Parliament

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

 

Partial pre-funding best way to make Super secure

3 June 2001 Media Statement

Partial pre-funding is the best way to make Super secure

"The Alliance supports partial pre-funding of Super because the scheme we have negotiated with Labour is the best way we have seen to ensure that Super is secure," Alliance leader Jim Anderton said today.

"The Alliance supports taxpayer funding of superannuation at a base rate of 65% of the average, ordinary time, after-tax wage. The cost of that policy has to be met either from putting something aside today or from higher taxes. Clearly we did not get a mandate for higher taxes on the wealthy, so the we have to pre-fund some of the costs of Super or the level of Super will be cut in the future.

"Opposition parties that oppose the Government's partial pre-funding of superannuation either stand for higher taxes or Super cuts."

Jim Anderton said it is a cop-out to say the super contributions could be used today to pay for tax cuts, or for social and environmental programmes.

"Splurging the Super contributions would be inflationary, it would lead to higher interest rates, and it would increase the current account deficit – which means more overseas ownership of New Zealand.

"The Alliance strongly supports increased investment in social programmes, and especially for better health care and to reduce tertiary fees. But we recognise that it requires a greater contribution in taxes from the wealthy.

"Trying to pay for the health system out of superannuation is just about the worst option I can think of."

Jim Anderton dismissed suggestions that partial pre-funding fund is like borrowing on the mortgage to play the sharemarket.

"It's more like a household that has a mortgage also saving through a personal retirement plan. There are hundreds of thousands of households like that, and it is a very sound strategy," Jim Anderton said.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On NZ’s Complicity In Western Sahara

If David Parker really wants to hone his crisis-managing chops on an international trade dispute that New Zealand has been making worse for years, he maybe should be turning his attention to the Western Sahara.

Some background: two NZ companies called Ravensdown and Ballance Agri-Nutrients appear to be the only independent firms in the world still willing to import phosphate from the disputed territory of the Western Sahara... More>>

 
 

Gordon Campbell: On Malaysia Exposing Our Dodgy Policies On China

Last week, we all owed a vote of thanks to Malaysian PM Mahathir Mohamad for breaking with protocol during his bilateral with Jacinda Ardern. Reportedly, Mahathir used the photo opportunity phase of the meeting to launch into matters of genuine substance. More>>

ALSO:

Withdrawls After Police Uniform Ban: Auckland Pride Remains Committed

The Auckland Pride Board remains committed to creating a space for our rainbow communities to feel safe celebrating their gender and sexual identity, despite some institutions pulling out from the Parade in recent days. More>>

ALSO:

South Korea: State Visit By Korean President Moon Jae-In

The President of the Republic of Korea Moon Jae-in will visit New Zealand from 2 to 4 December... “I am very much looking forward to welcoming President Moon to New Zealand,” said Jacinda Ardern. More>>

Health: Changes To Drinking Water Standards

David Clark said many of the changes he is making, which will take effect on 1 March 2019, are clarifications or corrections, “but there are two changes which will significantly improve the ability to test and respond to the presence of harmful bacteria such as E.coli”. More>>

ALSO:

IPCA: Police Detention "Unlawful But Reasonable"

The Independent Police Conduct Authority has found that while Police acted unlawfully in October 2017 when they detained a Queenstown man for a mental health assessment, their actions were reasonable in the circumstances. More>>

ALSO:

Joint Statement: Chile President's NZ Visit

At the invitation of the Right Honourable Jacinda Ardern, Prime Minister of New Zealand, His Excellency the President of the Republic of Chile, Sebastián Piñera, undertook a State Visit to New Zealand on 19 November 2018... More>>

ALSO:

Climate Change: Top Academics Call On Government To Take Action

One hundred and fifty academics and researchers from around Aotearoa, including Dame Anne Salmond, Emeriti Professors and several Fellows of the Royal Society, have signed a strongly-worded open letter to the Government demanding bold and urgent action to tackle climate change. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels