INDEPENDENT NEWS

NZ needs to look at mandatory savings schemes

Published: Sat 24 Aug 2002 04:18 PM
Gerry Brownlee
National ACC Spokesperson
24th August 2002
New Zealand needs to look at mandatory savings schemes - Brownlee
New Zealand should debate the merits of some form of mandatory savings scheme for working New Zealanders, says National's ACC spokesman Gerry Brownlee, speaking at the Independent Insurance Brokers Conference in Christchurch today.
"If we want a wealthy and prosperous country we have to start looking at why other countries in the western world are doing so much better than us. Closing the gaps within New Zealand is one thing, but we also need to close the gap between ourselves and the rest of the developed world.
"New Zealand's per capita income is US$12,990. In comparison, Australia is at US$20,240 and Singapore measures US$24,740.
"Both Australia and Singapore have mandatory saving schemes that have become successful and well accepted. Both schemes have encouraged long-term savings and are worth examining.
"The Labour Government's Super Fund is not the answer. Even with the best performance possible, it will only discount future superannuation costs by 10 to 14%.
"If we want to improve our lifestyle and standard of living in New Zealand we need to pursue growth and wealth creation with more vigour. Opening up the debate on a savings scheme for workers is one way of achieving this," said Mr Brownlee.
Ends

Next in New Zealand politics

Concerns Conveyed To China Over Cyber Activity
By: New Zealand Government
GDP Decline Reinforces Government’s Fiscal Plan
By: New Zealand Government
New Zealand Provides Further Humanitarian Support To Gaza And The West Bank
By: New Zealand Government
High Court Judge Appointed
By: New Zealand Government
Parliamentary Network Breached By The PRC
By: New Zealand Government
Tax Cuts Now Even More Irresponsible
By: New Zealand Labour Party
View as: DESKTOP | MOBILE © Scoop Media