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Government's Super Path Full Of Potholes

7 May 2002

The Green Party today attacked the Government's advertisements promoting its superannuation fund as political propaganda.

The Government is spending $1 million on a campaign to educate people on the fund.

"It is outrageous that Labour can spend $1 million of taxpayers money on promoting the scheme," said Mr Donald.

"While I know these ads are on the right side of the law it is unacceptable that Labour are doing this in an election year."

Mr Donald said the ads did not tell the whole story.

"The ads do not tell people that the success of the fund depends on it making more money on the international share market than it costs the Government to borrow for its capital needs.

"The biggest pothole with the Government's fund is that it could lose money rather than make money as a result of gambling on the global sharemarket."

Mr Donald said the recent experience of the Westland District Council in which the Council lost almost $800,000 of its $3.15 million investment because it tried to play the global sharemarket should warn everyone that the Cullen fund should be scrapped.

"Instead the Green Party believe the Government should repay net Crown debt and invest in education, job creation and other initiatives which future proof the economy and strengthen the social fabric," said Mr Donald.

Ends

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