Officials are being told to take a clear look at the financial impact of our ageing population.

Outgoing Treasury boss Dr Caralee McLiesh [Cara lee Mick Leesh] has made it clear there's a need for a Capital Gains Tax and superannuation changes, as her five-year term comes to an end.

She says with an ageing population, an increasing share of government transfers are going to the wealthy.

Independent tax advisor Geof Nightingale told Ryan Bridge more of the population will be taking the national super and needing more healthcare.

LISTEN ABOVE

Officials are being told to take a clear look at the financial impact of our ageing population.
Outgoing Treasury boss Dr Caralee McLiesh [Cara lee Mick Leesh] has made it clear there's a need for a Capital Gains Tax and superannuation changes, as her five-year term comes to an end.
She says with an ageing population, an increasing share of government transfers are going to the wealthy.
Independent tax advisor Geof Nightingale told Ryan Bridge more of the population will be taking the national super and needing more healthcare.
LISTEN ABOVE

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Geof Nightingale: On officials being told to take a look at the financial impact of our ageing population

As we squabble over toast for new mums in hospitals and funding for street dance performers in Auckland, we are penny pinching a lot lately, aren't we?

We're bickering about all sorts of things, should nurses be getting the free toast in the smoko room if they're doing a night shift?

The insignificance of all of these debates is being laid bare this morning. There's an article in the Herald, it's a bit of a truth bomb from the Treasury boss.

She's leaving the job, the data is not really new, but the way that she is speaking so openly and frankly is quite new.

Her name is Dr Caralee McLiesh. You probably don't know her name, she doesn't do many interviews, she doesn't want to be in the press. She's Australian, she's apolitical, and her five year term coming to an end. She's actually going back to Australia to be the auditor general over there.

So, what has she said?

Well, she said the chickens are coming home to roost after covid, we have a structural deficit and it is so bad that the penny pinching or the pinching pennies, whatever you want to call it, is just not going to cut it.

"Significance concerns about underlying fiscal sustainability of our operating model" she says.

Our net core crown debt is at 43% of GDP. Yes, that is still within a prudent level, but it is well up on the sub 20% of pre covid.

This is the problem.

And so what do we need? She says capital gains tax, more comprehensive than the one we've got, and a change to the pension age.

Boy, did we screw the pooch during COVID, right?

Everyone said, oh, don't worry, we're going to spend all this money so we don't have a recession, but we've still had recessions.

So it doesn't really matter how much penny pinching, though, we still need the penny pinching.

As we squabble over toast for new mums in hospitals and funding for street dance performers in Auckland, we are penny pinching a lot lately, aren't we?
We're bickering about all sorts of things, should nurses be getting the free toast in the smoko room if they're doing a night shift?
The insignificance of all of these debates is being laid bare this morning. There's an article in the Herald, it's a bit of a truth bomb from the Treasury boss.
She's leaving the job, the data is not really new, but the way that she is speaking so openly and frankly is quite new.
Her name is Dr Caralee McLiesh. You probably don't know her name, she doesn't do many interviews, she doesn't want to be in the press. She's Australian, she's apolitical, and her five year term coming to an end. She's actually going back to Australia to be the auditor general over there.
So, what has she said?
Well, she said the chickens are coming home to roost after covid, we have a structural deficit and it is so bad that the penny pinching or the pinching pennies, whatever you want to call it, is just not going to cut it.
"Significance concerns about underlying fiscal sustainability of our operating model" she says.
Our net core crown debt is at 43% of GDP. Yes, that is still within a prudent level, but it is well up on the sub 20% of pre covid.
This is the problem.
And so what do we need? She says capital gains tax, more comprehensive than the one we've got, and a change to the pension age.
Boy, did we screw the pooch during COVID, right?
Everyone said, oh, don't worry, we're going to spend all this money so we don't have a recession, but we've still had recessions.
So it doesn't really matter how much penny pinching, though, we still need the penny pinching.

Ryan Bridge: The treasury boss' truth bomb

The final moments of the deadly sinking of the superyacht Bayesian have been revealed by crew members.

New Zealand-born captain James Cutfield is being investigated for possible manslaughter, after seven people died in the disaster.

Ship engineer, Tim Parker Eaton, and watchman Matthew Griffiths are also under investigation.

Europe Correspondent Gavin Grey told Ryan Bridge everyone was thrown into the water when the ship tilted, according to Griffiths.

He says they were walking on the walls of the boat, trying to save every passenger.

LISTEN ABOVE

The final moments of the deadly sinking of the superyacht Bayesian have been revealed by crew members.
New Zealand-born captain James Cutfield is being investigated for possible manslaughter, after seven people died in the disaster.
Ship engineer, Tim Parker Eaton, and watchman Matthew Griffiths are also under investigation.
Europe Correspondent Gavin Grey told Ryan Bridge everyone was thrown into the water when the ship tilted, according to Griffiths.
He says they were walking on the walls of the boat, trying to save every passenger.
LISTEN ABOVE

Gavin Grey: On the final moments of the superyacht Bayesian

On the Early Edition with Ryan Bridge Full Show Podcast for Monday the 2nd if September 2024. The outgoing Treasury Chief Executive has called for a capital gains tax and rise to the retirement age to stop future budget deficits. Could it work? Tax expert Geof Nightingale joins the show.

Lambing season is underway and our red meat exports are down 2% from last year. What does it mean for the industry? Silver Fern Farms Chief Executive Dan Boulton chats to Ryan.

The All Blacks lose 27 - 31 to the Springboks in South Africa, and team NZ are back on the water just days after damaging their boat when their crane failed. Andrew Alderson has your weekend sport wrap.

Get the Early Edition with Ryan Bridge Full Show Podcast every weekday on iHeartRadio, or wherever you get your podcasts

LISTEN ABOVE

On the Early Edition with Ryan Bridge Full Show Podcast for Monday the 2nd if September 2024. The outgoing Treasury Chief Executive has called for a capital gains tax and rise to the retirement age to stop future budget deficits. Could it work? Tax expert Geof Nightingale joins the show.
Lambing season is underway and our red meat exports are down 2% from last year. What does it mean for the industry? Silver Fern Farms Chief Executive Dan Boulton chats to Ryan.
The All Blacks lose 27 - 31 to the Springboks in South Africa, and team NZ are back on the water just days after damaging their boat when their crane failed. Andrew Alderson has your weekend sport wrap.
Get the Early Edition with Ryan Bridge Full Show Podcast every weekday on iHeartRadio, or wherever you get your podcasts
LISTEN ABOVE

Geof Nightingale: On officials being told to take a look at the financial impact of our ageing population

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