4. Hon DAVID CUNLIFFE (Labour—New Lynn) Link to this
to the Minister of Finance
Will he rule out cuts to KiwiSaver in the coming Budget, such as those outlined in today’s Dominion Post?
Hon BILL ENGLISH (Minister of Finance) Link to this
The Government remains committed to KiwiSaver. We have said many times that we are committed to lifting national savings. The member will have to wait for the Budget to find out what, if anything, happens.
Hon David Cunliffe Link to this
Does the Minister stand by the following quote made by him: “It is important the Government plays its part in improving New Zealand’s national savings”, given that he has reduced the default KiwiSaver contribution from 4 percent to 2 percent, has reduced the employer contribution from 4 percent to 2 percent, has deferred contributions to the New Zealand Superannuation Fund, and now appears, at least, to be planning further cuts to KiwiSaver?
Yes, I stand by the statements I made. I am a bit surprised to find today that the Labour Party no longer has a position on KiwiSaver. It will wait until we announce ours so that it can follow it.
Hon David Cunliffe Link to this
Will the Minister, in trying to lift national savings, acknowledge that 90 percent of New Zealand’s total international debt is private debt and only 10 percent is public debt, and will he therefore accept that even the most savage cuts to public expenditure could not possibly save the private savings problem?
We take a national view—after all, we are a National-led Government. We believe that households and Governments should do what they can to increase national savings. I know the member agrees that the country needs more of that.
Hon David Cunliffe Link to this
Does he agree that the 271,400 jobless New Zealanders—according to Statistics New Zealand today—will struggle to save at all, and does he think they might be tired of waiting for the brighter future his party keeps promising is just around the next Budget?