Taxpayers' Union welcome changes
The Taxpayers’ Union is welcoming removal of the $1,000 KiwiSaver kick-start, as announced in Budget 2015 today. Jordan Williams, Executive Director of the Taxpayers’ Union, says:
“For years the savings experts have been saying that while the KiwiSaver subsidies encourage people to join the scheme, they are a very poor use of money in terms of increasing New Zealand’s overall private savings.”
“Taxpayer money should be used to help those most in need, not used for universal entitlements which pay babies of rich-listers a grand to join Kiwisaver.”
“We welcome the common sense step to remove the one-off universal kick-start. While today's change will help lower the cost to taxpayers, it is unlikely to reduce the overall numbers entering KiwiSaver as the subsidies that remain are still generous."