KiwiSaver takes flight – legislation passed

The passing of the KiwiSaver Bill is an important milestone towards helping hundreds of thousands of New Zealanders secure their financial future, Finance Minister Michael Cullen said today.

"This is a great day for many who may have otherwise struggled to develop
a savings habit to provide them with a much more comfortable and secure retirement.

"The passing of the legislation by 71 votes to 48 underlines the Labour-led government's commitment to making saving a priority. We promised to put financial security in retirement within the reach of every New Zealander and we have delivered.

"KiwiSaver does that by making it much easier for people to save early and regularly for their retirement.

"I would like to thank my colleagues in United Future, New Zealand First and the Green Party for supporting this initiative.

"The National Party was the only party to vote against KiwiSaver. It is sad to see National so divided over the issue of saving that they voted against KiwiSaver despite a number of its members indicating they might change their minds and support the legislation at the third reading.

"It's obvious the real hurdle for National is Dr Brash's ideological position because Bill English supports tax incentives for saving as does John Key. In fact Mr Key said in April he admires the Singapore saving scheme which has tax breaks.

"National has no vision, no policy. It is not surprising when Mr Key is so out of touch with the challenges facing ordinary New Zealanders – so out of touch he thinks many New Zealanders have legions of gardeners, housekeepers and "pool boys" to tend their homes.

"I am proud of KiwiSaver. It is a landmark policy which will make a real difference to the retirement dreams of thousands of New Zealanders."

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