In the next 20 years we're going to have a doubling of the number of people over 65 - there will be 1.2 billion people over the age of 65
Quote: Wayne Walford (National).
Asked by members of the audience if he had meant to say million, rather than billion, Mr Walford initially stood by what he had said.
"I'm sure my notes said 1.2 billion but that's okay, I'm happy to be corrected on that," he said, adding that he would double-check the figure himself.
"It's a large number, anyway. Whatever it is, it is a strong component of our economy moving forward."