Cullen's share tip to homeowners
Finance Minister Michael Cullen wants Kiwis to cool their love affair with property and invest more cash in the sharemarket.
Tuesday, March 1st 2005, 5:26AM
by The Landlord
"I think we would benefit from being a nation of shareholders as well as a nation of homeowners," Dr Cullen said in a speech to Auckland Chamber of Commerce yesterday."My sense is that there are definite gains to be made, both economical and social, in increasing the savings level of New Zealanders, and in encouraging a diversification in assets away from the residential property market."
The Government has previously outlined plans to encourage people to save for their first home, their children's tertiary education and superannuation.
However, an added emphasis on a "shareholding nation" broadens the Government's theme of an ownership society as it tries to outflank National.
It comes as the residential property market shows signs of getting its second wind and after a big drop in net savings in managed funds, which may have switched into property.
Investors withdrew $630 million from managed investment funds during the past year.
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