Warning to worry over pensions
PA Dunedin The Budget would be an exercise in good government, but every pensioner should be worried on Budget night no matter who was in government, says the Deputy Minister of Finance, Mr Moore.
“Anyone who is over 40 and believes the superannuation system can remain unchanged is fooling themselves,” he said. The cost of looking after the old would double during the next 50 years because the number of people over 60 would have doubled by early next century. He said the Government had no intention of “breaking its nerve.”
In the interests of industry and producers, workers "and those receiving social security," the Government would not back down on policies in the Budget. Mr Moore said deregulation in many areas and the writing-off of debts in the steel and oil industries were in the past. The waterfront would be the next area to feel change.
“We have legislation in Parliament and for the first time in 50 years we will get reforms and productivity from this sector,” he said.
The Government would maintain the “desire to strip the varicose veins out of this country” to give industries the opportunity to progress.
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Press, 27 July 1989, Page 1
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198Warning to worry over pensions Press, 27 July 1989, Page 1
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