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Ryan Bridge: The treasury boss' truth bomb · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: As we squabble over toast for new mums in hospitals
• 0:04
  Speaker 1: and funding for street dance performers in Auckland. As we
• 0:10
  Speaker 1: pinch our pennies, pinch our pennies, as we pinch our pennies,
• 0:18
  Speaker 1: we are penny pinching a lot lately, aren't we. We're
• 0:20
  Speaker 1: bickering about all sorts of things. You know, should nurses
• 0:23
  Speaker 1: be getting the free toast in the smokeoe room if
• 0:25
  Speaker 1: they're doing a night shift. The insignificance of all of
• 0:29
  Speaker 1: these debates is being laid bare this morning. There's an
• 0:32
  Speaker 1: article in the Heel which is quite good. It's a
• 0:35
  Speaker 1: bit of a truth bomb from the Treasury boss. So
• 0:38
  Speaker 1: this is what she has said. She's leaving the job.
• 0:41
  Speaker 1: By the way, the data is not really new, but
• 0:44
  Speaker 1: the way that she is speaking so openly and frankly
• 0:47
  Speaker 1: is quite new. Her name's Carolle Mcles. You probably don't
• 0:49
  Speaker 1: know her name. She doesn't do many interviews. She doesn't
• 0:52
  Speaker 1: want to be in the press. She's Australian, she's apolitical.
• 0:56
  Speaker 1: She's five year term coming to an end. She's actually
• 0:59
  Speaker 1: going back to Australia to be the Attorney general over there.
• 1:04
  Speaker 1: Forgive me the order to general over there. So what
• 1:06
  Speaker 1: if she said, Well, she said, the chickens are coming
• 1:09
  Speaker 1: home to roost after COVID. We have a structural deficit
• 1:14
  Speaker 1: and it is so bad that the penny pinching or
• 1:16
  Speaker 1: the pinching pennies, whatever you want to call it, is
• 1:19
  Speaker 1: just not going to cut it. Here's a quote from
• 1:21
  Speaker 1: her significance concerns about underlying fiscal sustainability of our operating model. Now,
• 1:29
  Speaker 1: our netcore crown debt is at forty three percent of GDP. Yes,
• 1:33
  Speaker 1: that is still within a prudent level, but it is
• 1:37
  Speaker 1: well up on the sub twenty percent of pre COVID.
• 1:41
  Speaker 1: This is the problem, and so what do we need?
• 1:44
  Speaker 1: She says, capital gains tax more comprehensive than the one
• 1:48
  Speaker 1: we've got, and a change to the pension age. Boy,
• 1:51
  Speaker 1: did we screw the pooch during COVID, right, And everyone said, oh,
• 1:55
  Speaker 1: don't worry, we're going to spend all this money so
• 1:57
  Speaker 1: we don't have a recession. But we've still had recessions,
• 2:01
  Speaker 1: so it doesn't really matter how much penny pinching though,
• 2:03
  Speaker 1: we still need the penny pinching. For more from News
• 2:06
  Speaker 1: Talk set B listen live on air or online and
• 2:10
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