3. Superannuation—Entitlement Age and Government PolicyMETIRIA TUREI (Co-Leader—Green) to the Prime MinisterSuperannuation—Entitlement Age and Government Policy3. METIRIA TUREI (Co-Leader—Green) to the Prime Minister: E māia ana a ia ki ōna kaupapa here katoa?[Does he have confidence in all his policies?]Rt Hon BILL ENGLISH (Prime Minister): Yes.Metiria Turei: Why did the Prime Minister choose Generation X as the generation to bear the full cost of his planned changes to superannuation?Rt Hon BILL ENGLISH: That of course is not what has been decided—or not decided. The question that member needs to answer is why the Greens think no one should do anything about the rising cost of superannuation so that Generation X and anyone who follows them continue to pay for a superannuation when our lives are getting longer our working lives are getting longer our life expectancy is better and there is every reason to want to spread our resource so we do not focus it all on retirement income but have some left for health and education.Metiria Turei: Has the Prime Minister seen the evidence that the retirement savings of those born in the 1970s is likely to be $100000 less than that of the generation born before; if so why is he targeting that generation with the biggest burden of his planned changes to superannuation?Rt Hon BILL ENGLISH: The younger generation is now of course entering KiwiSaver much earlier than the previous generation did because the scheme was only begun about 10 years ago. Although of course it is always a struggle—it feels like a struggle—to get ahead particularly in your late 30s and early 40s they have the benefit of economic policy that supports growth in incomes growth of job opportunities and an innovative economy with a real sense of direction. I have to say that that is a bit of a better outlook than that of previous generations in New Zealand who were trying to make their way through very significant economic restructuring. Every generation has its challenges; we understand Generation X have theirs and we are here to support them through it.Metiria Turei: When the Prime Minister chose Generation X to bear this burden did he also understand that this was the generation that also bore the full cost of student loans and interest?Rt Hon BILL ENGLISH: We just need to get the implications of the announcement made yesterday clear which is to somewhat reduce the burden on generations coming into the workforce compared with the Greens' proposition which seems to be that they should bear any burden that will enable the Greens to not have to change national superannuation. I cannot understand the member's logic. Our announcement reduces the burden somewhat on the younger generation; it does not choose a generation to carry the burden—that is what the Greens are doing.Metiria Turei: Can the Prime Minister please explain how he expects young people—our kids actually—to plan for their retirement and pay for ours when they are already struggling with high student loans and sky-high property prices?Rt Hon BILL ENGLISH: As I have said each generation has its own challenges that it needs to meet. Today's 30- or 35-year-olds under this Government face a future with supportive lower taxes and policy that helps the economy grow and is consistently and moderately lifting their incomes. What would make their planning very difficult would be if the Green Party decided to cross over or scrap the announcement of the policy that was made yesterday or if it actually got the chance to implement its policies of higher Government spending and higher taxes—a burden that would certainly be carried by today's 35-year-olds.Metiria Turei: Why is the Prime Minister forcing our kids to work much harder than we did for their birthright: a good education—[Interruption]—much harder than he or I had to do for a good education—Mr SPEAKER: Order! I cannot hear the question now. I will invite the member to start the question again and it is to be heard without interjection from my right-hand side.Metiria Turei: Why is the Prime Minister forcing our kids to work much harder than us—him and me—for their birthright: a good education a decent home and now just for some security in their retirement? Rt Hon BILL ENGLISH: Well I am very admiring actually of the work ethic of a whole lot of our younger generation and I get to see how hard many of them do work. But as a result of the announcements made yesterday they will spend about the same period of their life on national superannuation when they turn 67 as someone turning 65 today—Hon Amy Adams: Actually more—more.Rt Hon BILL ENGLISH: —slightly more—and that is around 25 percent of their life. And they will enjoy longer years of better health. Now they do have some challenges and as I have said we are there to support them. What is going to make life hard for them are the policies of Labour and the Greens to put up taxes and to spend a whole lot more taxpayers' money on stuff that does not work. I do not think any 35-year-old now will welcome those policies.Metiria Turei: Why is the Prime Minister fuelling the intergenerational struggle between our generation—his and mine—and our children's generation by locking them out of housing and forcing them to pay for their own education to pay for their kids' education to pay for their parents' superannuation and now to have to wait longer for their own?Rt Hon BILL ENGLISH: The member is still under the burden of a basic misunderstanding. The announcement—the Government's policy—somewhat reduces the burden on the generation who will be paying for superannuation. It is actually the Greens' and Labour's policy that says Nothing will ever change." that guarantees growth in the burden on our workforce in a way that we believe is not fair or reasonable. So we are lightening the burden. Labour and the Greens want for short-term political benefit to keep the burden in place and ensure it gets worse."