Is Labour looking after their rich mates in Finance?

Labour likes to talk about National looking after their rich mates and the top end of town. David Cunliffe even used the term in his stand up on Tuesday after his rather testy and some say shouty caucus meeting.

But could it be that Labour are the ones looking after their rich mates in the finance industry…I mean if the accusation is good enough for Labour to use it should be good enough for anyone else to use. The Herald reports:

Labour would raise the age of eligibility for New Zealand Superannuation to 67, make KiwiSaver compulsory for employees and increase the KiwiSaver contribution rate if voted into power.

Deputy Labour leader David Parker told members of the superannuation industry his party was not afraid to tackle the age of eligibility issue despite it being politically challenging.

“I am willing to deal with the age of eligibility for superannuation. This is not populist politics.” 

Parker said the Census data released this week backed its decision. He pointed to the number of people in the 50 to 59 age group increasing by 22 per cent since 2006 to 989,000.

“Although the total population increased, fewer people are under 15 than in 2006 and this reinforces the need to address superannuation.”

Paying for superannuation cost more than all benefits combined and within two years he expected it to exceed the annual spend on education. Labour has proposed raising the age of eligibility for New Zealand Superannuation from 2020 increasing it two months at a time to reach 67 by 2026.

I wonder if he ran this speech past Helen Kelly for approval, or just the usual different message to a different audience.

Anyway good to see Labour looking after it’s rich mates in the funds management industry by delivering them a couple of hundred thousand extra taxpayer funded clients as well as having the state decide your investment tolerance level by age.

With 0 .5% fees for a conservative fund, 3% for an active one, this is a nice early Christmas present for the money men.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.