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


33% super rise shows Labour prudent to raise age

Spokesperson for Finance

19 December 2012 MEDIA STATEMENT
33% super rise shows Labour prudent to raise age

The cost of New Zealand superannuation is forecast to rise by 33% in the next four years, showing the urgent need for the Government to commit to raising the retirement age, says Labour’s Finance spokesperson David Parker.

"The cost of superannuation is forecast increase by an astonishing 33% in four years. By contrast, education spending increases by 7% and health by 3% over the same period".

“John Key seems to believe he can keep his head in the sand about the huge increase in super costs and hope a future government will deal with it. But these latest forecasts emphasise that this is an issue for right now, which is having serious fiscal consequences for the budget and other essential services.

“In 2016/17 the cost of superannuation will be more than the entire education budget. It is simply wrong to spend more on superannuation than education. National is pitting the interests of our older citizens against our young.

“Labour’s policy to increase the retirement age to 67 (with a phase-in period and transitional support for those who cannot work past 65 in their normal job) is a prudent and fair way to address the issue. Polls show that most New Zealanders support raising the age. It’s time for John Key to listen.

“Bill English is as blind to this issue as John Key. He has said that ‘growth-orientated policies are going to give us the capacity to meet that demand’. But the increase in super costs is over 10 times the forecast growth rate. The latest downward revisions of our growth rate show growth peaking at less than 3% and declining towards 2%, and even then much of it comes from the post-earthquake rebuild in Christchurch.

“Labour is fiscally responsible. We have foreseen this important issue and have taken proactive steps to ensure superannuation is sustainable and remains in place.

“Our policy not only secures superannuation, but education for younger new Zealanders, and health services for all.

“It's time New Zealand had a truly fiscally responsible government.”

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Gordon Campbell: On Plastic Bag Activism, And Street Harassment

Amusing to see the Act Party experiencing another outbreak of young fogey-ism. What has aroused the ire of Act Leader David Seymour this time is the introduction of a Greens private members bill to the ballot process, calling for a 15 cents levy on plastic bags to reduce pollution. More>>


Unclear Weapons: US Navy Ship Cleared To Visit NZ For Navy's 75th

United States Navy ship, the USS Sampson, has been given clearance to visit New Zealand next month by Prime Minister John Key... “The process for considering the visit by the USS Sampson is the same as that used for all ships attending the International Naval Review." More>>


P Policy: $15m Allocated To Tackling Drug Abuse

Almost $15 million dollars seized from criminals will be invested in anti-drug initiatives, with more funding for Police and Customs and a greater focus on treatment for drug abusers, Prime Minister John Key says. More>>


More Or Less Democratic Countries: Fiji Prime Minister To Visit NZ

“This will be Prime Minister Bainimarama’s first official visit to New Zealand as Fiji’s Prime Minister,” Mr Key says. “New Zealand and Fiji have strong ties in a range of areas, and the Prime Minister’s visit presents a further opportunity to discuss issues of mutual interest.” More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news