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Government's super policy in tatters

Bill English Leader of the Opposition

24 January 2002

Government's super policy in tatters

"The Finance Minister's decision to rule out large-scale tax breaks to encourage private retirement savings has left the Government's superannuation policy in disarray," says National leader Bill English.

"Up until now Dr Cullen has always seen increasing savings rates as a vital part of his economic strategy.

"When Labour came into power they were promising a flash, new Super Fund - financed from operating surpluses - along with widespread tax incentives to boost long-term savings," he added.

"However, two years down the track and what have they delivered?

"A fundamentally flawed Super Fund that is going to drive up public debt and now Dr Cullen has reneged on his promise of tax incentives to encourage people to save for their own retirement."

"The Government's superannuation policy is in tatters. All it is offering is that tired old line that only it should provide for people's retirement.

"This means that it is Dr Cullen and Helen Clark' s view that it is the Government's role to do our savings for us," Mr English concluded.


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