National has set up an independent Savings Working Group to consider how New Zealand can improve its national savings.

 It’s a critical issue for New Zealand, as we rely heavily on borrowing money overseas. This means high and rising debt to the rest of the world.

We have deliberately set wide terms of reference for the Working Group. The only exclusions are New Zealand Superannuation, which this Government will not change, and broad mtaxation of capital gains or land, which we have previously said we will not introduce.

Otherwise, we are not ruling anything in or out.

The Savings Working Group will canvass a range of options for improving New Zealand’s overall savings performance, including government savings.

It will report back to the Government by January 2011. Improving our level of savings is the next step in National’s economic plan to boost growth, create jobs, and grow a stronger economy.

More information: http://www.beehive.govt.nz/release/wide+brief+expert+group+savings+options

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