Public doubts economy can fix housing and cost-of-living crisis
Growing numbers of New Zealanders believe the economic system is failing them and want billionaires to shoulder more of the tax burden, new polling suggests.
Research by Talbot Mills for Wellbeing Economy Alliance Aotearoa found 66% of respondents felt “the economic system in New Zealand is not set up to effectively address the big issues like housing, healthcare, and climate change,” while only 10% disagreed. Half agreed no one should be a billionaire while many struggle to cover basics such as rent, food, and medical costs, RNZ reported.
Think tank director Gareth Hughes said there was deep unease about how wealth and opportunity are shared.
“Kiwis know that our tax system isn't fair, it's putting too much of the responsibility on workers, on things like GST, which are incredibly regressive,” Hughes said, arguing New Zealand needs a reset on tax and investment in public services.
Support for taxing extreme wealth is strong: 68% backed billionaires paying more tax to fund healthcare, housing, and climate action, and just 13% were opposed.
“That's two-thirds agree that billionaires should be paying more to fund these public services,” Hughes said.
That frustration is playing out not only in attitudes to tax, but also in how New Zealanders – especially younger ones – are choosing to build wealth in an era of high house prices and stagnant affordability.
Younger Kiwis turn to shares as housing slips further out of reach
A survey by ASB shows a growing generational divide in how best to invest money, with under 30-year-olds choosing shares over property.
The findings were based on the results of 672 online interviews in the final quarter of 2025 with adults aged 18 and older throughout New Zealand, Stuff reported.
ASB senior economist Chris Tennent-Brown said older New Zealanders still view the family home as the best investment, while younger generations increasingly favour shares, managed funds, and KiwiSaver.
“Gen Z on the other hand believe the best returns currently lie in investing in shares of publicly listed companies, signalling the rise of the DIY investor as an accessible path to growing your portfolio,” Tennent-Brown said.
Housing affordability remains a key pressure point. Official data from June 2025 showed national median house prices were roughly 7.7 to 14.6 times median household incomes, making it difficult to get a foot in the door.
Hughes said the combination of rising inequality, locked-out first-home buyers, and pessimism about the future showed “an economy that isn’t serving us”.
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