United Future's Dunne to be Minister of Revenue again; Nats will reinstate NZ$500m Income Sharing Bill to legislation process, look at 'Flexi Super'

United Future's Dunne to be Minister of Revenue again; Nats will reinstate NZ$500m Income Sharing Bill to legislation process, look at 'Flexi Super'

UnitedFuture leader Peter Dunne will remain Prime Minister John Key's Revenue Minister under the National-led government, it was announced today.

A coalition agreement was signed between Key and Dunne in Parliament buildings today.

National agreed to reinstate Dunne's Income Sharing Bill, which went before Parliament last term, in the government's upcoming reinstatement of legislation motion. The Bill was scrutinised heavily by Parliament's Finance and Expenditure Select Committee last year. The Select Committee is likely to recommend changes to the bill because, if passed, the bill in its current form could lead to a NZ$500 million reduction a year in the government's tax revenue.

Dunne said that would be the case if everyone who was eligible for income sharing signed up for it, and that he thought the final costs would be lower than that.

National has also agreed to discuss Dunne's 'Flexi Superannuation' policy. The policy would allow people to retire between the ages of 60 and 65 and receive a reduced pension, or they could hold off taking the pension until they were over 65, and receive a higher rate.

Key said there would initially just be a discussion of Dunne's Super policy, but that if changes were to come from it, he did not think it would break his promise of not raising the Super age. The 'base-rate' of the policy would still be a retirement age of 65, Key said.

More soon.

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65...looking forward to it....my Key money coming home....wine and dine regular like...might even take a punt on some mining shares....aussie mining shares!

You can already retire at 60 on a lower pension, although it's called "unemployment benefit"

Is this guy ever going to do anything to increase revenue or is it his job to reduce it?

hehe meh, its easy to increase revenue... tax stuff more... question is, does the policy also reduce spending costs eg. does it mean more mums at home, which may mean less teenage crime, which may mean less adult crime and/or long-term beneficiaries? Very blunt example, but you get the point... more money doesn't always mean things are better ;)

Edit: disclaimer: I did not vote for either UF or Dunny

I reckon have the Kiwisaver age at 65 and NZ super at 70.  Wanna retire early?? - save for it!! 

70....no way Jimbo...now get back to work.....you gotta support me soon.....haha

So do you think politicians should not look at how they do things in other countries?  Or that politicians should not adopt ideas that work well in other countries?  Not even consider whether they might also work here?

Is there any evidence that our politicians do learn from other countries experiences?

You wouldn't think so from the hair brained ideas that ACT comes up with.

Or from the Prime Minster's attitude to facts and science (e.g boot camps we know the advice is they don't work but this Government believes they will; water quality I can find another scientist who disagrees re declining water quality in NZ).

Dunne just prostrates himself for what ever party is going to make up a government, after a life time as an MP he's done nothing good. In fact he's been in so many governments his hands are covered in the blood of the country as policticians fiddle while the rest of the western worlds about to go up in flames.

Why any one wories about the age they'll receive the pension for I don't know, more likely is that there will be very little for anyone due to raising interest rates on the growing mountain of government debt, that will continue to grow well past the predicted date Key and his gang of troughers who have their heads buried in the sand about the global economy, forecast a surplus! 

They didn't see the credit crunch coming and they won't see the soverign debt implosen coming either!

You should also watch out for your private pensions filled with AAA rate government bonds and CDS that will likely take big haircuts as well.