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Horan announces boost to NZ Superannuation

NEW ZEALAND INDEPENDENT COALITION MEDIA RELEASE


Horan announces boost to NZ Superannuation

NZ Independent Coalition leader Brendan Horan announced today a guaranteed income boost for NZ seniors of $10,000 per person annually, to be funded (at no cost to the NZ taxpayer) by a 0.1% Financial Transaction Tax on banks and forex traders.

He was speaking to Grey Power today at Papamoa. “Urgent and immediate action is required, and NZ Independent Coalition will deliver for our seniors. Our bold innovative plan will solve the crisis faced by too many of our seniors, people living below the breadline,” he said.

“An increase in NZ Super of $10,000 per person will allow seniors to have security in retirement, to be able to live in dignity. That will be a distinct change to their current circumstances.

“Right now our seniors are expected to live on as little as $282/week. The reality is that the Government’s own research shows that for a married couple to have reasonable living, $56,000 pa is needed. Currently a married couple are expected to live on less than $33,000 pa.

“And there will be no cost to the taxpayer. Revenue can be found in a currently untaxed area of the New Zealand economy - financial transactions. The NZ Independent Coalition will look to implement a 0.1% Financial Transaction Tax, following the example of 11 European Union nations lead by France and Germany.
“For too long, foreign-owned banks have been propped up, have been mollycoddled, by successive NZ Government. The banks and the forex traders have had a free ride, being untaxed on their activities,” said Brendan Horan.

An FTT at the modest rate of 0.1% will result in revenue of around $9.5 billion for the people of New Zealand every year. After all, if the financial institutions make their money by clipping the ticket on every transaction, then so too should the Government.

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