Sir Paul's Letter
Dear Kiwi working abroad
The Christchurch earthquake has hit us hard. The human suffering of local residents is severe, and for their sake, and for the sake of New Zealand, we need to rebuild Christchurch.
New Zealanders have given generously in the various appeals for funds, but in doing so they can give less to other charitable causes, and the internal shifting of cash resources leads to reduced economic activity elsewhere in the economy. By contrast, help from overseas represents a direct injection of funds from the external world economy, a veritable "shot in the arm".
This is where you can be of enormous help.
There are over 85,000 New Zealanders with student loans living abroad. The total debt is over $2 billion! That represents nearly 30% of the $7 billion that New Zealand taxpayers will have to contribute through the Government's contribution to the rebuilding. And of those Kiwis abroad, 35,000 are behind in their repayments. If we were to get everyone to contribute, even a little, then the effect would be hugely helpful.
Many of you will have already paid off, or be currently paying off loans. Some will have delayed doing that. But what is remarkable about all of you is that you are earning an income in foreign currency, and if you were to decide to start repaying or to accelerate your loan repayment rate, you would not only save yourself interest, but you would be acting heroically to help save your country. Those of you who have no loan can help by spreading the word to your friends and colleagues.
This is a very personal decision for you to make, and I make this request humbly and respectfully. I also acknowledge that I was part of a luckier generation who didn’t have to take out loans to study. So who am I to ask you?
Like you, I worked overseas, and I found that my New Zealand education equipped me really well. I wouldn’t be surprised if you felt the same way. And, I ask you to think of my request less in terms of an obligation and more as a chance to make difference. If, like so many Kiwis abroad you feel frustrated in not being able to help Christchurch enough, then I would ask you to consider what I am proposing. If only a few respond, the effect will be significant, but if most of you do, then you will make history and your contribution will be the stuff of legend.
Yours sincerely
Professor Sir Paul Callaghan