NZ's 'worst economic decision ever' – revisited

Brian Gaynor looked at the consequences of abolishing the NZ Superannuation Scheme. (Image: BusinessDesk)

Sat, 10 Sep 2022

Fund manager and business columnist, the late Brian Gaynor, called it a dreadful decision – possibly the worst ever made by a New Zealand government.In December 1975, the new National government led by Robert Muldoon abolished the 37-week-old compulsory New Zealand Superannuation Scheme, introduced by the previous Labour government.At the time there was just $40 million in the scheme.But – as New Zealanders were quick to recognise last week when the government tried to apply GST to KiwiSaver fees – small sums grow exponentiall...

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