New Zealand First has
called on the Government to ensure that state administered
retirement savings are invested in New Zealand and not
frittered away on shaky overseas markets.
This follows the
Government Superannuation Fund losing $324 million on
overseas markets in the past fourteen months.
Rt Hon
Winston Peters, a long-time advocate of superannuation
savings investment in New Zealand, says the investment
overseas is a result of a shallow Treasury philosophy that
simply loses money.
“This country needs investment capital
and the use of superannuation funds would ensure that we are
not dependent on the savings of others for developing our
resources and infrastructure.
“In return, the funds would
receive a reliable and steady return on the investments,
resulting in a win-win situation.”
Mr Peters said the
funds should be pulled back from overseas as soon as
practicable instead of being constantly eroded because they
have been invested in the wrong
places.
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