The Financial Service Council’s savings report shows while we have lost one pot of gold, Labour’s savings policy will help create a new one, says Labour’s Finance spokesperson David Parker.
The Infometrics analysis on Labour’s 1974 New Zealand Superannuation Fund shows it would be worth $278 billion had it not been axed by National.
“Higher savings mean better paid jobs. Those missing billions would have meant higher wages for Kiwis and less reliance on foreign debt and foreign ownership as a country.
“It is clear evidence that New Zealand needs KiwiSaver to be made universal, which the next Labour Government will bring in.