We hear a great deal about the Bank of Mum and Dad. The Bank of the children gets rather less attention, although we have been drawing on it for years.

The Bank's terms are simple. Voters choose what they want, politicians arrange delivery and Treasury does the paperwork. Anything the adults would rather not pay for goes on the kids' account.

The children don't need any money. Their future taxes are security enough.

Even the coalition elected in 2023 to repair the books will have added about $34 billion to the tab over its three Budgets. That is a little over $6,000 per New Zealander, toddlers included. None has objected.

Election years are the busiest time for the bank. The parties queue at the counter, each promising the family more than the one before: more spending, lower taxes, relief from this charge or that bill. They differ over the shopping list but share a preferred lender.

Most banks offer a gift for opening an account. National would give every newborn a $1,500 Baby Boost in KiwiSaver. The babies can pay for their present when they grow up.

Labour would wipe 10 percent off student loans for borrowers who stay in New Zealand. Their younger siblings will help pick up the difference.

The Bank of the children has other advantages over ordinary lenders. It asks no awkward questions and needs no signature from those whose future earnings secure the loan. Indeed, many cannot yet hold a pen. Their absence from the roll keeps administration simple.

Not every charge is frivolous. Borrow for a bridge and the children inherit a bridge as well as the bill. Borrow for the groceries and they inherit the receipt.

Nothing is hidden. Treasury publishes the figures, journalists ask whether the promises are affordable and the people who will pay are at kindy.

Of course, the children are never consulted. They lack the maturity to understand that you cannot have everything you want. When they're old enough to vote, they can review the terms. By then, though, they may have children of their own. The Bank of the children need never close.

In time, the children may come to the Bank of Mum and Dad for help with a house deposit. We should hear them out – family support works both ways.

But first they should learn to stand on their own two feet.