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Cullen Using Taxpayers To Sell His Flawed Fund

23 April 2002

"Using $1 million of taxpayers' money to try and sell the Cullen Fund to New Zealanders shows this Government's arrogance knows no bounds," says National's Finance spokesman David Carter.

Mr Carter was commenting on the Government's plans for a two-week, $1-million taxpayer-funded media campaign to try and persuade people to support the Cullen Fund.

"It's well known that Labour is poll-driven and obviously their polling is showing that New Zealanders don't like the Cullen Fund - hence this campaign.

"However, because taxpayer money is being used it must be truthful and no amount of sales tactics can hide the fact that this scheme is a big con. Dr Cullen intends taking $2 billion out of the New Zealand economy every year, most of which will be invested overseas.

"In 25 years time, it is only going to provide around 10 per cent of the country's superannuation needs. This does not provide adequate retirement security for people now aged 40 who this propaganda campaign is aimed at.

"The Government can 'educate and inform' New Zealanders all it likes about superannuation, but the fact remains that the Cullen Fund is not the answer," Mr Carter concluded.


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