The Budget item that is not there: superannuation costs
“This Budget contains an “up yours” to young Kiwis – the ballooning cost of Superannuation. It’s a Boomer Budget,” says
ACT Leader David Seymour.
“Everybody knows that universal super, at age 65, pegged at two thirds of the average wage isn’t going to be around
forever.
“It’s great that the government has flagged a future change, but waiting 20 years is a farce. Superannuation is very
shortly going to eclipse the entire education budget. Adjustments to the age of eligibility should begin in 2020,
meaning they should have been announced in today’s four-year forecasts.
“Instead, by waiting 20 years, todays under-40s are set to fork out an extra $58 billion in taxes to help over-40s
retire early, before having that same entitlement snatched away.
“The government wants to make the problem go away, it’s picked a soft option, and it’s saying “screw you” to those
who’ll get all the costs and none of the benefits.”
ENDS