Media Release

17 May 2007

Peters Welcomes Progress on Savings

The announcement of incentives for Kiwisaver in today's budget are a welcome step in the right direction and ensures that the next step to compulsory savings will be smoother, says New Zealand First leader Winston Peters.

"New Zealand First has long campaigned on the need to aggressively address our sub-standard savings record in comparison to other developed nations.

"By building on Kiwisaver through a $20 a week tax credit and a move toward compulsory employer contributions the scheme is now much more appealing.

"New Zealand First is pleased to have contributed greatly to the 'savings debate' for nearly fifteen years. In many ways, while this is ten years too late, it is better late than never.

"The initiatives announced in this year's Budget represent a substantial leap forward. While New Zealand First believes that businesses could play a greater role in compulsory savings, today's announcements nonetheless represent good progress," concluded Mr Peters.

ENDS

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