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Population aging and financing of government liabilities in New Zealand, Volume 1
 
Author:Polackova, Hana; Country:New Zealand;
Date Stored:1997/02/01Document Date:1997/02/28
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; Economic Theory & Research; National Governance; Banks & Banking Reform; Health Monitoring & Evaluation; Public Health Promotion; Public Sector Economics
Language:EnglishMajor Sector:Public Administration, Law, and Justice
Region:East Asia and PacificReport Number:WPS1703
Sub Sectors:Other Public Sector ManagementCollection Title:Policy, Research working paper ; no. WPS 1703
Volume No:1  

Summary: In New Zealand in the next 50 years, an aging population is expected to elevate government liabilities and weaken the government's fiscal position. To maintain fiscal balance, the government must either substantially pre-fund future increases in its liabilities or significantly raise taxes in the 2030's-40's, following few small possible tax cuts in the next 10 to 15 years. Expected fiscal problems are related to the increasing costliness of publicly providing for health care and retirement. Moreover, the aging population's negative effects on the fiscal balance could be exacerbated by any slackening in economic performance or in fiscal prudence. Long-term fiscal projections for the country, and literature on the problem, indicate that the most effective way to contain the expected rise in government liabilities is to reform health care and pension policies.

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