April 30, 2014
Maori wll back savings plan
New Zealand First leader Winston Peters says Labour’s new financial policies make a lot of sense.
Labour wants to make Kiwisaver compulsory and to introduce a variable contribution rate as a way to take the heat out of the economic cycles and stem inflation.
Mr Peters says it’s better to keep money in the economy rather than pay it as interest to foreign bankers.
He says there was considerable support for compulsory superannuation from Maori when he put it to the country.
"In the 1997 referendum on compulsory saving, the Maori vote for it was almost twice as high as the non-Maori vote so Maori believe in saving all right, it makes sense to them, particularly is you have an age of dying that is much younger than the non-Maori rate, it makes sense to have private savings," Mr Peters says.
He also backs Labour’s intention to review the Reserve Bank Act.
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