In my previous columns, I outlined why the long-term sustainability of New Zealand’s tax base and the country’s retirement settings need to be at the centre of this year’s election debate. The policies in these areas are fundamental for New Zealand’s fiscal future. Treasury and IR have both highlighted the pressures that demographic change will place on government finances, while our own member survey found strong support for action in both areas.

While tax and retirement settings deserve attention, they are only part of the picture.

Responding to New Zealand’s long-term fiscal and economic challenges will require more than changes to tax and superannuation policy. It will also require the right people, institutions, and systems to support informed decision making and economic growth.

Strengthening independent fiscal oversight

The difficult conversations New Zealand needs to have about government revenue and expenditure will only become more important in the years ahead. Those conversations need to be supported by robust, independent analysis – New Zealand needs an independent fiscal costing unit.

Such an institution could provide independent costings of political party policies, assess government fiscal strategies and targets, and analyse New Zealand’s long-term fiscal sustainability and fiscal risks. The objective is not to determine which policy options are right or wrong. Rather, it is to ensure that voters, policymakers and stakeholders have access to high-quality information about the implications of competing proposals. At a time when difficult fiscal choices lie ahead, better information will support better decisions.

Preserving the accounting talent pipeline

Long-term fiscal sustainability and stronger productivity growth depend on people. New Zealand continues to face accounting skills shortages. Strong education pathways, stable immigration settings and better workforce planning are needed to ensure businesses, communities and government can access the talent they need.

Adopting digital reporting

Financial reporting remains a cornerstone for decision making but much of that information is still produced in formats designed primarily for people to read, rather than for systems to analyse. Manual and PDF-based reporting limit usability, comparability and efficiency.

Digital reporting modernises the way financial information is shared. Structured reporting formats such as iXBRL allow information to be searched, analysed and compared more effectively by investors, regulators and, increasingly, by AI-enabled tools.

We are supportive of a phased approach to mandatory digital financial reporting for financial markets conduct (FMC) reporting entities, supported by implementation assistance, training and alignment with international frameworks.

Charting the path on sustainability reporting

New Zealand was an early leader in climate reporting. Future reforms should balance international alignment with the realities of the domestic market, providing organisations with the certainty needed to continue investing in capability, while maintaining access to global capital and markets.

Looking beyond the election

Discussions about tax reform and retirement settings are politically fraught, even though the underlying outcome sought is simple – ensuring long-term prosperity, enhanced productivity and fiscal sustainability.

In this same vein, the four areas above represent the types of long-term investments that deserve a place in the conversation about the country’s future. They may not attract the same attention as tax or superannuation, but they play an important role in our nation’s long-term productivity and its ability to navigate the economic and fiscal pressures ahead.