Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Peters sells out for zero price tag

Bill English National Finance Spokesman

18 June 2001

Peters sells out for zero price tag

People will look back on today as the day the future stability of our economy was decided by a backroom deal with Winston Peters, National's Finance spokesman Bill English said today.

"Winston Peters is claiming his deal to back the Government's high risk Superfund proposal as a victory, but it is hard to see what he has gained except for a temporarily revived media profile.

"His talk of limiting overseas investment of money from the fund has turned out to be just that, talk.

"New Zealand businesses will be left begging for the leftover scraps from the table after Michael Cullen invests the vast bulk of the fund overseas. Mr Peters' 'putting New Zealand first' rhetoric sounds hollow today.

"Where Winston Peters claims true victory is the rewording of the legislation to possibly allow for the reallocation of the money into individualised accounts at some stage in the future. Just today Dr Cullen highlighted how unlikely that prospect is when he said, 'our decision in no way indicates a shift toward support for individualisation. Labour and the Alliance continue to hold strongly to the view that individual accounts would prove unfair to women, low-income earners and people with interrupted work histories'.

"So Dr Cullen has no intention whatsoever of making the one real concession he has made to Winston Peters in order to get New Zealand First support for his Superfund.

"What we will have now is government's borrowing heavily, decades in advance of when they might need the money, and paying interest on that loaned money all the while. In return, future superannuitants will get at most 14 percent of their superannuation needs paid for from the fund - that is of course unless there is at some stage in the next three decades a major slump in the overseas sharemarkets where this money will be invested.

"This isn't a victory for Winston Peters and it certainly isn't a victory for sensible policy making. The winner on the day is political expediency," Bill English said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

General Assembly: Ardern Rejects Trump Call For War On Drugs

New Zealand will not be signing the United States' document calling for global action on the war on drugs, Prime Minister Jacinda Ardern says.

Ms Ardern is in New York for the United Nations General Assembly this week, along with about 140 other world leaders.

US President Donald Trump is kicking off his week at the UN by holding an event to promote the US document called the Global Call to Action on the World Drug Problem. More>>


Hunting v Pest Control: Tahr Control Needed To Protect Alpine Habitats

A cull of introduced Himalayan tahr browsing conservation land in Kā Tiritiri o Te Moana/ the Southern Alps is needed to protect special alpine plants and their habitats, Conservation Minister, Eugenie Sage said. More>>


Protest At Sea: Judge Discharges Greenpeace Activists

The judge today discharged Norman and Howell without conviction, saying the cumulative consequences of a conviction would be out of proportion to what was “low level” offending off the Wairarapa coast in April 2017. More>>


Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>


No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>


Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>


Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>





InfoPages News Channels