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

General Assembly: Ardern Rejects Trump Call For War On Drugs

New Zealand will not be signing the United States' document calling for global action on the war on drugs, Prime Minister Jacinda Ardern says.

Ms Ardern is in New York for the United Nations General Assembly this week, along with about 140 other world leaders.

US President Donald Trump is kicking off his week at the UN by holding an event to promote the US document called the Global Call to Action on the World Drug Problem. More>>

 

Hunting v Pest Control: Tahr Control Needed To Protect Alpine Habitats

A cull of introduced Himalayan tahr browsing conservation land in Kā Tiritiri o Te Moana/ the Southern Alps is needed to protect special alpine plants and their habitats, Conservation Minister, Eugenie Sage said. More>>

ALSO:

Protest At Sea: Judge Discharges Greenpeace Activists

The judge today discharged Norman and Howell without conviction, saying the cumulative consequences of a conviction would be out of proportion to what was “low level” offending off the Wairarapa coast in April 2017. More>>

ALSO:

Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels