Smith NickHon Dr NICK SMITH (National—Nelson): I firstly want to deal with the issues in this part that directly contradict assurances that were given by the Prime Minister and the Deputy Prime Minister during the election campaign. We both know that around the country the issue of the previous Government's tax cuts was raised at many of the Grey Power meetings around New Zealand. I was particularly interested in the very large Grey Power meetings and the absolute reassurance that was given by Jacinda Ardern that superannuitants under the Labour Party's policy would be no worse off than under National's tax package which would deliver as Steven Joyce said just under $700 per year for 750000 New Zealanders.What we see in this bill is that 700000 superannuitants are going to be worse off—a direct contradiction of what the Prime Minister Jacinda Ardern said and also Winston Peters who pretends to be the champion for superannuitants but has actually by sleight of hand taken hundreds of dollars individually—hundreds of millions of dollars—off them in Part 2 of this bill.Let me explain why. Under National's changes from 1 April next year every superannuitant would be better off by $680 as a consequence of the tax reduction. That amount actually increases in 2019 and 2020 and if you calculate that based on the December economic update that we've just had this week we would expect that to get up to $705 in year two and $730 in year three. So in every one of the next three years this Government is taking money off superannuitants. That is in year one next financial year the winter energy payment provides superannuitants with $466—$466 is the energy payment for the year—whereas the tax cuts would have provided them with $680. That is they've robbed $260 off every superannuitant couple across New Zealand.When did they tell them that? Is that what Winston Peters—and I'd like to challenge the New Zealand First member in the Chamber: when did they tell superannuitants that a Labour - New Zealand First Government would make them over $260 worse off? When did they tell them that they were going to take $150 million collectively off superannuitants? So that's my first problem—my first problem is the Prime Minister and Winston Peters have broken their word to superannuitants.The second is of course that the tax package provided for that amount to increase each year with the average wage increase—no such provision in this winter energy payment. It's a fixed amount. Each year going forward superannuitants will be worse off.The third challenge I've got for the committee is this: I would have heard a speech from Winston Peters at least a couple of dozen times screaming in this Parliament that superannuation is not a benefit. And what does this part say? This part New Zealand First defines superannuation as a benefit and not an entitlement. So in this part New Zealand First rats on their assurances to superannuitants. Those 750000 New Zealanders that have contributed so much in their life to this country are being fiddled against assurances that were given during the election as a consequence of the parts in this bill.So I want to challenge both the Minister in the chair Stuart Nash and particularly the New Zealand First Party: why are you taking money off superannuitants? Why are you breaking your word both from the Prime Minister and Winston Peters to Grey Power? Why at a time when New Zealand's books are so good are you depriving superannuitants of these benefits?