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


KiwiSaver’s benefits a Labour legacy

David Parker
Spokesperson for Finance

2 July 2013

KiwiSaver’s benefits a Labour legacy

Labour’s KiwiSaver is going from strength to strength six years on, despite National’s clumsy changes that risked destabilising the savings policy, says Labour’s Finance spokesperson David Parker.

“It’s been six years since KiwiSaver was set up. Over two million New Zealanders have now signed on. That’s a great success by any standards. It’s also been a great boost to first home owners, helping them build up a deposit.

“The success comes despite National’s clumsy changes that risked destabilising KiwiSaver. A retirement savings policy needs certainty to be a long-term success but in just five years National has twice changed the contributions rate and changed the tax rates. This did not benefit KiwiSaver.

“Thanks should go to the architect of KiwiSaver – Labour’s Michael Cullen. Rather than misrepresenting his legacy, National should acknowledge his role as Finance Minister. Labour reduced gross debt from 38 per cent of GDP to 18 per cent and net debt to zero, and addressed private workplace savings through KiwiSaver.

“Labour will build on the success of KiwiSaver. By making it universal we will have a strong base for the retirement savings of our ageing population.

“KiwiSaver is already making a significant contribution to business investment. It shows yet again that Labour is the party of substantial economic reform, while the timid National Government refuses to make the changes needed to create jobs, increase wages and grow our economy,” says David Parker.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Closing Schools And Such: Interim Redcliffs Decision Announced

“While the school’s board has argued that circumstances that could give rise to potential disruption are extremely unlikely, advice from technical experts has shown these concerns cannot be ruled out." More>>


Jane Kelsey: High Court Can’t Make Groser Provide TPPA Information Faster

‘This week we went back to court to challenge Trade Minister Groser’s stalling tactics over the release of information on the Trans-Pacific Partnership Agreement negotiations, following a High Court order that he reconsider the Official Information Act request I made last January’, said University of Auckland law professor Jane Kelsey, first applicant in the case. More>>

Werewolf 58: No Climate For Change

The last time the global community tried to take collective action on climate change the world’s leaders finally came to agree that every not-too-onerous effort should be made to hold global warming to 2°C above the pre-industrial average. At Paris, all 150 participant countries nations will have put forward their pledges... On the information available, New Zealand's is the second weakest contribution of any nation in the developed world. More>>


Lambton Quay Shutdown: Object Was Made To Look Like Bomb

Police cordoned off part of Lambton Quay Wednesday afternoon, saying that a suspicious package had been found. Buildings were evacuated and buses were detoured. The army’s explosive ordnance disposal unit was brought to the Quay. More>>


Public Sector Still Shrinking: Record Low Number Of 'Backroom Bureaucrats'

Ongoing restraint in the public sector and a focus on better frontline services has seen a further reduction in the number of core Government employees, State Services Minister Paula Bennett says. More>>


Disobeying The Law: Police Censorship Of Crime Research “An Outrage”

The Green Party is calling on Police Minister Michael Woodhouse to ensure Police scrap controversial contracts that place onerous restrictions on academic researchers’ access to Police data, the Green Party says. More>>


Q+A Transcript: Groser ‘Not Expecting’ Failure At UN Climate Talks

‘I will be very surprised if we don’t get an agreement. I think it’s a completely different situation to Copenhagen for a number of reasons. We’ve got a much more realistic negotiating proposal on the table. Secondly, I think the science has strengthened...’ More>>


Greenpeace Protest:

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news