Labour’s new $103 billion Kiwisaver tax

Newshub reports:

The government intends to charge GST on fees paid on KiwiSaver accounts from April 2026, potentially netting it hundreds of millions more in taxes. …

Financial Markets Authority modelling showed it could also shave an estimated $103 billion from KiwiSaver funds by 2070.

So $100 billion less in people’s saving accounts and $100 billion more in the Government’s coffers.