Seymour to party leaders: Let’s cooperate on NZ Super

Press release: ACT New Zealand
February 24, 2015. 1:15pm

ACT Leader David Seymour has called for meetings to discuss the possibility of a referendum to determine the future structure of New Zealand Super.

“Today I wrote to each parliamentary political leader to request a meeting which would form the first step towards a more sustainable superannuation system,” said Mr Seymour.

“Most of these leaders are represented on the cross party group for the flag referendum, a largely symbolic issue. I hope they will see the value of using a similar process for a far more substantial issue.

“Superannuation is one of the government’s main expenditures making long term fiscal arrangements unsustainable, and the one that is most easily rectified.

“If the government doesn’t act, The Treasury forecasts that net government debt will reach 198 per cent of GDP by 2060, when current tertiary students are set to retire[1]. For context, Greece has net government debt of 176 per cent of GDP.

“A consultation and referendum process could address many aspects of NZ Super, from the age of entitlement, to the level of entitlement, to arrangements for those who wish to retire at different ages.

“The government must be proactive on this issue. History will judge us all the better for having taken action and given the public a say now, rather than forcing future generations to deal with a huge fiscal headache.”

ENDS

[1] The Treasury (2013) Affording our Future 2013 p16

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