1
00:00:00,200 --> 00:00:01,960
Speaker 1: So time for a look at the NATS promise changes

2
00:00:01,960 --> 00:00:04,000
Speaker 1: to key we Save it. If re elected, the National

3
00:00:04,040 --> 00:00:06,520
Speaker 1: Party will gradually increase the default key we Save A

4
00:00:06,519 --> 00:00:09,160
Speaker 1: contribution rate to six percent and mandate that employers must

5
00:00:09,200 --> 00:00:11,240
Speaker 1: also match at six percent, taking it to twelve percent

6
00:00:11,280 --> 00:00:13,640
Speaker 1: in total. Prime Minister told my Costing this morning that

7
00:00:13,680 --> 00:00:15,400
Speaker 1: the policy will be a bottom line for the NATS

8
00:00:15,400 --> 00:00:16,720
Speaker 1: and coalition negotiations.

9
00:00:16,920 --> 00:00:19,560
Speaker 2: I don't actually know why it is so political. I

10
00:00:19,560 --> 00:00:21,560
Speaker 2: think it's actually a common sense thing. If you look

11
00:00:21,600 --> 00:00:24,560
Speaker 2: at places like Ireland and Australia that are wealthier, they

12
00:00:24,600 --> 00:00:26,280
Speaker 2: actually have higher retirement savings.

13
00:00:26,480 --> 00:00:29,000
Speaker 1: Rupert Carline is managing director of Colder Wealth and here's

14
00:00:29,000 --> 00:00:32,320
Speaker 1: with us now, Hi, Rupert Hi, I mean the comparison

15
00:00:32,360 --> 00:00:34,080
Speaker 1: with Ossie is not totally fair, is it.

16
00:00:35,080 --> 00:00:38,319
Speaker 2: It's not even close to fair. We're saying six plus

17
00:00:38,360 --> 00:00:40,479
Speaker 2: cent six plus six to get us to tolp percent.

18
00:00:40,680 --> 00:00:43,800
Speaker 2: But actually for them it's a semi compulsory. They're a

19
00:00:43,800 --> 00:00:47,040
Speaker 2: big incentive, so people actually want to contribute, whereas here

20
00:00:47,200 --> 00:00:50,080
Speaker 2: this announcement's more like a nudge of saying, you know what, people,

21
00:00:50,159 --> 00:00:52,879
Speaker 2: you should contribute more to your keyy saver. But we're

22
00:00:52,920 --> 00:00:54,560
Speaker 2: not really going to give you any reason to do so.

23
00:00:54,920 --> 00:00:58,080
Speaker 1: Do we have to make a compulsory Do you think I.

24
00:00:58,040 --> 00:01:00,920
Speaker 2: Don't like compulsion because I think if we make it

25
00:01:00,960 --> 00:01:03,800
Speaker 2: compulsory without incentives, people are just going to see it

26
00:01:03,840 --> 00:01:06,320
Speaker 2: as a tax, and we know how everyone loves tax

27
00:01:06,840 --> 00:01:10,080
Speaker 2: and so to me, it's actually about giving choice. I

28
00:01:10,120 --> 00:01:12,440
Speaker 2: believe people should have the freedom to make their own decisions,

29
00:01:12,800 --> 00:01:15,240
Speaker 2: but we should be giving some form of incentives to

30
00:01:15,280 --> 00:01:16,759
Speaker 2: give them a nudge in the right direction.

31
00:01:17,200 --> 00:01:19,840
Speaker 1: What incentives well.

32
00:01:20,240 --> 00:01:25,720
Speaker 2: Internationally, so Chris Luxon used the examples of Ireland, Australia, US.

