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The requirements for fiscal sustainability in New Zealand

Author

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  • Robert A. Buckle
  • Amy A. Cruickshank

Abstract

New Zealand, like many other countries, is experiencing a changing demographic profile from one dominated by young people during the twentieth century to one where the population is more evenly distributed across age groups. This has implications for the government's future fiscal position and sustainability of its spending programmes. This article discusses the link between the government budget constraint and fiscal sustainability, measures of fiscal sustainability, and why it is important. We examine New Zealand Treasury's approach to assessing fiscal sustainability, review lessons from previous fiscal adjustments, and discuss criteria to evaluate policy changes designed to achieve fiscal sustainability.

Suggested Citation

  • Robert A. Buckle & Amy A. Cruickshank, 2014. "The requirements for fiscal sustainability in New Zealand," New Zealand Economic Papers, Taylor & Francis Journals, vol. 48(2), pages 111-128, August.
    • Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:111-128
    DOI: 10.1080/00779954.2013.874393
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    Cited by:

    1. John Creedy & Kathleen Makale, 2014. "Social expenditure in New Zealand: Stochastic projections," New Zealand Economic Papers, Taylor & Francis Journals, vol. 48(2), pages 196-208, August.
    2. Christopher Ball & John Creedy & Grant Scobie, 2015. "Long-run Fiscal Projections under Uncertainty: The Case of New Zealand," Treasury Working Paper Series 15/10, New Zealand Treasury.
    3. John Creedy & Grant Scobie, 2017. "Debt projections and fiscal sustainability with feedback effects," New Zealand Economic Papers, Taylor & Francis Journals, vol. 51(3), pages 237-261, September.
    4. Matthew Bell & Paul Rodway, 2014. "Treasury's 2013 long-term fiscal statement: Assumptions and projections," New Zealand Economic Papers, Taylor & Francis Journals, vol. 48(2), pages 139-152, August.
    5. Christopher Ball & John Creedy & Grant Scobie, 2018. "The Timing of Income Tax Changes in the Face of Projected Debt Increases," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(2), pages 191-210, June.
    6. Christopher Ball & John Creedy & Grant Scobie, 2015. "Long-run Fiscal Projections under Uncertainty: The Case of New Zealand," Treasury Working Paper Series 15/10, New Zealand Treasury.
    7. Buckle, Robert A., 2018. "A quarter of a century of fiscal responsibility: The origins and evolution of fiscal policy governance and institutional arrangements in New Zealand, 1994 to 2018," Working Paper Series 7693, Victoria University of Wellington, Chair in Public Finance.
    8. John Creedy & Grant Scobie, 2017. "Debt projections and fiscal sustainability with feedback effects," New Zealand Economic Papers, Taylor & Francis Journals, vol. 51(3), pages 237-261, September.
    9. Buckle, Robert A., 2018. "A quarter of a century of fiscal responsibility: The origins and evolution of fiscal policy governance and institutional arrangements in New Zealand, 1994 to 2018," Working Paper Series 20848, Victoria University of Wellington, Chair in Public Finance.

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