02 November 2006

Saving For Our Future – Better Late Than Never

New Zealand First leader Rt Hon Winston Peters says he's pleased that business leaders are finally recognising the need for a compulsory superannuation scheme – something that New Zealand First has long campaigned for.

"Like many of New Zealand First's policies, it has taken some time for the general public to appreciate the value and importance of our ideas. Having been an advocate of compulsory savings over many years, I find some irony in the belated recognition for the need for a future savings plan," said Mr Peters.

"It was New Zealand First policy in 1996 to set up a compulsory, state administered savings and superannuation scheme to provide a guaranteed retirement fund, as well as investment finance for New Zealand projects. We are the only party uniquely placed in advocating for both compulsory superannuation and tax cuts.

"Most New Zealanders do not save enough for their longer term goals. Now people are finally coming to realise that rising local body rates, interest rates, health care and insurance costs have meant that the present saving levels will provide only the bare minimum retirement income and will leave nothing for future investment in business. This is a serious issue for small business and exporters in particular.

"Long term saving is critical to the economy because it backs investment which is a key driver of growth and prosperity. Eleven years later it is a relief to see the issue generating support from New Zealand business. The challenge is to turn this support into tangible benefits for our future," concluded Mr Peters.

ENDS

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