2. KiwiSaver—FeesRt Hon WINSTON PETERS (Leader—NZ First) to the Minister of FinanceKiwiSaver—Fees2. Rt Hon WINSTON PETERS (Leader—NZ First) to the Minister of Finance: Does he agree with the September 2015 Treasury report that KiwiSaver fees are in the upper third of comparable countries in the OECD; if not why not?Hon STEVEN JOYCE (Acting Minister of Finance): No I do not agree with that statement. I understand—in fact I have been told—that Treasury is having second thoughts about that statement as well. That is because New Zealand is ranked in that particular report at 10th out of 26 in the OECD—that number may be many things but it is not a third. The good news for the member is that data is from 2011 and since then through the appointment of default providers the lowered fees on the medium balance account for KiwiSaver has dropped by nearly 20 percent. So in the next figures we would expect to see a better result again.Rt Hon Winston Peters: So is the Financial Markets Authority wrong about cash cows and raking in dollars in fees a year? And does he think that it is fair that ordinary New Zealanders are paying $300 million each year in fees to private KiwiSaver providers compared with $4.1 million towards our State-run world-class Superannuation Fund?Hon STEVEN JOYCE: I could just repeat the answer that I gave the member to the primary question and that is that since that information has been released the Government has gone through a process of reappointment of default providers and that appointment of default providers in 2014 has lowered the fees on a medium KiwiSaver balance account from $69 a year to $56 a year which is a saving of nearly 20 percent. The Government will continue to look for further opportunities to ensure that costs stay down through competition in the KiwiSaver sector.Rt Hon Winston Peters: If those dates are relevant why is the Treasury report dated September 2015? And what action has he taken to ensure that private KiwiSaver providers with low-level returns are not ripping off the New Zealand people and treating them like cash cows as warned by the Chief Executive of the Financial Markets Authority Rob Everett?Hon STEVEN JOYCE: The report may have come out in 2015 but it clearly states that it uses 2011 data.Rt Hon Winston Peters: Just making it up as you go along.Hon STEVEN JOYCE: It is absolutely correct Mr Peters. And it says that we are 10th out of 26 in the OECD as at 2011. As I have just pointed out to the member since that time default providers have lowered their fees through a competitive process with the Government. I appreciate his question; he has given us the opportunity to talk about the progress being made.Rt Hon Winston Peters: Why is it that the Financial Markets Authority's report is dated 18 May 2016—that is this year last month—and if this Government wants to offer New Zealanders a State-run saving scheme with minimal fees and guaranteed returns of capital why will it not just support New Zealand First's world-leading low-fees KiwiFund policy?Hon STEVEN JOYCE: There are many things that could describe the member but world-leading is not necessarily one of them. In terms of the KiwiSaver funding in relation to the report that the member raised in his primary question I have pointed out to him the issues with that report in terms of its age and the accuracy of the comment and again I can tell him that the good news is that the appointment of default providers in 2014 has lowered the fees. Also to help the member the Government is helping to improve the knowledge of consumers to help them sort which fund to belong to and that provides a better opportunity to make a more accurate comparison between funds. If he would like to have a look at that website it is . It is on the internet.David Seymour: How long have Government agencies been carrying out this conspiracy of issuing reports using data collected before the report's issue date?Hon STEVEN JOYCE: I thank the member for his question because I am quite concerned about that. It appears that all the data that is being used to produce these reports has been collected before the reports are produced and that is possibly a significant problem in terms of the quality of the reports.Rt Hon Winston Peters: I seek leave to table a comparison of the returns: KiwiSaver against the New Zealand Superannuation Fund and against the Australian Government Future Fund which shows how appalling—Mr SPEAKER: Order! I do not need the last part. I need the source of the information.Rt Hon Winston Peters: I prepared it myself.Mr SPEAKER: I remind the member that it must be from a more than authentic source. I do not intend to put the leave.