National is pledging to further increase the default KiwiSaver contribution rate if re-elected in the 2026 general election.
The policy is the first firm one from the party ahead of the election, still about a year away.
At this year's Budget, the government confirmed an increase to the default contribution from 3% to 4% by 2028.
In a speech to National Party members in Upper Hutt, leader Christopher Luxon said even after those changes, KiwiSaver contributions would still be lower than Australia's equivalent scheme - and he wanted to aim higher.
"For Kiwis working in New Zealand, that means smaller KiwiSaver balances and less financial security than friends or family working and saving in Brisbane, Sydney or Melbourne."
Luxon said if re-elected, National would continue to gradually increase the default contribution rates by 0.5% a year until 2032, when both employees and employers would pay in 6% each.
That would mean a combined rate of 12% by 2032, matching Australia.
As the government is New Zealand's biggest employer, it was estimated that the policy would cost around $90 million a year for each 0.5% increase.
National said it expected that this would be met within agencies' baselines, although some funding for cost pressures "could become available for certain agencies".
Unlike Australia, the scheme would not be compulsory.
Also at the Budget, the government halved its annual contribution to a maximum of $260.72, and removed it for anyone earning more than $180,000 a year.
In a statement this morning, Luxon said the move to boost KiwiSaver would ensure New Zealanders were "more financially secure in retirement".
“Financial security for retired people comes through home ownership and supplementing New Zealand Superannuation with long-term savings. KiwiSaver supports both of those, so National will strengthen it further.
“For a 21-year-old earning $65,000 a year today, these changes would mean they retire with a KiwiSaver balance of around $1.4 million, around $400,000 more than they would have with the Budget 2025 contribution settings," he said.
“If you’re a New Zealander who does the right thing by working hard and saving for the future, you deserve to get ahead."
Today's speech was held to mark two years of the coalition, with the anniversary coming up on Thursday.
- additional reporting Allied Media
