Government Must Deliver On KiwiSaver Promise For Young Farmers
On the eve of the 2023 election National pledged that, if elected to Government, they would allow young farmers to use their KiwiSaver to buy their first home, farm, herd or flock.
"They made that campaign promise in Morrinsville, but 18 months later there has been no action," says Federated Farmers dairy chair Richard McIntyre.
"The announcement was incredibly popular, particularly among the next generation of farmers, but also with older farmers who are looking for succession pathways.
"There are a lot of people out there waiting for these changes to be made, so it's important they follow through and deliver on their promise."
While National MP Suze Redmayne has since submitted a Members' Bill that would address some of the issues young farmers face, McIntyre says that isn't enough.
"It's great that Suze has put forward a bill - but it's one of more than 70 others in the Members' Ballot. It's effectively a raffle and the bill may never be drawn.
"That aside, having a Members' Bill in the biscuit tin doesn't even come close to delivering on their campaign promise. It needs to be picked up as a Government Bill.
"To make that happen, we need the Minister of Agriculture, and all rural MPs, to really get in behind farmers and push hard on this issue. They should be championing the cause."
McIntyre says young farmers across the country are being held back by outdated rules that don't reflect the reality of farm ownership or rural employment.
"These rules are holding young farmers back years in their career progression as they scrimp and save every dollar to get on the ladder, particularly for sharemilkers and contract milkers.
"I understand that KiwiSaver is about saving for retirement, but for these young farmers, owning a farm, herd or flock is going to be what sets them up for their later years.
"These are ambitious young people who are trying to build a future in farming, who just need the Government to get out of their way and allow them to access their own savings to invest in their future.
"A change in policy would give them a tangible pathway towards ownership and investment in agriculture - something the next generation of farmers desperately needs to see."
McIntyre says changing the rules would help level the playing field for young farmers and encourage greater use of KiwiSaver.
"A lot of young people in towns get into KiwiSaver because they know they can use it as a great way to build a deposit for their first house. "In their early years, that's effectively what they're doing - not saving for their retirement.
"On the other hand, so many young farmers don't use KiwiSaver because they know they're not allowed to access that for their first home, farm, herd, or flock.
"They won't be able to use those savings until their retirement, whereas there are really important things they need to invest in early in their careers, long before retirement age.
"It's an unfair playing field and young farmers are missing out on a key step towards growing their long-term wealth."
Federated Farmers are strongly calling on the National-led Government to deliver on this campaign promise and show their support for the next generation of farmers.
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