Brash talks about savings issues
Friday, October 8th 2004, 6:45AM
After a speech to a financial planning and advice conference in Rotorua earlier this week on his vision for New Zealand Brash was questioned about financial planning and superannuation issues.
He was asked for his view on regulation of financial advisers and whether New Zealand should follow the Australian approach.
He admitted he didn't know much about the financial planning issues and that National didn't have a policy in this area.
His preference was for self-regulation: "Self-regulation has a lot to commend itself compared to government regulation."
On superannuation he said the party was still working on policy. He expressed some concerns about the workplace savings group idea, saying there had been problems of poor take up with similar schemes in Britain and Ireland.
"We haven't reached a position (on workplace savings) but we are a little bit uneasy (about what's been proposed)."
When asked what he would do with the New Zealand Superannuation Fund Brash acknowledged that he had asked fellow MP John Key to look at the issue.
Brash acknowledged Finance Minister Michael Cullen had done a good job in the way the fund was set up.
However he asked whether the billions of dollars in the fund should be used to pay off debt, invested overseas or used for infrastructure projects in New Zealand.
In an interview with Good Returns last Key had hinted that the fund could be used for infrastructure investments.
On whether the National Party would dismantle the fund he said: "We haven't crossed that bridge yet."
Brash repeated his views on the age of eligibility for New Zealand Superannuation saying that it is likely changes will have to be made in the future such as gradually increasing the age at which people will be entitled to the state pension.
He does not think that NZ Super will be means-tested as "the public don't want that."
"That may be totally irrational and I think it is, but that's what the people want," he said.
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