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Slowdown in KiwiSaver enrolments

Slowdown in KiwiSaver enrolments

Declining numbers of new enrolments in KiwiSaver suggest the scheme has been undermined by National's repeated changes and reversals, says Labour's Associate Finance spokesperson David Parker.

"We have structural problems in our economy with increasing private debt, a rising current account deficit, and budget projections showing that we are getting poorer year after year under current settings," David Parker said.

"New Zealand needs to save more and to invest more in our productive export sector.

"The declining rate of new enrolments in KiwiSaver shows that the Government's changes have had adverse outcomes," David Parker said.

"National's latest signal that it may now reverse its earlier rejection of the Savings Working Group recommendations is further proof that National is a poor manager of the economy."

David Parker said National's decision to cut contributions to the Super Fund in 2009 has also cost New Zealand billions in national savings.

"By 2050 the fund will be $26 billion smaller due to this decision," David Parker said.

"The fund has had returns of over 26 per cent in the financial year to date. The folly of National's decision is becoming more apparent by the day."

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