The Budget item that is not there: superannuation costs
Thursday, 25 May 2017, 2:42 pm Press Release: ACT New Zealand
The Budget item that is not there: superannuation
costs
“This Budget contains an “up yours” to young
Kiwis – the ballooning cost of Superannuation. It’s a
Boomer Budget,” says ACT Leader David
Seymour.
“Everybody knows that universal super, at age
65, pegged at two thirds of the average wage isn’t going
to be around forever.
“It’s great that the government
has flagged a future change, but waiting 20 years is a
farce. Superannuation is very shortly going to eclipse the
entire education budget. Adjustments to the age of
eligibility should begin in 2020, meaning they should have
been announced in today’s four-year
forecasts.
“Instead, by waiting 20 years, todays
under-40s are set to fork out an extra $58 billion in taxes
to help over-40s retire early, before having that same
entitlement snatched away.
“The government wants to make
the problem go away, it’s picked a soft option, and it’s
saying “screw you” to those who’ll get all the costs
and none of the
benefits.”
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