Only One Party Can Be Trusted On NZ Super
Labour’s promise of restoring contributions to the New Zealand Superannuation Fund should be taken with a grain of salt.
“Labour, like National, has a record of flip flopping on NZ Super,” says New Zealand First Leader and Northland MP Rt Hon Winston Peters.
“Both have changed their minds over the age for NZ Super, National now pushing it to 67 after saying they wouldn’t touch it.
“Remember, National and Labour sold New Zealand’s savings when they flogged off our state assets, like forestry, power companies, banking, steel, insurance.
“That’s a reason there’s a desperate need to have the superannuation savings nest egg – Treasury said in 2009 it was so important it was worth borrowing to maintain contributions.
“It is a standout performer at a world level – only a fool, and a belligerent government like National would have ever voted against it in the first place, then stopped contributions and started taxing it.
“It could have been $50 billion now, instead of $33 billion.
“The fund’s last rate of return was a praiseworthy 18 per cent.
“No party can be trusted on NZ Super, except NZ Super’s long standing friend - New Zealand First.
“We’ll restore contributions in full to the NZ Superannuation Fund, so there will be a nest egg to cushion demand, which was the original purpose for its establishment.”