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

 


Parker must now produce the numbers on KiwiSaver jack-up

Parker must now produce the numbers on KiwiSaver jack-up

A week on and still no word from Labour's David Parker on how his self-proclaimed “big tool” will actually work, Associate Finance Minister Steven Joyce says.

“Mr Parker has still not answered the straightforward question of how much KiwiSaver contributions would have to go up for wage and salary earners in order to stop a 1 per cent rise in interest rates for everyone,” Mr Joyce says.

“And then, this morning in an interview, Parker’s leader David Cunliffe added to the confusion by saying he didn’t have any numbers; and then that savings rates won’t go above the 9 per cent they had already announced; and then at the same time claiming that this magical tool would have a very significant effect.

“We have estimated a 1 per cent increase in KiwiSaver contributions is only likely to generate about $400 million of net new savings and it would take roughly $2.5 billion in extra savings to keep the OCR 1 per cent lower.

“To avoid a 1 per cent OCR increase, Labour would need to take another 6 per cent off people's pay in addition to the 9 per cent they’ve already promised. That equates to a staggering 15 per cent from every worker regardless of how much they earn.

“Mr Parker has to be upfront with New Zealanders, provide some detailed numbers, and show the impact of his scheme on their pay.

“So far all he has done is rabbit on about how it's all very complicated and that it’s about the magical combination of all his schemes working together. That’s a cop out.

"Let me spell it out very simply for him again. All other things being equal, what rise in KiwiSaver rates would you need to stop a one percent increase in interest rates?

“If he can't answer that, then this is yet another Labour Party policy that falls over as soon as you get to the fine print."

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

AMA: Scoop's 'Invisible Paywall'

Operation Chrysalis: The Final Countdown - Thanks & There's Still Time To Pledge

Phew! We are now counting down the hours to the end of this crowd-funding campaign at 11pm on Sunday. Thankyou to all those Scoop readers and supporters who have pledged already. You have been awesome. But this is not over yet. More>>

 
 

PARLIAMENT TODAY:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

RMTU: No Public Submissions On International Government Procurement Deal

“The government is preparing to assent to the Government Procurement Agreement, a World Trade Organisation Treaty which opens up New Zealand Government contracts to foreign companies and closes the door on local businesses and their workers. However the Foreign Affairs, Defence and Trade Select Committee is refusing to take public submissions on the decision.” More>>

ALSO:

Gordon Campbell:
On Pacific Spying

So New Zealand spied on its friends and allies in the Pacific – and has not only been passing on the results to the NSA, but has apparently passed on the details of the Pacific’s relations with Taiwan to our other best friends, the Chinese. On the side, the Key government has also been using the security services to gauge the chances of Trade Minister Tim Groser landing the top job at the WTO... More>>

ALSO:

State Housing Transfer: Salvation Army Opts Out

The Salvation Army has decided against negotiating with Government for the transfer of Housing New Zealand stock.
More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news