19/02/2026
Déjà vu all over again
– once again we’ve got people claiming that paying NZ Super at age 65 is ‘unaffordable’. The first and most immediate problem is that people in the world of finance claiming disaster lies ahead get air time. Saying that things are OK isn’t news. Secondly, the pundits waffling on about unaffordability are the lot that wine and dine with politicians and hence get to expound their views into ears receptive for anything that might get more money for the well off rather than the un deserving poor.
So at the risk of boring you all, I do think we need to keep repeating facts ad nauseam until it seeps into politicians heads that older people matter.
OK Boring fact No 1. In politics nothing is ‘unaffordable’. It’s all about choice. “Unaffordable” is code for ‘we want to spend the money on something else, that we think is more important’.
Boring fact No 2. Currently NZ Super is, by design, set at a rate that covers the bare minimum – just. For forty percent of older people it is their only income. It is of course those least well off who have the lowest life expectancy and who are physically worn out by age 65 that need NZS most.
Boring fact 3. The amount we as a country pay to fund NZ Super is below the average for developed nations, and funnily enough those countries haven’t collapsed economically.
Boring fact 4 Net spending on NZS is projected to be 5.5 per cent of GDP by 2050 - still below the OECD average!
So who is the latest to push the ‘unaffordable’ idea? Oh! What a surprise, it’s the CEO of a ‘wealth management’ outfit that wants you to invest with them – so obviously an independent view – Hah!