Hon Dr Michael Cullen Labour Party Deputy Leader

Finance Spokesperson

13 October 2008

English, remember, cut floor of Super to 60 percent

Finance Minister Michael Cullen said today that he is stunned that Bill English is going around challenging the government's record on the level of New Zealand Superannuation.

"The record is pretty clear on this.

"One of the very last acts of former Finance Minister Bill English in late 1998 was to utilise the opportunity of turbulence in Asian financial markets at that time to savagely cut the floor of New Zealand Superannuation down to just 60 per cent of the average after tax wage.

"In late 1999, Labour was entrusted by New Zealanders to lead this country and one of the very first acts of Labour was to reverse that cruel decision of the former National-Mauri Pacific government.

"Under Labour, the current level of New Zealand Superannuation is a above 66 per cent of the after tax wage.

"Mr English, on Radio New Zealand this morning, hinted that National would make bigger cuts to government spending that is admitted to in the party's Official Election 2008 Policy.

"What that means in plain English is that if a National-led government is elected on November 8, then National will do what it always does when it is in power: hurt regular Kiwis," Dr Cullen said.

See Mr English's last act as a Finance Minister: http://executive.govt.nz/96-99/progress/index.html

ENDS

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