by Rob Hosking
The party last week held its policy meeting in the run up to this year’s general election and that meeting confirmed it will keep its policy of individualised accounts.
Such an approach to savings is now likely to get some international attention, with the declaration last week by US President George W Bush that he intends to turn that country’s social security accounts over to individuals, giving them more choice, including the ability to pass the contents on to descendents.
New Zealand First is yet to go that far, but leader Winston Peters’ office confirmed the party is taking an approach not unlike that of the US and similar to Australia.
However there are likely to be a number of "stepping stones” to that , and the policy is an "eventual goal” rather than something the party expects to see happen immediately.
Something along the Australian lines, with the private accounts operated at workplace level, along with tax incentives to save, Peters’ office told Supertalk.
New Zealand First is the largest of the minor parties in the New Zealand Parliament and has been positioning itself to be a coalition partner with Labour after this year’s election.
The legislation introducing the New Zealand Superannuation Fund includes a provision for individualised accounts should a future government wish to take such a step. Labour included that provision in the law as the price for New Zealand First’s support at the time the legislation was introduced.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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