KiwiBank boss wants leadership from National party
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- Date published:
7:34 pm, July 2nd, 2010 - 7 comments
Categories: Economy, kiwisaver -
Tags: john key, Sam Knowles
According to the NZ Herald:
The boss of state-owned Kiwibank wants people to be compelled to join KiwiSaver, with individual contributions rising gradually over the next decade or two to reach 10 per cent of income.
Kiwibank chief executive Sam Knowles: “There’s still some argument about it, but it is certainly our belief, and I think most commentators’ belief, that New Zealand has a savings problem. Being indebted to the world is not a smart place to be long term, particularly when you have a financial crisis.”
He is calling is for the Government to step up saying that he did not think the level of leadership was coming from the Government on how to reach a 20 per cent savings rate.
“I think the Government needs to step up and present that vision, and then work out what’s a sensible way of stepping towards that vision”.
Considering how Mr Key spoke against KiwiSaver when it was first introduced in 2006 that is scarcely surprising. But let’s hope this helps put retirement savings clearly on the agenda for election policy ahead of next year.
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- One year on, still no progress on new ferries
Today’s announcement from the Government on its plan for new ferries throws more uncertainty on the future of the country’s rail network. ...2 weeks ago
- Release: Nicola Willis’ smaller ferries will cost more
After wasting a year, Nicola Willis has delivered a worse deal for the Cook Strait ferries that will end up being more expensive and take longer to arrive. ...2 weeks ago
- Bill to sanction unlawful occupation of Palestine
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- Release: Labour fully supports greyhound racing ban
The Government has done the right thing in moving to ban greyhound racing. ...2 weeks ago
- Greyhound racing industry ban marks new era for animal welfare
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- Rangatahi voices must be centred in Government’s Relationship and Sexuality Education refresh
In response to a new report from ERO, the Government has acknowledged the urgent need for consistency across the curriculum for Relationship and Sexuality Education (RSE) in schools. ...2 weeks ago
- Govt introduces archaic anti-worker legislation
The Green Party is appalled at the Government introducing legislation that will make it easier to penalise workers fighting for better pay and conditions. ...2 weeks ago
- Winston Peters – Kinleith Mill Speech
Thank you for the invitation to speak with you tonight on behalf of the political party I belong to - which is New Zealand First. As we have heard before this evening the Kinleith Mill is proposing to reduce operations by focusing on pulp and discontinuing “lossmaking paper production”. They say that they are currently consulting on the plan to permanently shut ...2 weeks ago - Swarbrick calls on Auckland Mayor to end delay of revival of St James Theatre
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- Internationally-trained doctors jump at chance to boost health workforce
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Prime Minister Christopher Luxon has appointed Sarah Ottrey to the APEC Business Advisory Council (ABAC). “At my first APEC Summit in Lima, I experienced firsthand the role that ABAC plays in guaranteeing political leaders hear the voice of business,” Mr Luxon says. “New Zealand’s ABAC representatives are very well respected and ...2 days ago
- New intelligence oversight appointments
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- New housing developments able to progress more quickly
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- Actions to speed up air travel delivering results
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- Ending contracted emergency housing in Rotorua
The Government today announced the intended closure of the Apollo Hotel as Contracted Emergency Housing (CEH) in Rotorua, Associate Housing Minister Tama Potaka says. This follows a 30 per cent reduction in the number of households in CEH in Rotorua since National came into Government. “Our focus is on ending CEH in the Whakarewarewa area starting ...2 days ago
- Vocational education and training decisions support return to regions
The Government will reshape vocational education and training to return decision making to regions and enable greater industry input into work-based learning Tertiary Education and Skills Minister, Penny Simmonds says. “The redesigned system will better meet the needs of learners, industry, and the economy. It includes re-establishing regional polytechnics that ...3 days ago
- Reducing the environmental impact of synthetic refrigerants
The Government is taking action to better manage synthetic refrigerants and reduce emissions caused by greenhouse gases found in heating and cooling products, Environment Minister Penny Simmonds says. “Regulations will be drafted to support a product stewardship scheme for synthetic refrigerants, Ms. Simmonds says. “Synthetic refrigerants are found in a ...3 days ago
- Ngāruawāhia section of Waikato Expressway back to 4 lanes for Christmas
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- Appointments to the ENZ board
