19 August 2002

Scrap Super Fund, Buy Back Rail - Greens

Green co-leader Rod Donald is urging the Government to scrap the Cullen super fund, and use the $600 million already set aside to buy back the national rail network.

"It is ridiculous that the Government is planning to gamble hundreds of millions of dollars off shore on the casino economy at the same time as the national rail network is falling apart.

"We urge the Government to instead commit to buying back the track and undertaking the overdue maintenance that is needed to get the network up to scratch," said Mr Donald.

"The original sale of TranzRail to a foreign company has been an abject disaster.

"The Government must regain control of the rail track because it is an integral part of New Zealand's economic infrastructure and an efficient, clean and safe way to shift heavy freight around the country."

Mr Donald observed that there is a debate taking place in Australia about investing superannuation funds in national infrastructure - like rail - instead of in off shore markets.

"Clearly Australia is learning its lessons following news that the South Australian Government's Superannuation Fund is facing long-term losses of almost half a billion dollars.

"It is not too late for the Labour Government to agree with the Greens, scrap the super fund and invest instead in our own economy."

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