1. Hon MARK GOSCHE (Labour—Maungakiekie) Link to this
to the Minister of Finance
Has he received any recent reports advocating income and asset testing of New Zealand superannuation?
Hon Dr MICHAEL CULLEN (Minister of Finance) Link to this
Yes, I have seen two that appeared to advocate such a move. One is from Michael Littlewood; the other is from the Hon Bill English. Both argued that the current provision for New Zealand retirement income is too generous. I can confirm that unlike National, this Labour-led Government has no plans whatsoever to income or asset test New Zealand superannuation.
Has the Minister received any reports on why the income and asset testing of New Zealand superannuation might be considered?
Hon Dr MICHAEL CULLEN Link to this
Yes. I have seen the comment that supporting savings will not win “the hearts and minds of 20-year-olds”, which is a clear attempt to drive a wedge between young people and the elderly. Unlike Mr English, who made that comment and who sat around a Cabinet table that did cut superannuation, and indeed had previously cut it twice in order to fund tax cuts, this Government has no plans to play that kind of divide and rule politics.
R Doug WoolertonIs the Minister aware that when New Zealand First left the coalition with National in 1998, one of the first moves that that party made was to withdraw New Zealand First’s bill to remove asset testing for seniors?
Hon Dr MICHAEL CULLEN Link to this
Yes, indeed, I can confirm—and I think I should place it on the record very clearly—that the reduction in New Zealand superannuation that occurred in 1998-99, coming into force apparently on 1 April 2000 if it had not been reversed, took place after New Zealand First left the coalition Government.