Sunday, February 05, 2012
   
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KiwiSaver

One of the Fifth Labour Government’s achievements I am most proud of is KiwiSaver. I think the scheme’s broad support from a variety of sectors is testament to the strength of this programme. It will seed and cultivate a savings culture in New Zealand that will assist employees in buying a first home, and in their retirement. KiwiSaver will also benefit New Zealand businesses by building a local savings pool that can be used by our entrepreneurs to have a go in the marketplace. And by saving rather than spending, we may well improve our balance of payments and reduce inflationary pressure in the economy. Most importantly the scheme is easily accessible and provides comprehensive protection of investments.

Treasury estimates indicate that over thirty years, total funds under KiwiSaver management will grow to about $100 billion in today's dollars, or 60% of GDP. (Source, Dr Michael Cullen’s address to Annual International CEO Forum, Melbourne)

The Australian economy has long benefited from the trillions of dollars of savings generated by its government’s compulsory scheme, an active policy of the past twenty years. (Source: Dr Cullen’s address NZ Herald Mood of the Boardroom Breakfast, 29/5/07) In that time, households’ superannuation assets as a proportion of GDP have more than tripled. (Source: Treasury Report May 2007)

I encourage all New Zealanders to join the scheme for the sake of the many benefits it will bring to them and to the Country.
Labour Spokesperson for Justice
Labour Spokesperson for the Environment

Labour List MP Based in Ohariu
Authorised by Charles Chauvel, 103 Johnsonville Road, Johnsonville