Parliament

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

 

GSF investment strategy could be damaging to NZ


Copeland: GSF investment strategy could be damaging the NZ economy

United Future finance spokesman, Gordon Copeland, is querying whether the Government Superannuation Fund’s investment strategy is damaging the New Zealand economy.

He questioned the GSF’s chairman Basil Logan and board member Tim McGuinness at this week’s Finance and Expenditure select committee concerning their decision to invest 73.5% of their funds overseas.

He pointed out that an AMP report entitled “How much foreign currency?” concluded that, to offset the nation’s reliance on imports, New Zealand funds should hold around 40 - 50 % of the their funds offshore.

“I can see no good reason why the Government Superannuation Fund should go beyond that to a figure of 73.5%,” Mr Copeland said. “If they were to reduce their overseas allocation to 40%, an additional $1.155 billion would be invested in New Zealand giving a significant boost to the revitalisation of the capital markets in this country. It would assist our economy to expand at a faster rate to the benefit of all New Zealanders including the beneficiaries of the Government Superannuation Fund.”

The GSF representatives replied that they would be undertaking a full and complete review of the appropriate level of overseas investment within their portfolio.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Another Reason To Loathe HR Departments (And On The Teachers Strike)

This morning’s news item about Police emergency call centre staff turning up for work while they’re sick – because they’re afraid their sick leave statistics will be used against them, and their jobs put in jeopardy – is not an isolated case...

Obviously, sick people shouldn’t be being treated by doctors and nurses who are themselves sick and potentially infectious. Similarly, Police emergency calls also need to be fielded by people who’re feeling alert, and on top of their game. More>>

 
 

MPs' Computers To Be Searched: Inquiry Into Leak On Simon Bridges' Expenses

An inquiry has been launched to find out who leaked the National Party's expenses to the media... Parliament's speaker, Trevor Mallard, said a Queen's Counsel would lead the inquiry with the help of an employment lawyer and also someone with forensic IT skills. More>>

ALSO:

Teachers Strike: Nationwide Rallies And Marches

Teachers and principals voted for a full day strike to be held on 15 August to send a strong message to the Government that the current collective agreement offers from the Ministry of Education would not fix the crisis in teaching. More>>

ALSO:

Wellington.Scoop: City Council Ends Its Support For Jackson’s Movie Museum

The Wellington City Council and the Movie Museum Limited have today announced a mutually-agreed parting of the ways for a joint project between the Council’s Convention Centre and TMML’s Movie Museum... Both parties remain optimistic for the future of their respective projects. More>>

Pay Equity: Historic Settlement For Education Support Workers

The New Zealand Educational Institute (NZEI) and the Ministry of Education today signed Terms of Settlement to address a pay equity claim for 329 support workers who work with very young children in early childhood and primary schools. More>>

ALSO:

Gordon Campbell: On The Stereotypes About Jacinda Ardern

Routinely, female politicians get depicted as either show ponies or battle axes, with little room for anything else in between. .. More>>

Weekend Interviews: "Discriminatory And Racist" Aussie Deportations

The former president of Australia’s Human Rights Commission Gillian Triggs says deportations have risen dramatically in Australia since 2014 when ministers and ministerial delegates were given the power to cancel visas - and half of those being deported are New Zealanders. "These are massive numbers, actually escalating dramatically."... More>>

ALSO:

Legal Challenge: Prisoner Has 9 Boxes Of Documents Seized

Human rights organisation People Against Prisons Aotearoa says a prisoner they advocate for has had 9 boxes of legal documents seized from him just days before his case against the Department of Corrections was to be heard. More>>

Single-Use Plastic Bags: Govt To Phase Them Out

Single-use plastic shopping bags will be phased out over the next year, Prime Minister Jacinda Ardern and Associate Environment Minister Eugenie Sage announced today. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages