Report supports Labour's KiwiSaver policy

Research released by the Financial Services Council shows increasing KiwiSaver contribution rates could double Kiwi’s savings to $312 billion and see an extra $93 billion invested in New Zealand companies, says Labour’s Revenue spokesperson David Clark.

“Labour supports universal KiwiSaver and increasing contributions. In fact we introduced a significant scheme when Norman Kirk was Prime Minister.

“If National's Robert Muldoon had not subsequently scrapped that scheme, it is estimated it would currently be worth $240 billion to New Zealanders.

“Universal KiwiSaver would see billions invested in local companies and significantly bolster our national savings, making us less reliant on overseas borrowing.

“Unfortunately the value of savings has always been lost on National. Their short term economic view led to cuts in KiwiSaver contributions when they took office this time too.

“They undertook a u-turn in last year’s budget but no real progress on KiwiSaver has been made since National has been in charge. What a wasted opportunity.”