New Zealand First leader Winston Peters is deeply suspicious of the Government's plans for the SuperGold Card scheme he masterminded.

Travel entitlements for senior citizens are being reviewed and Transport Minister Steven Joyce says changes will be made because the initiative is on track to exceed its $18 million budget.

Mr Peters suspects the Government is about to break its election promise to protect the SuperGold card and he accuses it of taking an apathetic approach to the scheme.

"The reality is if such a review ends up in cuts or slashing of the benefits then it will belie Mr Key's assurances undertakings to elderly people at the last election."

Mr Joyce claims $2 million out of the $18 million budget is being chewed up by transport subsidies on Auckland's Waiheke Ferries.

Mr Peters says the figure is false and the Government is trying to mislead people. He says Mr Joyce is taking the total figure and calling it the original cost, which is creative accounting at its worst.

Labour's finance spokesman David Cunliffe says any cuts would be most unfortunate.

"I think the gold card has been extremely well received and it's made a real difference in the lives of many older New Zealanders who wouldn't otherwise be able to travel. And I think it'll be greatly regretted if it's cut back."