Tertiary Education and Skills Minister, Penny Simmonds, has announced a new appointment to the board of Education New Zealand (ENZ). Dr Erik Lithander has been appointed as a new member of the ENZ board for a three-year term until 30 January 2028. “I would like to welcome Dr Erik Lithander to the ...3 days ago
- Government to celebrate Waitangi Day around NZ
The Government will have senior representatives at Waitangi Day events around the country, including at the Waitangi Treaty Grounds, but next year Prime Minister Christopher Luxon has chosen to take part in celebrations elsewhere. “It has always been my intention to celebrate Waitangi Day around the country with different ...3 days ago
- More gangs added to Gangs Act list
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- Judicial appointment announced
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- Strengthening Free Speech in Universities
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- Launch of Emergency Cellular Priority Service
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- Minister reopens Mangamuka Gorge
State Highway 1 through the Mangamuka Gorge has officially reopened today, providing a critical link for Northlanders and offering much-needed relief ahead of the busy summer period, Transport Minister Simeon Brown says.“The Mangamuka Gorge is a vital route for Northland, carrying around 1,300 vehicles per day and connecting the Far ...4 days ago
- Funding confirmed for second Ashburton Bridge
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- Fire and Emergency New Zealand final levy rates confirmed
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- Government seeks partnerships to plant trees on Crown-owned-land
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- Wide ranging legislation to make justice system more efficient
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- Diverse skills in community trust appointments
A total of 41 appointments and reappointments have been made to the 12 community trusts around New Zealand that serve their regions, Associate Finance Minister Shane Jones says. “These trusts, and the communities they serve from the Far North to the deep south, will benefit from the rich experience, knowledge, ...4 days ago
- Torture redress for survivors of the Lake Alice Unit
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- Consultation opens on working with engineered stone
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- Greater reporting on Treaty settlement commitments
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Mr Roger Holmes Miller and Ms Tarita Hutchinson have been appointed to the Charities Registration Board, Community and Voluntary Sector Minister Louise Upston says. “I would like to welcome the new members joining the Charities Registration Board. “The appointment of Ms Hutchinson and Mr Miller will strengthen the Board’s capacity ...5 days ago
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- New Zealand to assist Vanuatu on earthquake response
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- Review recommends ECE regulation shakeup
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- Offshore Renewable Energy Bill passes first reading
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- Local Government (Water Services) Bill passes first reading
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I do think retirement savings will absolutely be on the agenda for the 2011 election. At least, as long as some of David Cunliffes recent comments are reflected in Labour Party policy. I have faith that they will be and welcome the discussion.
Funny if there is a reasonable dialog, and guess what Winston Peters will say!
Really? The CEO of a bank calling for compulsory savings? Who would have thought??
Tomorrow we might see the head of a Union calling for compulsory union membership…
Yeah then police calling for people to stop committing crime…
Oh hang on. No matter how much sarcasm I use that still sounds like a good idea.
Maybe the CEO of a bank actually knows a bit about saving…
Maybe so, but taking 10% of peoples income off them and locking it away?
I agree with what he’s trying to say but I feel the first priority should be trying to get many peoples incomes to a point that they can afford to save rather than wasting all thier money on silly things like food and electricity.
Sam Knowles may be a fine bank CEO but sounds here like another rich idiot without a clue how the plebs live.
And I’m sure we’ve all heard the saying about politics being the art of the possible
Since for a period before I was made redundant I was contributing 8% to my retirement fund I can assure Rob A it is not taking the money off them but providing money for future need. If done properly it is a painless way to achieve the end. Just as when PAYE made is so easy for the average person to pay their contribution to society. Perhaps most of you don’t remember when that happened but I do.
Done properly by increasing the deductions at the rate of 1% each year it is hardly noticed by the wage and salary earner …. though I can appreciate the likely howls of outrage from the self employed who do not have the luxury or convienience of PAYE. Employers too being required to be unpaid money collectors.
One would also hope that instead of just going into the consolidated fund payments were tied to the payer so that in the event of early death they can be assigned to the estate to help look after the remaining dependants deprived of their income earner.