National votes against KiwiSaver

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Press release: National today voted against the Budget legislation, underlining its opposition to the very initiatives that will help to build a stronger economy and a fairer society, Finance Minister Michael Cullen said today.

Thursday, May 24th 2007, 9:30AM

"Last week it voted against the company tax rate cut, the employee tax credit for KiwiSaver, and a lower tax rate on savings vehicles. And it voted against sending legislation to a select committee to introduce a tax credit for research and development and lifting the cap on donations to charities.

"By voting against the Budget today National is voting against:

• Enhancing KiwiSaver to help more people save
• Business tax changes to improve productivity and competitiveness
• Electrification of Auckland rail
• Roading improvements
• Expanding industry training
• Improving health services
• Reducing class sizes
• Extra police

"It is not surprising National voted a cut in the company tax rate – that's consistent as National never voted for the last cut to the company rate in 1988, also by a Labour government.

"It is also not surprising National voted against KiwiSaver. National MPs secretly think KiwiSaver is good, but can't make up their minds.

"It should read the signs. The business community is coming strongly behind KiwiSaver. Just today Air New Zealand announced it is going to contribute 4% right from the beginning of KiwiSaver on 1 July.

"Now we know what National is against, what are they for? Borrowing to finance personal tax cuts. They would rather spend our way to prosperity and send the bill to our children. That really is voodoo economics."

« SBS becomes KiwiSaver provider

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