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Negative household savings shows need for change


Negative household savings shows need for change

The revelation that Kiwi households are once again spending more than they earn demonstrates the need for universal KiwiSaver to bolster savings, says Labour Finance spokesperson David Parker.

“Statistics New Zealand’s National Accounts for the Year ending March 2013 shows that household savings are in the red by almost $1 billion.

“Internationally, New Zealand can’t afford to spend more than it earns. Over the long term that means we need to sell assets or borrow even more to fund the shortfall. Right now that shortfall is around $9 billion a year.

“We need to boost our savings culture, sadly National won’t address this issue.

“The best way to increase household savings is to make KiwiSaver universal. That will not only increase savings but it will also create a deeper investment pool for Kiwi businesses.

“Labour’s capital gains tax will ensure that investment is directed towards productive exporting businesses that will help boost our earnings overseas,” David Parker says.

ends

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Election Day: Make Sure You're A Part Of It!

Saturday 20 September, is election day, and New Zealanders’ last chance to have a say on who leads the country for the next three years.

“The people and parties we elect tomorrow will be making the decisions that affect us, our families and our communities,” says Robert Peden, Chief Electoral Officer. “It doesn’t get much more important than that, and we need all New Zealanders to use their voice and vote.”

Voting places will be open from 9.00am until 7.00pm on election day. The busiest time at voting places is usually 9.00am - 11.00am.

“Take your EasyVote card with you when you go to vote, as it will make voting faster and easier, and vote close to home if you can. But don’t worry if you forget your card, or didn’t receive one, because as long as you are enrolled to vote, your voice will be heard,” says Mr Peden. More>>

 

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