4. AMY ADAMS (National—Selwyn) Link to this
to the Minister of Finance
What reports has he seen on the affordability of current entitlements to New Zealand superannuation?
Hon BILL ENGLISH (Minister of Finance) Link to this
Budget 2009 fully costed current entitlements to New Zealand superannuation, and these were built into the fiscal forecast published with the Budget. Under this Government, New Zealand superannuation will be maintained at 66 percent of the average wage for a married couple, to be paid from age 65.
I have seen a report of comments made by Labour’s finance spokesperson, Mr David Cunliffe, who told the “Mood of the Boardroom” meeting in Auckland: “Nor, if you listen carefully, have I closed the door on re-examining questions of the age of entitlement, for example.” Mr Cunliffe should clarify whether he is speaking on behalf of the whole Labour caucus or just himself, and should clarify just what Labour’s policy on the age of entitlement now is.
Hon David Cunliffe Link to this
Does the Minister share Labour’s commitment to preserve the eligibility age of 65; if he does, why did he jeopardise future entitlements—
Mr SPEAKERI apologise to the honourable member but I cannot hear his question. I think the House owes it to members to at least enable us to hear the question. The member may start again.
Hon David Cunliffe Link to this
Does the Minister share Labour’s commitment to preserve the eligibility age of 65; if he does, why did he jeopardise future entitlements with his suspension of contributions to the Superannuation Fund, a move that Treasury says is an indication that the Government is “seriously considering winding up the fund altogether”?
I thought we shared Labour’s commitment to the age of entitlement being 65, but if that is the view held by the Labour caucus, it is certainly not the view held by its finance spokesman, David Cunliffe.
In the end, the affordability of New Zealand superannuation is directly related to the health of the economy. There is no doubt that continuation of the policies of the last 10 years, favouring over-consumption, too much borrowing, and reckless Government spending, would certainly be bad for the health of the economy, and that would put at risk the affordability of future national superannuation.