• Winston Peters
Deputy Prime Minister

Recent financial adversities have heightened the debate over New Zealand's savings record and the need to find a long-term sustainable solution, Deputy Prime Minister and New Zealand First Leader Winston Peters said today.

"We need to look carefully at all our options for savings and the debate on this issue must cross the political divide to include the views of all New Zealanders.

"There is a need to secure the retirement income of those already retired and those soon to be retired, but this should be part of the development of a broader national savings strategy.

"We are aware that we must protect those people who have subscribed to savings regimes like national superannuation. We will not undermine their position.

"However, after years of debate we still have no answer to our low savings record. That is why we must put aside political stances and develop a collective strategy for a broadly based 'Savings Accord'".

"This issue is no longer just about Superannuation - although that is very important - it is about savings as a whole.

"We need to find a fair, reasonable and practical regime to encourage New Zealanders to save more. I believe that a Savings Accord is critical. It represents a fresh start," Mr Peters said.