33
00:01:26,080 --> 00:01:28,959
Speaker 2: These are all countries that use tax breaks, so tax

34
00:01:29,080 --> 00:01:32,080
Speaker 2: eductions for contributions or tax seductions to allow you to

35
00:01:32,160 --> 00:01:36,560
Speaker 2: kind of make your gains tax free was designed. We

36
00:01:37,200 --> 00:01:40,800
Speaker 2: used employee er contributions to do it so by saying

37
00:01:41,080 --> 00:01:44,399
Speaker 2: as an employer, you've got to match the employee. That

38
00:01:44,520 --> 00:01:46,399
Speaker 2: was a way of saying, if you want that extra pay,

39
00:01:46,600 --> 00:01:50,760
Speaker 2: you've got to contribute to Kivsaber. Unfortunately, that was unwound

40
00:01:50,880 --> 00:01:53,840
Speaker 2: in two thousand and nine by the National Party with

41
00:01:53,880 --> 00:01:56,920
Speaker 2: the entrance of total immuneration policies. And what that means

42
00:01:56,920 --> 00:02:00,360
Speaker 2: now is for fifty percent of workers look to be blunt.

43
00:02:00,360 --> 00:02:03,320
Speaker 2: They're better off by not contributing to qvsaver and just

44
00:02:03,320 --> 00:02:05,520
Speaker 2: taking the cash because there is no incentive for them

45
00:02:05,520 --> 00:02:07,640
Speaker 2: to have their money locked up until they're sixty five.

46
00:02:07,960 --> 00:02:10,080
Speaker 1: Now, this is just I mean, if we're honest about it,

47
00:02:10,080 --> 00:02:12,400
Speaker 1: this is going to depress wages, isn't it, Because instead

48
00:02:12,400 --> 00:02:14,520
Speaker 1: of giving you one hundred thousand dollars, they're just going

49
00:02:14,560 --> 00:02:17,880
Speaker 1: to take one hundred thousand dollars that's the available pay

50
00:02:17,919 --> 00:02:19,799
Speaker 1: and we're going to take the twelve percent off, give

51
00:02:19,800 --> 00:02:21,480
Speaker 1: you your money, and then top it back up. That's

52
00:02:21,520 --> 00:02:22,320
Speaker 1: what's going to happen.

53
00:02:23,160 --> 00:02:25,640
Speaker 2: Edits, and there's no question on there. I don't debate

54
00:02:25,680 --> 00:02:28,560
Speaker 2: that for a second. However, we have to also acknowledge

55
00:02:28,600 --> 00:02:32,200
Speaker 2: we've got a retirement system that is completely at the moment,

56
00:02:32,680 --> 00:02:36,720
Speaker 2: we need to move retirement savings into being privately driven

57
00:02:36,880 --> 00:02:39,600
Speaker 2: versus driven by the state. So this is a hit

58
00:02:39,639 --> 00:02:41,800
Speaker 2: that's going to have to happen at some point. Middle

59
00:02:41,800 --> 00:02:43,400
Speaker 2: of a recession is at the right time to do it.

60
00:02:43,680 --> 00:02:44,680
Speaker 2: That's a different cool.

61
00:02:45,200 --> 00:02:46,800
Speaker 1: Surely we're going to be out of the recession by

62
00:02:46,800 --> 00:02:47,720
Speaker 1: twenty thirty two.

63
00:02:48,919 --> 00:02:51,840
Speaker 2: Well, we would hope, So twenty five meant to be

64
00:02:51,919 --> 00:02:52,720
Speaker 2: the Year of driving.

65
00:02:53,840 --> 00:02:57,600
Speaker 1: Jeez. Honestly, shoot me now, Rupert, Thanks very much appreciated, Rupert,

66
00:02:57,600 --> 00:03:00,360
Speaker 1: Carline coder Wealth managing to exit.

67
00:03:00,919 --> 00:03:04,080
Speaker 2: For more from Hither Duplessy Allen Drive. Listen live to

68
00:03:04,200 --> 00:03:07,200
Speaker 2: News Talks it B from four pm weekdays, or follow

69
00:03:07,240 --> 00:03:09,040
Speaker 2: the podcast on iHeartRadio