Two a penny

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The Government has no plans to change superannuation entitlements or raise the age of eligibility in the face of a Treasury report’s dire warnings of the burden of an ageing population.

Treasury secretary John Whitehead today warned New Zealand’s net debt could reach $2 trillion by 2050 if government spending followed historic trends.

The statement showed the Government was currently issuing about $250 million a week in debt.

Releasing the treasury’s long term fiscal statement this afternoon, Mr Whitehead said “as a nation we are going to have to make some choices about what we want”.

“The only options that are feasible are options of changing taxes around.

Finance Minister Bill English said the Government would not go back on its promise to retain entitlements but the next round of tax cuts would not be happening in the short term.

“If we can get some better results on the economy then we will get some more tax revenue in. We will need to collect all the current amount of tax,” he told reporters.”

Growth in Government spending has averaged 6. But in the shorter term there isn’t an option on giving away a whole lot of revenue.2 percent over the same period.3 percent a year for the past 15 years, in total more than 20 percent higher than economic growth, at 5.The shift in the past three years was partly due to lower revenue and increased expenses from the recession, and revised growth and revenue predictions.

The statement more than doubled the projected net debt from the 2006 forecast to 223 per cent of GDP by 2050 if things did not change.

Mr Whitehead noted the imminent threat to government spending liabilities from the increasing 65-plus age bracket.

Also contributing to the shift was the increased expense of new Government policies over the past three years.

“By 2050 the ratio of people 65 and over to those of working age will double,” Mr Whitehead said.

A quarter of Government spending currently went towards that group, which made up 12 per cent of the population. .

Mr Whitehead emphasised he did not expect the worst case scenario to come true, but it was up to the Government to make the necessary choices to address the fiscal issues highlighted in the statement. Treasury’s given the same advice about super for 20 years, it hasn’t changed.

“Future Governments haven’t made the undertakings the current Government has made.”

More people were choosing to stay on at work longer and Mr English expected that to increase. We made an undertaking and we are sticking to that undertaking.”

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Tui thriving in Wellington

Tuesday, 25 November 2008

ROB KITCHIN/
ON THE REBOUND: There are now 510 tui in Wellington, up from just 68 in 2001.

Tui are taking over Wellington, with an eight-fold jump in their recorded numbers since 2001.
The forest bird is now the second most commonly observed in the capital after the silvereye, according to a twice-yearly survey.
Tui hot spots were Otari-Wilton, Aro Valley, Brooklyn and Ngaio, though the population was increasing across the city, she said.
"They seem to love it here," Wellington City Council reserves manager Amber Bill said. Bird songs are recorded for five minutes by volunteers and then analysed.
The population of tui and other birds are monitored in autumn and spring, using a series of surveys across Wellington reserves.
Since 2001, the total number of tui heard jumped from 68 to 510.
Ms Bill said tui were probably spreading from the Karori Sanctuary and naturally recolonising the city.
The tui is one of our most distinctive birds with its white tuft under the throat and sleek dark green-blue plumage. .
Other factors in the rise of tui included efforts to control possums and other pests, and more native trees being planted in gardens. Ms Bill said the key to keeping tui numbers increasing was to provide more food and cut predator numbers."
The surveys showed other bird species including kaka and saddleback were also on the rise.
Sanctuary spokesman Alan Dicks said it had received reports of tui in suburbs where they had not been seen for years, such as Miramar.
Sanctuary spokesman Alan Dicks said it had received reports of tui in suburbs where they had not been seen for years, such as Miramar. In January it was revealed Karori Sanctuary had received complaints from people kept awake by the birds' raucous singing."
However, the return of the tui has not been welcomed by all Wellingtonians. "Hopefully .
Mr Dicks said there were no complaints so far this spring…"

. last summer was enough to make people appreciate what a good thing we've got here

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Global grinches steal Christmas

By STACEY WOOD Saturday, 22 November 2008

ROB KITCHIN/The
PENNY PINCHING: The ghost of Scrooge will be hovering over the Kiwi Christmas this year, a new poll shows.

The ghost of Scrooge will be hovering over the Kiwi Christmas this year, a new poll shows.
Research New Zealand figures show almost half the population plans to spend less on Christmas this year than previously.
"Only one in five people said the state of the economy was having no impact on their standard of living or financial situation.
RNZ director Emanuel Kalafatelis said the poll confirmed that high petrol prices, a contracting economy and real estate slump were hitting Kiwis hard."
He said a "new mood of frugality" could mean shops and holiday destinations were a little quieter this year. That means, for the vast majority of us, times are tough.
Louise Shirkey, personal shopper for Kirkcaldie & Stains, said that though the usual gifts were proving popular this year – especially soaps and bath lotions for women – shoppers needed to get crafty with their money. "Something a bit different is always good.
Her clients spent anything from $20 to $200 or more on each gift, but choosing the right gift was more important than a big price tag, she said.
After last year's Christmas blowout, New Zealanders woke up to a multibillion-dollar credit card bill. .73 billion in November to $4. MasterCard's reports showed total money owed on credit cards jumped from $4.92 billion in December 2007.92 billion in December 2007.