A large number of matters were discussed with your reporter (witnessed by a Ministry of Economic Development official). There is no doubt that we addressed a number of matters relevant to superannuation, but under no circumstances did I call for the abolition of universal superannuation.
Your reporter asked whether I was aware of a Treasury report indicating that sustaining superannuation payments on a universal basis would be difficult, if not impossible. I indicated that the Cullen fund acknowledges this problem and seeks to smooth the impact of our baby boomers retiring in a large spike. I also indicated that we would have to lift growth and wealth and therefore savings if we were to sustain universal superannuation - hence the purpose of the Government's focus on lifting the small business sector.
Your reporter also asked me what would happen if we did not lift growth, wealth and savings. I indicated that there is a very small number of possible responses, and they are means testing, lifting the age of eligibility, dropping the level of superannuation, and perhaps taxing employers. That was an honest response to an honest question.
I repeat, under no circumstances is your headline or the context of your article fair to me. Is it any wonder that journalists are rated as poorly as politicians?
John Tamihere
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Minister for Small Business
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