Parliament

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

 

KiwiSaver numbers closing in on 700,000

Hon Dr Michael Cullen
Minister of Finance
Hon Peter Dunne
Minister of Revenue

12 June 2008 Media Statement

KiwiSaver numbers closing in on 700,000

The number of New Zealanders saving for their future through KiwiSaver has passed 670,000 with over 2,300 new members signing up every day in May, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced today.

As at 31 May, 673,942 New Zealanders were members of KiwiSaver. Over 70,000 of these members joined during the month of May, nearly equalling the pace set during April when numbers soared after the introduction of employer contributions and tax credits.

“KiwiSaver has shattered expectations from day one,” Dr Cullen said. “270,000 New Zealanders were expected to sign up after the scheme’s first 12 months – 11 months in that number has been exceeded by over 400,000.

“It is especially gratifying to see so many young New Zealanders starting a savings habit as a result of KiwiSaver. Over 180,000 KiwiSavers are under 25 years-old – no one would have predicted that a year ago.

“New Zealanders know that KiwiSaver makes saving for retirement easier than ever before. We could easily see over three-quarters of a million KiwiSavers by the end of winter.”

“KiwiSaver’s success is down in large part to the cooperation of employers over the past year,” Peter Dunne said. “KiwiSaver has quickly become part of the New Zealand workplace, especially for workers starting a new job.

“We have laid the groundwork for a major assault on New Zealand’s poor savings record and everyone who has played a part in KiwiSaver – workers, employers, scheme providers, and Inland Revenue – should be pleased with what has been achieved.”


ENDS

© 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>>

ALSO:

.

 
 

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

(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>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election