Amongst the many vacuous claims made in relation to the last budget, this one always struck me as the standout:
Greater level of private savings for KiwiSaver
19 May 2011 by Hon Bill English
Changes to KiwiSaver will encourage a higher level of private savings, make the scheme more financially sustainable and build a large pool of local capital, Finance Minister Bill English and Revenue Minister Peter Dunne say.
Significantly cutting back on the benefits of the scheme was going to “encourage a higher level of private savings” – ummm – how exactly? What a stupid claim. If we had a functioning media in this country they would have ripped it to shreds. Never mind, bide your time for a bit and the facts will do the job instead:
KiwiSaver changes turn many ‘maybes’ off for good
More than half of those who were considering joining KiwiSaver before changes were made by the Government won’t now sign up to the scheme, a new survey says.
An Investment Savings and Insurance Association (ISI)-commissioned poll found that almost a third of the 2337 participants were not members of KiwiSaver, but were considering joining before the release of the 2011 Budget.
Since Finance Minister Bill English tabled changes to the savings programme, 62 per cent of those who had been fence-sitting on KiwiSaver no longer wanted to be involved. Thirty-eight per cent indicated they would still sign on.
Well duh. Looks like the Nats are just as good at encouraging savings as they are at most aspects of running the economy.