Labour's proposal to transform KiwiSaver into a direct instrument of monetary policy has generated acres of comment.
And perhaps that was the point.
David Parker's KiwiSaver policy announcement was a brilliant political differentiator; the policy itself was less shiny.
As Fran O'Sullivan and others have noted in the NZ Herald there are some serious questions to be answered about the realistic effectiveness of the Labour proposal - nevermind the 'technical difficulties' of implementing it.
Most of the objections centred on the potential hardship low-to-middle income earners would face if the KiwiSaver contribution rate ratcheted up to counter inflation/high currency etc. (Labour's plan does allow for some hardship opt-out here but that brings its own issues.)
