2007: Kiwisaver

July 30, 2025

By AHNZ

A Ponzi scheme is an investment scam that pays early investors with money taken from later investors. Eventually the fraud peters out when enough of the participants realise they are going to be givers not takers.

Try this privately and the government will make a criminal of you.

New Zealand’s greatest such scheme was created on 2 July, 2007, by Helen Clark’s Labour 5.0 Ministry.

As this cartoon shows, instead of paying you your earnings an employer now gives it to the government to play with on equity markets.

It also means New Zealanders are less desirable employees. Better to get in some immigrants and give them your job because that saves at least 3% right there because they wont be on the Kiwisaver program.

“If you’re financially illiterate and unable to save anything, and want the government to control every aspect of your life; KiwiSaver is a great option. In particular for labour supporters. Some of us however want to retire earlier, not when the state tells us we can….. whenever that might be.” – Andrew Cowsill to AHNZ (2024)

“I love looking at the money in my KiwiSaver that I can’t access now, when I need it. And it’s quite likely not to be there later when I’m actually eligible to access it. If I make it that far 😡” – Craig Snook to AHNZ (2024)

“Clark’s State stood up a Ponzi Scheme named Kiwisaver in 2007. Every year since 3% of our income has been diverted into the stock markets with forced contributions. Nanny is interfering with equity markets and the incentives around retirement. It’s also penalising domestic Kiwi workers because hiring  temporary or overseas workers is a legal way to avoid this tax. Kiwi employers are also forced to contribute which automatically makes our domestic economy less competitive. Of course it’ll come crashing down one day soon..” – 2008: Labour 5.0 Defeated, AHNZ

The Boomers have voted a nice retirement fund for themselves at the expense of the younger paying into it when they can’t really afford to.

Kiwisaver is disaster waiting to happen but, of course, the Finance Minister would be long dead before the chickens come home to roost. That’s Michael Cullen, the People Farmer in this cartoon. Died 19 August, 2021. So, he’s away and clear.

—
Image ref. Michael Moreu, Press. Alexander Turnbull Library

Like    Comment     Share