The council identifies two crucial areas to prioritise
The Financial Services Council of New Zealand (FSC) has welcomed the appointment of incoming Prime Minister Chris Hipkins and Deputy Prime Minister Carmel Sepuloni as well as their commitment to focussing on the cost-of-living and inflation.
“On behalf of the Financial Services Council, I want to congratulate our new incoming prime minister and deputy prime minister and I wish them all the best,” said Richard Klipin (pictured), FSC CEO. “We are heartened by the incoming prime minister’s comments about getting back to basics and focussing on the key issues of inflation and the cost-of-living.”
While there were many policy areas to focus on, Klipin said FSC and its members believed deferring the New Zealand Income Insurance Scheme, “an expensive and complex policy which adds costs for businesses and employees alike during a cost-of-living crisis,” should be among the priorities.
“We are supportive of the vision – New Zealanders are underinsured and it’s crucial we have robust safety nets in place to support Kiwis when they’re in need,” he said. “However, the policy development has been too rushed, there’s been a lack of sector engagement, and the scope has crept from the original proposal, driving even more costs. Deferring the implementation would allow for more time to get the details right and protect workers and employers from additional costs at this difficult time.”
Another area FSC believes the new government should focus on is KiwiSaver.
“After 15 years of KiwiSaver, the time is right to review, refine, and improve the scheme to ensure it can deliver more adequacy in retirement for New Zealanders,” Klipin said. “The FSC is focused on helping Kiwis grow their financial confidence and wellbeing, and we welcome further opportunities to collaborate with the government on these crucial policy areas.”
What else do you think should the incoming prime minister and deputy prime minister focus on? We’d love to hear from you in the comments below.
