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Budget the death knell for Super entitlements

Hon Phil Goff
Leader of the Labour Party

Budget the death knell for Super entitlements

The Budget’s “decade of deferrals” of payments to the New Zealand Super Fund is the death knell for superannuation for generations of New Zealanders, says Labour leader Phil Goff.

“National has never been committed to the Super Fund, and it has shown its true colours,” Phil Goff said. “They don’t believe in universal superannuation. Not only have they gutted KiwiSaver. Now they’ve gutted Super as well.

“Finance Minister Bill English claims the Government has to suspend automatic contributions to the Fund because New Zealand cannot afford to borrow to maintain the payments.

“Ongoing contributions to the Super Fund are essential to guaranteeing future super payments to New Zealanders.

“The net result of today’s decade of deferrals will be that future entitlements to super are put at risk no matter what pious pledges Bill English makes now. Future governments will struggle to cope with the John Key-Bill English superannuation legacy. National has dug a $20 billion hole at least for our kids to dig themselves out of. When it’s time to pay the bill, John Key won’t be the Prime Minister.

“I am astounded by the lack of logic. National says investment is risky given the volatility of financial markets, but the best time to invest is when asset prices are low and investments are likely to rise sharply in value.

“According to the Bill English theory, Kiwis should sell their houses now and start buying again when prices have risen,” Phil Goff says.

“Bill English recently admitted on television that there is no free lunch on superannuation. National’s decision today will mean either taxpayers will have to pay more in the future, or entitlements will have to be cut.”

Phil Goff said a New Zealand Business Council for Sustainable Development-commissioned survey this month showed 61 percent of New Zealanders believed investment in the Fund should not be postponed.

“That’s because Kiwis rely on Super being there for them when they retire. Under National, it won’t be.”


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