National isolated on compulsory KiwiSaver

The National Party is completely isolated over its opposition to compulsory KiwiSaver, now that the Revenue Minister Peter Dunne has thrown his support behind the idea.

Labour’s Finance spokesperson David Parker says “National is out of touch on retirement savings. The country is increasing its overseas debt steeply every year and businesses are starved of capital. New Zealanders need more security in retirement, and it’s obvious that we need to save more.

“That’s why Labour supports a universal KiwiSaver scheme. After five years KiwiSaver has proved a huge success. Expanding it to every employee will increase savings, which will help to grow our economy and reduce overseas debt and the current account deficit.”

In a speech today at the NZ Credit & Finance Institute, the United Future leader Peter Dunne said, “I have always favoured the idea [of compulsory KiwiSaver], and I believe New Zealanders are coming around to it.”

David Parker welcomes the comments.

“One of the Government’s own ministers clearly accepts the need for change, and that leaves National isolated and out of touch.

“If National won’t grow our savings, reform the tax system to support growth and exports, and deal with the looming fiscal pressures as superannuation costs more, then what is their plan? They don’t have one because they don’t even recognise the problems exist.”