Parliament

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

 

Every Cent of Super Fund Must Be Borrowed

Every Cent of Super Fund Must Be Borrowed

Monday, July 23 2001
Rodney Hide
Press Releases -- Economy

The Finance and Expenditure Select Committee's report tabled today confirms that every cent of the $6.1 billion going to the Super Fund over the next five years will have to be borrowed, ACT Finance spokesman Rodney Hide said today.

"The Finance and Expenditure Committee's report on the Budget and Economic Fiscal Update (BEFU) confirms Michael Cullen is going to borrow in order to 'save' for future pensions.

"This is absurd. A pension scheme financed by borrowing is no pension scheme at all. You cannot borrow money then claim that you are 'saving' it.

"Treasury told the Committee that the Government has to borrow an extra $7.6 billion over the next five years. They explained that without the super fund, only $1.5 billion would need to be borrowed."

The Committee concluded:

We note the DEFU [December Economic and Fiscal Update] signalled the Government would borrow $2.1 billion (which increased to $7.6 billion). We were informed by The Treasury that, all things being equal, if the Government was not investing $6.1 billion in the New Zealand Superannuation Fund it would need to borrow $1.5 billion over the period.

"The Super fund was always a shaky proposition. It is now absurd that the government is having to borrow to fund it," Rodney Hide said.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Pike River: Mine Drift Re-Entry Plan To Proceed

The Pike River Mine Drift will be re-entered, Minister Responsible for Pike River Re-entry Andrew Little announced today.

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little...

“The advice I have received indicates that it is likely to be around February before the re-entry proper gets underway, by breaching the 30m seal.” More>>

 

Appointments: New High Commissioner To Australia Announced

“Dame Annette King needs no introduction given her long running career as a parliamentarian where she has previously held a number senior Cabinet portfolios, including Justice, Police and Health. She also was Parliament’s longest serving female MP with 30 years’ service,” said Mr Peters. More>>

ALSO:

Rebuilding: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General. More>>

ALSO:

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>

ALSO:

Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

Govt Loses In Supreme Court: Call For Debate On Prisoners' Right To Vote

The court earlier this week upheld a High Court decision which found that a law restricting a prisoner's right to vote was inconsistent with the Bill of Rights. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels