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

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>


Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. More>>


Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>


Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>


Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>


Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>


Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>




Featured InfoPages

Opening the Election