4 December 2007

National continues fight against KiwiSavers

The National Party’s vote against legislation today to enable KiwiSaver makes it clear they intend to go into the next election with a promise to make it harder for New Zealanders to save for their retirement, Finance Minister Michael Cullen said.

Legislation enabling the employer contributions and tax credits for KiwiSaver announced in Budget 2007 passed its second reading in Parliament today.

“John Key and Bill English think Labour’s investment in support for retirement is too generous,” Michael Cullen said.

“John Key is on record as personally supporting raising the retirement age and Bill English seems to support slashing the rate of superannuation as well, just like National did last time they were in office.

“John Key promised to scrap KiwiSaver altogether at the 2005 election and Bill English has railed against it ever since becoming the Party’s finance spokesman.

“Both men have criticised the New Zealand Superannuation Fund.

“And now with over a quarter of a million New Zealanders enrolled in KiwiSaver, the National Party has again voted against the scheme’s progress.

“National only cares about what they cut, what they can sell off, what they can borrow, and what responsibilities they can fob off to the private sector.

“Against that approach, the Labour-led government happily front up to the electorate next year as a government that focuses on investing in New Zealanders and generating the big ideas – like KiwiSaver – that New Zealand needs for the future.”

ENDS

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