Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Savings campaign backed, urged to go further

Media statement Thursday, July 31st, 2014

Savings campaign backed, urged to go further

The Employers and Manufacturers Association is backing the campaign for cutting taxes on KiwiSaver earnings, but says it should go further.

"The campaign to cut taxes on KiwiSaver and other long term earnings is on the right track," said Kim Campbell, EMA's chief executive.

"But it doesn't go far enough.

"EMA backs the campaign because its good for business investment as well for as those making the savings.

"Businesses need Kiwis to save more so we have a bigger domestic pool of funds with which to build stronger businesses.

"Doing this also means less reliance on borrowing overseas, and helps keep interest rates down.

"Recent OECD data showed New Zealand has conspicuously low household saving rates and high interest rates.

"The government has repeatedly said we need to save more. For instance Finance Minister Bill English said last year: 'New Zealand as a whole needs to save more, spend less and reduce its heavy reliance on foreign debt.'

"The tax levels on KiwiSaver earnings suggest differently.

In our election manifesto (June 24th) we said the tax rate on KiwiSaver and other long term savings should be cut to 15 per cent (as in Australia) and the $541 KiwiSaver tax member credit axed.

"We want to see savings encouraged, not penalised."

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

ALSO:

Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

ALSO:

Final EPA Decision: Tough Bar Set For Ruataniwha Dam

Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the dam has far less of an impact on the Tukituki river." More>>

ALSO:

"Don’t Give Up":
End Of Kick-Start Hits KiwiSaver Enrolments

ANZ said new enrolments for the ANZ KiwiSaver Scheme had dropped by more than 50% since the Government announced an immediate end to the $1,000 KiwiSaver kick-start incentive in the Budget last month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news