Yet another competition has arisen between Australia and New Zealand.
KiwiSaver is underperforming, with only a 6% contribution rate in comparison to the 11% contribution rate to Australia’s Super System.
Simplicity Founder, Sam Stubbs, told Mike Hosking that politicians tend to think in the short term when it comes to KiwiSaver.
He said that they might be worried that if they make KiwiSaver compulsory or increase contributions, it takes money away from people and makes them less likely to vote for them.
Stubbs said they don’t see the long-term impact on infrastructure and the economy that super funds can have.
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