Treasury Secretary Gabriel Makhlouf’s comments to Interest.co.nz that our superannuation age must rise vindicates ACT’s position on the issue, says Leader David Seymour.
“ACT is the only party advocating for an increase in the pension age to ensure the scheme’s sustainability and fairness between generations.
“Every other political party has shown themselves to be either too timid to make real changes, or in denial about future costs.
“The Budget Fiscal and Economic Update showed that the annual cost of superannuation will rise by $3.7 billion over the next few years. This is alarming.
“National, in typical fashion, promised to make a change in 20 years’ time. Labour has now reversed National’s non-change.
“New Zealanders are living and working longer and the cost of our pension scheme is unsustainable.
“We can either increase taxes and borrowing, cut other programmes, or make sensible changes to superannuation now.
“Young New Zealanders are footing an increasing tax bill, but are unlikely to see similarly generous pension when they retire.
“ACT is the only party taking a principled stand on the age of superannuation – one that reflects our fiscal realities”, says Mr Seymour.