The Treasury will report later this year on its view of the country’s long-term fiscal position. The first phase of consultation on this report is now closed.
COVID-19 has had an unprecedented impact on the economy, and there is still considerable uncertainty about its future effects. But the Treasury is also focused on the potential effects on our economy of long-term macroeconomic trends like population and climate change.
At least every four years the Treasury produces a Statement on the long-term fiscal position of the government, looking at least 40 years into the future. We do this to inform commentary and discussion on New Zealand’s significant long-term fiscal challenges, and to help decision makers assess the long-term impacts of policy options that might be considered in these areas.
Statements on the long-term fiscal position describe trends and pressures on spending, revenue, the fiscal operating balance and public debt. These descriptions are based on current policy settings, recent history and likely long-term developments in key factors such as demographic, social and environmental conditions. Since 2004 the Treasury has produced four such Statements: Long-term fiscal position
This year, the report will also incorporate our first long-term insights briefing to the Minister of Finance, as required by the Public Service Act 2020, looking at the medium to long-term trends, risks and opportunities to New Zealand through the Treasury’s core fiscal stewardship lens.
The first phase of consultation on the Treasury’s 2021 Statement on the long-term fiscal position focuses on the proposed scope of the Statement.
We’ve provided a consultation document that outlines the proposed subject matter for the 2021 Statement: Looking to the future: New Zealand’s long-term fiscal challenges
Submissions on this document are now closed.
Will my submission be made public?
You can request that your submission be anonymised, or that all or part of your submission be withheld from publication. The Treasury will consider all requests to withhold information but reserves the right to release any information in compliance with the requirements of the Official Information Act 1982.
What information will be made available?
Background and supporting papers, including more detailed discussion on some of the topics we propose to cover in the Statement, will be published over the coming weeks and months.
In line with the requirements of the Public Service Act 2020, and our commitment to openness and transparency, the Treasury intends to proactively release a summary of the feedback received through stakeholder submissions.
Enquiries? Get in touch
For general enquiries about the Statement of long-term fiscal position, please email [email protected]
All media enquiries should be directed to [email protected]