Ryan Bridge: We can't afford a credit downgrade

Early Edition with Ryan Bridge · Aug 31, 2026 · 1m · transcript

You know how New Zealanders love it when foreign countries, or media, or even tourists talk about us?

They're always the most read stories on news sites – it's like a national pastime.

Oh look! Brad Pitt says New Zealand is beautiful! Oh look, Jason Mamoa did a bungee and Queenstown is beautiful!

Well, have I got news for you, New Zealand.

S&P, the global ratings agency, has just done a bungee on our country's finances.

It's mostly good news: low net debt, growth of 2.5% a year, good Government. Safe, sound, stable outlook.

The equivalent of a 4-star Tripadvisor review.

But there's one number…