Finance ministers to look at super portability

While the details are yet to be discussed, it is envisaged retirement savings with complying Australian super funds could only be transferred into KiwiSaver funds in New Zealand. Australia's tax office last year estimated it had around $16.6 billion in superannuation accounts that it can't account for, and English expects a "considerable amount of this money could belong to New Zealanders who have returned home."

While there isn't any data on how much money could potentially be repatriated to Australia, Craig Howie, a spokesman for the minister, said given KiwiSaver was a fairly new scheme and there are some 500,000 kiwis currently living across the Tasman New Zealand should enjoy a net gain.

New Zealand implemented the KiwiSaver scheme in 2007 and topped one million members long before the 2015 target date. The National-led government cut the minimum contribution rate to 2% of an employee's wage when it came to power last year, a move lauded by ING as making the scheme more attractive. The Australian government passed legislation for compulsory super in 1992, lifting minimum contributions to 9% in 2002.