Parliament

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

 

National Rejects Superfund

National Rejects Superfund - Costs Outweigh Benefits

National announced today that it is rejecting the Government's proposed superannuation fund.

"We will be supporting legislation locking in a super payout to a married couple at aged 65, at 65 percent of the average wage," National's Finance spokesman Bill English said.

"But National will not be supporting the second part of the legislation which puts in place a scheme to prefund up to 14 percent of the pension over the next 100 years.

"We have considered Dr Cullen's proposal with an open mind because we support saving for the future. However, in our view, the evidence is that the costs of this scheme far outweigh its benefits.

"The Government is already having trouble meeting the required contributions to the Superfund. We have seen proof of this with recent cuts in funding for care of the frail elderly, along with a range of other health services.

"This is a direct result of the pressure the Government has created by putting $600 million aside this year. It just doesn't make sense to secure 14 percent of the pension in 30 years' time by cutting health care for older people now.

"This burden will only grow as required contributions to the scheme rise to over $2 billion in three years' time.

"At a time when New Zealand is searching for the path to stronger economic growth, the Superfund will export billions of dollars of capital to foreign economies, capital needed here to increase investment.

"We believe this is one aspect of the fund many people are unaware of.

"National will look at options for increasing long term savings, including tax incentives to help people save and individual accounts.

"We are looking at these options in context of a wider plan for boosting our economic growth rates and sustaining health and education. Because we are not supporting the Superfund, National has a wide range of choices about its future policies.

"Labour, in contrast, is forcing the country into an economic straitjacket. There will be few choices left on Government spending and current tax rates will be locked in for decades to come," Mr English said.

Ends


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Criminalising Of Rap Music


For black youth in America, there can be only three ways out of the ghetto: athletics, music or drug dealing. And for every individual who succeeds in making it out, dozens more attach themselves to their celebrity crews in order to bask in the reflected glory, and partake of the lifestyle. And what rap musician can afford to turn their back entirely on the ‘hood, when staying street and staying real is what their audience demands of them..?
More>>



 
 



Crime: Govt Helps Protect Shops From Ram Raids

The Government is providing further support to help Police protect small businesses affected by a spike in ram raids, Minister of Police Poto Williams says... More>>


Government: Investment Boosts Coastal Shipping In Aotearoa
New Zealand is a step closer to a more resilient, competitive, and sustainable coastal shipping sector following the selection of preferred suppliers for new and enhanced coastal shipping services, Transport Minister Michael Wood has announced today... More>>


Government: New Zealand To Stay At Orange For Now
With New Zealand expecting to see Omicron cases rise during the winter, the Orange setting remains appropriate for managing this stage of the outbreak, COVID-19 Response Minister Chris Hipkins said today... More>>


Government: Independent Panel Appointed To Review Electoral Law
Justice Minister Kris Faafoi today announced appointments to the independent panel that will lead a review of New Zealand’s electoral law. “This panel, appointed by an independent panel of experts... More>>


Trade: Prime Minister To Visit United States
Prime Minister Jacinda Ardern is leading a trade mission to the United States this week as part of the Government’s reconnection strategy to support export growth and the return of tourists post COVID-19... More>>


National: Jacqui Dean To Retire From Parliament In 2023

Waitaki MP Jacqui Dean has announced that she will not be seeking re-election at the 2023 election. “I have advised the President and Leader of the National Party that I have decided not to put my name forward... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels