New Zealanders are paying more in taxes than we've ever paid before.
The Government opened its books on Wednesday and cracked open the tax debate ahead of next year's election, with the accounts showing we've topped $100 billion in tax take.
A year out from the election, there's only one thing on the minds of voters Newshub spoke to: "cost of living".
It's no secret Kiwis' bank accounts have been feeling the pinch. But the Government's books are better than expected. Finance Minister Grant Robertson said he is "very pleased" with the set of accounts.
Back in May, Treasury predicted New Zealand's deficit would sit at around $19b. The accounts, though, show our deficit is at $9.7b. That's partly due to a titanic tax take of $108 billion, the largest New Zealanders have ever paid.
"The Government, alongside hard-working New Zealanders, has done a lot of hard work," said Robertson.
It's hard work that's kept our net debt one of the lowest in the OECD, even in the face of COVID-19. But it's still a lot to swallow, at $61.9b.
"New Zealanders should be confident there's more revenue going into the Crown and that debt is where the Government thought it would be," said Council of Trade Unions economist Craig Renney. "But we need to be really careful going forward that we don't take too much of that and spend too much money."
But if anyone's hoping for relief in the form of tax cuts, don't hold your breath.
"This is a time for balance and caution, not for frittering away things through tax cuts to the wealthiest," said Robertson.
However, Kiwis Newshub spoke to wouldn't mind one.
"Yes, who wouldn't," said one person.
"Yeah, a tax cut would be good," said another.
The National Party said they're exactly what the Government should be rolling out.
"What we see here is a Government awash with cash in tax revenue but yet it can't find room to give tax relief to everyday New Zealanders," said National leader Christopher Luxon.
"They're wrong," said Robertson.
Robertson, the money man, wouldn't explicitly rule them out for our lower earners.
"I have ruled out the idea of tax cuts that disproportionately support the wealthier New Zealanders," he said.
Let the tax-off begin.
