Yesterday, Deputy Prime Minister Carmel Sepuloni released Labour’s first election policy: that Labour remains committed to not altering the age Kiwis qualified for superannuation. She said it remains affordable, despite previous warnings by the OECD, and that Labour would continue government contributions to the fund.
The National Party’s policy on superannuation remains unchanged from what former Prime Minister Sir Bill English announced in 2017, that the age of eligibility would be phased from 65 to 67 starting on July 1, 2037. That was to reflect increasing life expectancies and the rising cost of the scheme.
Since then, current National leader Christopher Luxon had recommitted to lifting the age to 67.
Newshub
Shortly after Labour’s announcement, National’s deputy leader and finance spokesperson, Nicola Willis, hit back.
National warns New Zealanders “can’t trust Labour to keep their retirement nest egg safe” […]
“Labour’s lack of responsible financial planning to safeguard sustainable super will leave a massive hole in the government’s books. They will no doubt fill that hole by imposing large new taxes on working people and by loading even more debt on young New Zealanders. It’s reckless, fiscally irresponsible and simply dishonest,” [Willis] said in a statement.
Newshub
ACT leader David Seymour also reacted: “Labour have Treasury’s Debt Management Office borrowing money hand over fist […]”
Labour wants to keep New Zealanders dependent on them – taking your taxes quietly and giving them back loudly.
In defence, Sepuloni maintained, “National and ACT superannuation policies are out of touch and put Kiwi’s retirement savings at risk.”
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