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

 


Super Fund contributions must restart on surplus

Super Fund contributions must restart on surplus

National must restart contributions to the Super Fund when it gets the books back into surplus as the government books would be $2.2 billion better off if contributions had not been stopped, says Labour’s Finance spokesperson David Parker.

“New figures show that the Super Fund – one of the great successes of the last Labour Government – continues to go from strength to strength.

“But it could have been much better. The Guardians of the New Zealand Super Fund say that as of 30 June 2013 the NZ Super Fund was $10.8 billion smaller than it would have been if contributions had continued, with $2.2 billion of foregone investment gains.

“The fund returned $4.51 billion in the past twelve months at a rate of over 21 per cent. That is half a billion more than the National Government raised from its failed asset sales programme.

“Given those figures it is astonishing that National still refuses to resume contributions to the Fund until around 2020.

“That’s six years away. By then National would have suspended contributions for 12 years while trying to maintain the pretence they are pre-funding superannuation.

“We will have foregone billions of dollars in returns by then. New Zealand can’t afford to lose that sort of money with the ballooning cost of New Zealand Superannuation forecast to exceed the cost of education in just three years’ time.

“Labour will restart contributions to the Super Fund when the books are back in the black, ramping them up over time,” says David Parker.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On The Ombudsman’s Verdict On Paula Rebstock And Ian Rennie

Unfortunately, the brave and damning report by Ombudsman Ron Paterson on the “flawed” and “unfair” inquiry conducted by Dame Paula Rebstock into events at MFAT pulls back the veil on a far wider issue. More>>

ALSO:

Charities' Report: Stressed Families - Overstretched Services

“Like so many of the whānau and families they serve social service organisations are under huge financial stress. The support demanded from desperate people in communities is far outreaching the resources available.” More>>

ALSO:

Detention: Wellingtonians Protest Treatment Of Refugees

Peace Action Wellington (PAW) and around 50 Wellingtonians blockaded the Australian High Commission, creating a symbolic detention centre to protest the Australian Government's policy of mandatory offshore detention for refugees and asylum seekers. More>>

ALSO:

Diver's Alarums: Breach Means Training Provider Must Repay $1.47 Million

The New Zealand School of Outdoor Studies is to repay $1.47 million (GST-exclusive) to the Tertiary Education Commission (TEC) following an investigation which showed that some student enrolments between 2009 -2014 could not be validated and that courses were under-delivered against their agreement with the TEC. More>>

ALSO:

Education: Government Plans Suggest Bulk Funding Return

Plans by the Government to return to bulk funding are likely to see increased class sizes and schools most in need missing out on much-needed resources, Labour’s Acting Education spokesperson Grant Robertson says. More>>

ALSO:

Interim Report: Auckland Looks Long Term To Pay-Per-Km Road Pricing

Aucklanders can expect to be paying variable rates per kilometre to travel on the city's most congested roads under an emerging transport strategy being formulated by the government and the Auckland Council. More>>

ALSO:

Despite Promises: Government Extends Iraq Deployment

Cabinet has agreed to extend New Zealand’s contribution to the joint New Zealand-Australia mission to train Iraqi Security Forces until November 2018. More>>

ALSO:

On The 'Terrorism' Card:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news