NZ needs to look at mandatory savings schemes
The National Party's ACC spokesman Gerry Brownlee, says New Zealand needs to look at mandatory savings schemes
Tuesday, August 27th 2002, 12:10PM
New Zealand should debate the merits of some form of
mandatory savings scheme for working New Zealanders, National's ACC
spokesman Gerry Brownlee told the Independent Insurance Brokers
Conference in Christchurch recently.
"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," Brownlee says.
This is a press release from
National Party’s ACC spokesman Gerry Brownlee
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