Fresh Government brings opportunity for fresh thinking

The financial services sector welcomes the formation of the new National, ACT and New Zealand First coalition government and looks forward to working with it to further strengthen the financial confidence and wellbeing of Kiwis.

“The financial strength of every New Zealand family is a shared goal for the newly formed Government and the financial services sector,” Financial Services Council (FSC) CEO Richard Klipin says.

“We are eager to work with the new administration to help shape fresh thinking to achieve this. 

“The most pressing issue for Kiwis is the rising cost of living, which needs addressing for both the short and long term. Financial wellbeing is vital for all New Zealanders.

“The FSC congratulates Nicola Willis on being appointed Finance Minister, Dr. Shane Reti as Health Minister and Chris Bishop, David Seymour and Shane Jones as Associate Ministers of Finance.

“We also congratulate Andrew Bayly for being announced as the incoming Minister of Commerce. The FSC has had a strong relationship with Minister Bayly during his time as National’s spokesman on Commerce and Consumer Affairs over a number of years. We look forward to working more closely with him.

“The coalition document between National and New Zealand First contains an agreement to keep the superannuation age at 65. This gives New Zealanders a clear indication of the Government’s intent around retirement age.

“This also gives a strong platform for more serious discussion on how New Zealanders prepare for their retirement and highlights the importance of KiwiSaver."

The FSC also reinforces its strong desire for a full review of KiwiSaver to ensure New Zealanders are getting the best possible returns to get them ready for retirement.

“It is time for some fresh thinking and innovation with KiwiSaver. It has been a huge success for Kiwis and now is the time to capitalise on that success,” Richard Klipin says.

“Prime Minister-elect Christopher Luxon set a number of clear policy signals for the financial services sector at our annual conference in August. The FSC will work constructively with his Government to ensure new policy settings are well informed by the collective expertise of the industry.

“The focus of the FSC is to grow the financial confidence and wellbeing of New Zealanders and we see the early indications of a number of key policy areas where we can work with the new Government to achieve that.

“We wish the new Government well and acknowledge the hard work in front of us. We look forward to working closely together.”

ENDS