Debt cost rising
PA Wellington Nine per cent of all export receipts are needed to pay interest on Government debt — three and a half times more than the equivalent percentage 10 years ago. New Zealand’s debt interest payments in 1974 were 2.8 per cent of export receipts at $36.3 million. Ten years later the total cost of interest payments was $687.7 million. Reserve Bank figures show the first big leap in interest payments was in 1975 when they rose to five per cent of export receipts or $89.6 million. The figure ranged between 5 and 6 per cent ($156.9 million to $332.8 million) until 1981, when they rose to 6.6 per cent of exports or $430.9 million. In 1982, interest as a percentage of exports rose to 9.2 per cent or $629 million, while last year the figure was 9 per cent or $687.7 million.
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Press, 14 April 1984, Page 26
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145Debt cost rising Press, 14 April 1984, Page 26
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