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Finance Committee to review Govt's super losses

Finance Committee to review Govt's super losses

Green co-leader Rod Donald is pleased the Finance and Expenditure Committee will conduct a financial review of the Government Superannuation Fund Authority, which recently lost over $200 million in its first eight months on overseas shares.

"It is absolutely vital that parliament gets to the bottom of why the Authority foolishly gambled over $1 billion on the share market, at a time when most super funds were trying to back out of the casino economy," he said.

Mr Donald said the financial review will be an embarrassment to the Government because it highlights the fact that the fund had made money throughout its history until Labour decided that the $3.4 billion fund had to be taken out of Government Bonds and invested off shore.

"I must admit that at first the Government was not keen on this financial review, but in the end was persuaded that my request was reasonable, especially under the circumstances."

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