Christopher Luxon
Prime Minister
Minister, Ministerial Services
Minister, National Security and Intelligence
Well, kia ora and good afternoon, everyone. I trust you all had good weekends. Look, there has been a lot of talk recently about the need for New Zealanders to build bigger nest eggs so they can retire with greater financial security and more choices in their retirement. That’s why our Government increased the KiwiSaver default contributions in last year’s Budget with a new default rate of 3.5 percent taking effect on 1 April this year and, of course, moving through to 4 percent in 2028.
It’s also why National is campaigning on being even more ambitious for KiwiSaver. We have a policy to further increase default contribution rates to 6 percent each for employers and employees by 2032. And just over a week ago, as you’ll be aware, we announced our policy of making KiwiSaver compulsory for all workers from 1 July 2028, automatically enrolling babies at birth and providing a $1,500 Baby Boost payment, supporting moms and dads on paid parental leave to keep building their savings, and of course, requiring employers to keep contributing for workers over the age of 65.
But higher retirement savings not only delivers big benefits for individuals, it also means having a much larger pool of domestic capital to help fund the infrastructure, the startups, and the housing that we need to grow our economy, to create jobs, and to lift incomes. This Government sees investment in infrastructure as an investment in building our future. When we came into office, New Zealand had a bad habit of making it incredibly difficult to get things done and built. Projects that could create jobs, that could strengthen our economy and improve New Zealand’s long-term prosperity, were getting stuck in years of progress—in progress and delay.
That’s why we introduced our fast-track one-stop shop into Parliament in our first 100 days in Government. Since then, 24 projects have been approved through the fast-track system.
Several of those projects are already under construction, and many more will follow in the months ahead. Together, those 24 projects are expected to support at least 200,000 jobs and inject at least $11 billion dollars into New Zealand’s economy over their lifetimes. Those projects span housing, and roading, renewables, mining, and quarrying, and industrial development right across New Zealand.
Last Thursday, I announced National’s policy to increase uptake of solar energy at a household level. We want to make it easier for property owners to install solar power and battery storage in order to build more energy security, more resilience, and more control over their power bills. I spoke then about the fact that more renewable energy projects have been delivered in the last two years than in the previous eight years. That’s because widespread regulatory reform, like fast-track, is helping to enable a record-breaking pipeline of renewables. Fast-track is helping to unlock investment, to create jobs, and get important projects moving. Of course, as I said, it’s part of our plan to build the future, and it’s working. And with that, I’ll hand over to Chris to talk a little bit more about fast-track and its progress.