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Speaker 1: Having argued the other week for compulsory key, we say

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Speaker 1: it was sort of ironic, probably lucky that several reports

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Speaker 1: came out post those comments that wanted exactly the same thing,

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Speaker 1: and then enter Winston Peter's the other day wants it

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Speaker 1: as well, will pay for it apparently with tax cuts.

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Speaker 1: The tax cuts of course completely unaffordable. But it doesn't

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Speaker 1: make the compulsion a bad idea, just a reminder. I

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Speaker 1: personally am not for compulsion, but it is it seems

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Speaker 1: the only way to say, solve our never ending inability

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Speaker 1: to save. Now, what possibly is the defining argument? As

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Speaker 1: a bloke called John O'Malley works for Deloitte, has written

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Speaker 1: a paper on creditor and debtor nations. That is, when

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Speaker 1: you take all of the country's financial dealings with the

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Speaker 1: world and you work out who owes what now. Places

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Speaker 1: like Germany, in Japan and Switzerland are what they call

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Speaker 1: creditor nations. They are owed money. The debtonations owe the money.

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Speaker 1: New Zealand, it will not surprise you, is a detonation. Australia,

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Speaker 1: which is where the paper originated, is what they call

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Speaker 1: a switcher nation. In other words, it has been a

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Speaker 1: debtor but the numbers have reversed. Romans net foreign liabilities

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Speaker 1: have gone from sixty three percent of GDP in twenty

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Speaker 1: sixteen to thirty two down to twenty four. Now, if

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Speaker 1: it keeps going, you are a credited nation. How have

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Speaker 1: they done this? Answer? Well, number of things because economies

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Speaker 1: are complex, but no small contributor has been You guessed it. Superannuation.

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Speaker 1: Paul Keating, former labour treasurer, introduced compulsion back in nineteen

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Speaker 1: ninety two contributions from employee employer. They've never looked back. Yes,

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Speaker 1: they had the usual arguments that cuts pay rise as

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Speaker 1: it's unaffordable, but thirty something years later the proofers in

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Speaker 1: the pudding. We have an average qisaber in this country

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Speaker 1: of about thirty thousand dollars. There's a ze hundred and

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Speaker 1: thirty thousand. Recently, for the first time they could say

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Speaker 1: a person starting work, working for forty years on an

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Speaker 1: average salary could look forward to retiring in comfort. So

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Speaker 1: problem solved. They don't debate retirement and its cost, and

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Speaker 1: the wealth created makes them on the verge of being

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Speaker 1: a credited nation, joining the heavyweights like Japan and Germany

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Speaker 1: and Switzerland. So New Zealand or Australia, Who would You

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Speaker 1: Rather Be? For more from the mic Asking Breakfast, listen

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Speaker 1: live to Newstalk SETB from six am weekdays, or follow

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