Parliament

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

 

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.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Decision Day: Peters Chooses Labour

Winston Peters says he will form a Government in coalition with Labour and the Greens giving confidence and supply.

Peters said he had been offered the position of Deputy Prime Minister and a number of other ministerial posts would go to his colleagues

He said economic and monetary policy changes were needed to face a coming economic downturn.>>>More

Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election