John Whitehead speaks his mind

John Whitehead on ...

Fiscal sustainability:
"As an erstwhile motorcyclist, I know that when your skull has been saved by your crash helmet, the first thing you should do is replace your helmet." - speech to Russell McVeagh, Dec 08

Capital gains tax:
"At the risk of being chased down by an angry crowd with pitchforks and flaming torches, yes this should include consideration of moving the boundaries to tax more capital gains - for example on investment property - and shifting more of the tax base towards consumption." - speech to Institute of Directors, June 09

Being frank:
"We have a Government which by and large welcomes free, frank and imaginative advice: let's take advantage of that." - speech to policy leaders, June 09

Seizing the day:
"It is very important ... we don't lose sight of our medium and longer-term goals. As Hillary Clinton has famously said, 'Don't waste a good crisis'." - speech to policy leaders, June 09

Being unpopular:
"We face tough decisions and can't afford to be sidetracked or avoid decisions, even though some of them will be unpopular and painful." - NZ Herald column, Aug 09

Being bold:
"The tough spending decisions have not yet been made... and the longer we leave it, the harder it will get. Your support in helping frame the debate and argue the case for bold change will be essential." - speech to Institute of Directors, Oct 09

Treasury on ...

Tax reform:
"We see reform of the variable rates of tax on different incomes/investments, and the reduction of the top personal income tax rate, all to 30 per cent, as having greatest impact." - Medium Term Tax Policy Challenges, Feb 09

Capital gains tax:
"The extension of the income tax base to include capital gains would be a second priority." - Medium Term Tax Policy Challenges, Feb 09

Government debt:
"No other country in modern times has (yet) seen its NIIP [net international investment position] stabilise with such a high level of reliance on foreign capital." - Closing the Income Gaps, Aug 09

Government spending:
"The case for earlier and more substantial fiscal consolidation is much stronger than it was earlier this year... Having dealt with that initial situation, some more significant adjustment is now warranted." - Closing the Income Gaps, Aug 09

Closing the gaps: "There is nothing in the current projections or set of policies that suggests material progress is likely in reversing the large per capita income gap that exists between Australia and New Zealand and the average of its OECD peers." - Closing the Income Gaps, Aug 09

Now vs 1987: "The New Zealand shake-out following 1987 was also a painful multi-year period of deleveraging - and the imbalances then were, in most respects, less severe than those New Zealand now faces."
- Closing the Income Gaps, Aug 09

Balancing the books: "The Budget projections were finalised in April... As things stand today, the prospects for any sort of successful rebalancing seem much less favourable." - Closing the Income Gaps, Aug 09