Bill English MP
National Party Finance Spokesman

10 October 2008

Cullen must come clean on super

National Party Finance spokesman Bill English says Michael Cullen must come clean on what the future holds for superannuation under Labour.

"The fair-weather Finance Minister needs to front up and explain Labour's policy.

"Super currently cannot drop below 66% of the after-tax average wage, and National has committed to retaining that floor.

"But what does Labour plan to do?"

Mr English says in this week's pre-election opening of the books, Labour's numbers were calculated on the basis of super payments dropping back to 65% of the after-tax average wage.

"Why has Labour been so quiet about this? Why isn't Dr Cullen explaining to superannuitants that he plans to cut their super?

"Superannuation payments will be higher with National through our commitment to retain the floor for super at 66%, and the effect of tax cuts on the after-tax average wage, which is used to calculate superannuation rates.

"We'll also let those on the non-qualified partner rate earn 25% more before super payments are affected and National will retain all the superannuation entitlements and eligibility rules that our senior citizens currently enjoy.

"Our policy could not be clearer. Labour's policy is as clear as mud."

ENDS

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