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


Sharemarket Upheaval Shows Risks Of Cullen Fund

24 July 2002

Sharemarket Upheaval Shows Risks Of Cullen Fund

The dive in the international sharemarket this month reinforces the risk of the Cullen fund, says National Leader Bill English

"If the $600m currently in the fund had been invested in the US and UK sharemarkets, it would have lost $100m in the last four weeks. Dr Cullen simply can't justify putting taxpayers money at risk in this way.

"If the same money had been invested in those markets when they were at their peak this year, the fund would have lost $165m. This would be simply irresponsible.

Dr Cullen must explain why he thinks investing $2 billion a year of taxpayer funds into overseas sharemarkets is better for growth than if that money was invested here.

"The best way to secure future superannuation entitlements is to implement a plan to raise the sustainable growth rate of the New Zealand economy. Investing billions of tax payer funds in other economies is not the answer," Mr English said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The (Looming) Nurses’ Strike

It is (almost) possible to feel a bit sorry for the DHB negotiators engaged in the current nurses pay round. Come next Monday there’s every sign that nurses will resoundingly reject the pay offer the DHBs have put on the table, as being totally inadequate (a) as fair compensation for the crucial work that nurses do and (b) as a recruitment incentive for a workforce which is already under severe stress, and facing a demographic explosion in patients as the baby boomers lurch into old age. More>>


Gordon Campbell: On The PM’s Indonesian Guest, And West Papua

As David Lange once said, it is almost impossible to get New Zealand to think about Indonesia, the huge nation sitting right on our doorstep.More>>


Out By 24,000: Treasury Child Poverty Estimate Wrong

The Treasury has revised the child-poverty projections it provided to the Government in December 2017. As outlined in the Treasury’s 17 January media release, the previous estimate was based on code that included a modelling error...More>>


Mentions Russia: NZ Joins Condemnation Of Nerve Agent Attack

Foreign Affairs Minister Winston Peters says the New Zealand Government has grave concerns over the use of a chemical nerve agent in the United Kingdom resulting in critically serious injuries to some of those exposed. More>>


IPCA (And Privacy Commission): Police's “Exit International” Checkpoint Was Illegal

The Independent Police Conduct Authority has found that Police were not justified in stopping vehicles at a vehicle checkpoint to identify individuals who had attended an “Exit International” meeting in Lower Hutt on 2 October 2016. More>>


NZDF Coverup: Defence Admits Raid Was In Area Described In Hit And Run

When the book Hit and Run was published in March last year, the Chief of Defence Force Tim Keating held a press conference claiming the SAS had been in a different place on that date... The Defence Force has finally admitted that the “three photographs in the book are of Tirgiran Village”. More>>


"It Could Work" - Team NZ: New America's Cup Base Option

Auckland Mayor Phil Goff has welcomed Emirates Team New Zealand’s acknowledgement that a new fourth base option is workable and would see Auckland host the America’s Cup in 2021. More>>





Featured InfoPages