 A policy initiative of the Fifth Labour Government of New Zealand (in office 1999-2008), KiwiSaver is governed by various Acts of Parliament, including the KiwiSaver Act 2006 (passed in September 2006).Some people have criticised KiwiSaver for high fees going to Australian banks and for government subsidies going to wealthiest income-earners in New Zealand.Some people have critiqued KiwiSaver as an alleged part of a strategy to reduce New Zealand Universal Superannuation provision and to expand New Zealanders' reliance on private financial institutions to fund retirement income.