The formation of the National, ACT, and New Zealand First coalition government has been met with readiness by the financial services sector to collaborate on enhancing the financial stability and wellbeing of New Zealand residents.
Richard Klipin, CEO of the Financial Services Council (FSC), emphasised the shared commitment between the new government and the financial sector to bolster the financial resilience of New Zealand families.
“We are eager to work with the new administration to help shape fresh thinking to achieve this,” Klipin said in a news release. “The most pressing issue for Kiwis is the rising cost of living, which needs addressing for both the short and long term. Financial wellbeing is vital for all New Zealanders.”
The FSC has also extended its congratulations to Nicola Willis, the newly appointed finance minister, Dr. Shane Reti, the new health minister, and Chris Bishop, David Seymour, and Shane Jones, who will serve as associate ministers of finance. Andrew Bayly's appointment as the incoming minister of commerce has also been welcomed, especially given the FSC's previous constructive interactions with him in his former role as National’s spokesman on Commerce and Consumer Affairs.
“The coalition document between National and New Zealand First contains an agreement to keep the superannuation age at 65. This gives New Zealanders a clear indication of the Government’s intent around retirement age,” Klipin said.
The FSC has called for a comprehensive review of KiwiSaver to maximise its efficacy in preparing New Zealanders for retirement. The success of KiwiSaver was acknowledged, and the need for innovative approaches to build on this success was highlighted.
“Prime Minister-elect Christopher Luxon set a number of clear policy signals for the financial services sector at our annual conference in August. The FSC will work constructively with his government to ensure new policy settings are well informed by the collective expertise of the industry,” Klipin said.
Klipin said the FSC's focus remains on advancing the financial confidence and wellbeing of New Zealanders. The early policy indicators from the new government are seen as opportunities for collaborative efforts to achieve these goals.
“We wish the new government well and acknowledge the hard work in front of us. We look forward to working closely together,” Klipin said.
What are your thoughts on this story? Please feel free to share your comments below.
