experiences, such as housing affordability, to the broader policy areas outlined in the report. The initiative combines the Treasury's statutory requirement to produce a long-term fiscal statement every four years with a new Public Service Act mandate for government departments to produce insights briefings.
The statement provides analysis and potential policy options, such as adjusting the retirement age in response to an aging population or implementing regulations for building on flood-prone land due to climate change risks. It does not make policy recommendations, leaving that to elected Members of Parliament, but aims to inform their decisions by presenting trends and their potential fiscal impacts.