Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

More Questions Than Answers On Cullen’s Super Fund

Tuesday 10th Oct 2000

Rodney Hide


Media Release -- Economy

Treasury’s briefing on the Government’s proposed “pre-funding” of Super payments raised more questions than answers, said ACT Finance spokesman Rodney Hide.

“The ACT party will be seeking answers to these questions before committing support to Dr Cullen’s proposal.

“The Treasury briefing made plain what ACT has maintained all along, so-called ‘pre-funding’ does not alter the economics or affordability of super over time. ‘Pre-funding’ is simply a financial mechanism that spreads the increasing cost of Super over a longer time frame. The forty year costs of Super will now be spread over one hundred years.

“As the Minister acknowledges in his press statement, ‘Eventually [the Fund] will run down entirely’. This is not a “pre-funding” scheme at all. It is simply a cost-smoothing scheme. Super remains ‘pay as you go’ as Treasury briefing papers explain “the rolling horizon methodology results in a smooth- pay-as-you-go system’.

“However, the so-called “pre-funding” scheme does force politicians to view super policy over a rolling forty-year period. This long-term view of Super is what ACT has been advocating since the ACT party was founded.

“The ACT party agrees with National’s Bill English that the proposal should be independently tested by a panel of experts. It’s a big change that is being proposed and it is important that Parliament take independent and expert advice.

"The ACT Caucus has accepted Dr Michael Cullen's invitation to brief Caucus later this week. We will be questioning the Minister on the details of his scheme. We will also be interested to learn how flexible the Government is as ACT has some ideas on how to improve the scheme and we will be proposing these to the Government,” said Rodney Hide.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Crowdsale And Crowdfunding Campaign: Help Create The Future Of Independent News

Two weeks to go! The Scoop 3.0 plan aims to create NZ’s first community-owned, distributed news and media intelligence ecosystem in 2019. We believe this ScoopPro media monetisation approach can be scaled and spread globally to support local and independent news efforts in regional New Zealand and around the world.

Scoop is an ecosystem, it would not exist without those who contribute to it, read it and rely on it for professional media purposes. Generous past support from this ecosystem has enabled us to come this far in developing our business model. Support our PledgeMe Campaign>>

 

14/11: Two Years’ Progress Since The Kaikoura Earthquake

Mayor John Leggett said it was a day for reflection, but also a time to recognise the work by many people to support progress towards recovery made across Marlborough since November 2016. More>>

ALSO:

Pike River: Mine Drift Re-Entry Plan To Proceed

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little. More>>

ALSO:

Appointments: New High Commissioner To Australia Announced

“Dame Annette King needs no introduction given her long running career as a parliamentarian where she has previously held a number senior Cabinet portfolios, including Justice, Police and Health. She also was Parliament’s longest serving female MP with 30 years’ service,” said Mr Peters. More>>

ALSO:

Two Years Since Kaikoura: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General. More>>

ALSO:

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>

ALSO:

Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels