NZ needs to look at mandatory savings schemes

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.