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Free Press, ACT’s regular bulletin

Free Press
ACT’s regular bulletin

POOR SCRIPT WRITERS
Free Press has been feeling for the script writers at the popular Netflix series House of Cards. Their premise is a ruthless President who will break any rule to obtain and retain power, but how will they write anything better than Fox News or CNN in 2017?

TAKING THE PROVERBIAL?
Meanwhile, closer to home. Satirists couldn’t have captured a meandering risk averse government better than today’s real life announcement on Superannuation. The Government knows that making Superannuation sustainable is an issue, and it runs deep because it’s about fairness among generations. Their announcement that they will deal to the problem starting in 2037 is dumbfounding.

DUMB POLITICS
Nobody is happy. If you are under 45 you are going to pay taxes all your working life as if Super is available at 65, then receive it at 67 yourself. If you believe that any change to Super is an affront to the value placed in older New Zealanders, you are unhappy. Winston will have a field day scaring the oldies, the young deserve to feel neglected and frankly pissed off. An earlier, more gradual adjustment would solve this.

DUMB ECONOMICS
Adjusting the age only works if it captures the massive Baby Boomer cohorts set to be retiring through to 2030. The impact of this adjustment will fall on gen-x (born 1965-80) and millennials (early eighties to late nineties). Again, an earlier, more gradual adjustment is needed.

HOW WOULD ACT DO IT?
As we said last week, a sensible approach would be to begin the adjustment in 2020, raising it by two months per year through to 2032, by which time the age would be 67.

PARTIAL VICTORY FOR REALITY
Let’s try to take positives. National’s move on Super is a partial victory over the nothing-to-see-here outlook that Prime Minister Key took on the matter. It is an acceptance that if the number of superannuitants double and people live longer than ever, current settings become unsustainable so must be adjusted.

BILL AND WHOSE ARMY?
The concessions are a victory for ACT, but they also make the party’s success essential, with New Zealand First digging in on the pension age. Now that National have accepted the change is needed, by extension a strong ACT showing is required to make any change possible. A vote for ACT is now the only vote to confront Superannuation.

WE NEED YOUR HELP
Superannuation is now another issue where ACT stands alone as the voice of reason. Making New Zealand a better place through sensible economic policy is our bread and butter. On housing, on tax, on education, and on every other area. If you want to see a stronger ACT in parliament on September 23, please www.act.org.nz/join, www.act.org.nz/donate, or ask about becoming a candidate.


ends

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