Nicola Willis

Good morning, Mike.

It was very positive.

That's an excellent relationship we have with a fast-growing country.

We're already doing $11 billion worth of trade, and there's potential to grow a lot more, which equals Kiwi jobs, better incomes for us.

Well, look, they offer an external perspective, which I think is useful not to just be self-dwelling and look at our own navels.

Obviously, anything they say, we then need to decide what suits us and our country and our national interests.

But I enjoy policy insights from others.

Well, no, we are going to have to do something.

If you're sensible, you listen to these facts and you think, well, that's not sustainable.

In the 1960s, there were around seven New Zealanders of working age for every person aged 65 or older.

Today, there are four.

And by 2065, there will only be two.

So that burden on our taxpayers is increasing significantly.

Already, between last year and the end of the fiscal period, the cost of New Zealand superannuation will increase by about $6 billion a year.

It's rising as a proportion of what we tax you for.

It's currently just over 16%.

It's going to rise to over 20%.

And every dollar we're spending on superannuation is a dollar not available for education, for health, for infrastructure.

So gradually, over time, some changes will need to be made.

They don't need to be as dramatic as the OECD suggests, but some adjustments will be needed.