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


Come clean, National

2 June 2004

Come clean, National

Finance Minister Michael Cullen today challenged National finance spokesperson John Key to come clean on his plans for the New Zealand Superannuation Fund.

“National’s stated position has been to steal the assets in the Fund from future pensioners to use for tax cuts now. But we are now hearing rumours that it would keep the Fund but use it to finance infrastructural projects such as roads.

“That would make commercial sense only if there was a return to the Fund from that investment through road tolls or other forms of user charges.

“The government has asked Treasury for a report by November on infrastructural bonds which could be issued to the public including, potentially, the Guardians of the Fund should they chose to make that commercial decision.

“But if the Fund is just raided by the government of the day for capital to pay for infrastructure, that portion of the Fund becomes just a tissue of paper transactions which the government would have to pay back at the very time it most needed the income from a properly invested Fund to help pay for the baby boomers’ pensions.

“It is precisely because of these sorts of dangers that the management of the Fund is not subject to political control.

“National needs to come clean. Too many people’s future pensions are at risk to allow any future National government to play fast and loose with the Fund,” Dr Cullen said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news