Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


KiwiSaver breaks through 400,000 barrier

7 February 2008

KiwiSaver breaks through 400,000 barrier

The number of New Zealanders joining KiwiSaver continues to beat expectations, with 414,144 signed-up at the end of January, compared with the Treasury's initial projection of 276,000 by 1 July 2008, Finance Minister Michael Cullen and Revenue Minister Peter Dunne said today.

"The fact that the surge in the number of New Zealanders saying yes to personal savings continued into January, in the face of turbulent international markets, suggests that New Zealand is undergoing a strengthening in its savings culture," Michael Cullen said.

"KiwiSavers are focusing on the long-term and that is good news for the long-term economic and social well-being of the whole country. The advent of KiwiSaver is, I think, assisting a maturing in attitudes toward short-term share price movements as more and more people keep an eye on the long-term benefits of saving and investing," Michael Cullen said.

Peter Dunne said one of the most positive aspects of the latest data on registrations is the popularity of KiwiSaver among younger people.

"The registration level among young adults clearly indicates to me that KiwiSaver is acting to encourage a greater level of personal savings in New Zealand than we would have experienced had KiwiSaver not been created. That means the scheme is acting to improve our net overall national savings performance," Peter Dunne said.

As at the end of January 2008, around 55.7 per cent of KiwiSavers were under 45 years of age and around 22.3 per cent were younger than 25 years old," Peter Dunne.

"Starting the savings habit early will mean that these young people will be able to generate significant savings by the time they retire and in some cases will be able to use their savings to buy a first home," Peter Dunne said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>




Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>


Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>


Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>


Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>


Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>


(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>






Featured InfoPages

Opening the Election
  • PublicAddress
  • Pundit
  • Kiwiblog