Speaking at a campaign event in West Auckland today Peters said every New Zealand citizen would automatically become a KiwiSaver member at birth under what he called the “KiwiSaver Generation” policy.
“This is a once-per-lifetime investment that compounds for decades,” Peters said, arguing the move would ensure every child entered adulthood with savings already growing in their name.
The policy would work alongside New Zealand First’s wider push for compulsory KiwiSaver participation and increased employer and employee contribution rates rising to 10 percent over time.
Peters also revealed plans to buy back the BNZ from National Australia Bank and merge it with Kiwibank to create a fully Crown-owned “National Bank of New Zealand”.
“Four Australian owned banks control around 85 percent of the system,” Peters said, claiming billions of dollars in profits were flowing offshore each year.
He said the new entity would operate commercially while creating stronger competition in the banking sector and supporting infrastructure, agriculture and small businesses. Peters described the proposal as “not nationalisation – this is taking back our country.”
The acquisition would be funded through a mix of sovereign banking bonds, long-term Crown debt, investment fund participation and Kiwibank’s existing capital base, with the plan intended to be self-financing rather than funded from the operating budget.
“New Zealand built BNZ. Labour and National sold it. Now we are going to buy it back,” Peters said.
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
The policy would work alongside New Zealand First’s wider push for compulsory KiwiSaver participation and increased employer and employee contribution rates rising to 10 percent over time.
Peters also revealed plans to buy back the BNZ from National Australia Bank and merge it with Kiwibank to create a fully Crown-owned “National Bank of New Zealand”.
“Four Australian owned banks control around 85 percent of the system,” Peters said, claiming billions of dollars in profits were flowing offshore each year.
He said the new entity would operate commercially while creating stronger competition in the banking sector and supporting infrastructure, agriculture and small businesses. Peters described the proposal as “not nationalisation – this is taking back our country.”
The acquisition would be funded through a mix of sovereign banking bonds, long-term Crown debt, investment fund participation and Kiwibank’s existing capital base, with the plan intended to be self-financing rather than funded from the operating budget.
“New Zealand built BNZ. Labour and National sold it. Now we are going to buy it back,” Peters said.
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
1 comment:
I read this as basic maths :
The Government, thats you and I, borrow a $1,000 per child on the open market at commercial interest rates (as we don't have any dollars), compounding into the distant future resulting as a massive debt on NZs books.
The children earn compounding interest for the next ~ 70 years at the taxpayer's expense.
Great deal for the kids, a lousy deal for us.
That's about as crazy as Robertson, during Covid, borrowing $1billion, at commercial interest rates ( or did he just print another pile of fresh $100 notes ?), and handing it out to every taxpayer ?
Doh.......
Post a Comment
Thank you for joining the discussion. Breaking Views welcomes respectful contributions that enrich the debate. Please ensure your comments are not defamatory, derogatory or disruptive. We appreciate your cooperation.