Parliament

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

 

Cullen's Scheme Already In Jeopardy?

Michael Cullen will be watching tomorrow's GDP figure closely to see what it says about the viability of his long-promised superannuation fund, National Finance spokesperson Bill English said today.

"A sluggish GDP growth figure for June will undermine the credibility of Labour's economic centrepiece, Dr Cullen's scheme to pre-fund superannuation.

"Dr Cullen's scheme depends on contributions of around 3% of GDP, every year for decades. This will come from Government surpluses, which in turn depend on consistently strong economic growth and rigorous control of expenditure.

"Expectations are that the New Zealand economy shrank by around $300 million in the three months to June compared with what was expected just three months ago - and the shrinkage could be up to $1 billion by Christmas. Some commentators are expecting another drop in the September quarter, risking a fiscal deficit this year.

"How can Dr Cullen credibly tell people not to worry about their retirement income when he can't guarantee a surplus this year, let alone in 30 or 40 years time?

"The Government has made no attempt to explain the full implications of its superannuation policy, which in this case is meant to last many decades.

"Dr Cullen's scheme is in danger of running off the tracks before he's even got it started," Mr English said.

Ends

Inquiries: Bill English 026 110 860

John Goulter 04 4719 719 025 232 4303

A printable formatted copy of this press release will be available on http://www.national.org.nz along with an archive of previous releases.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

General Election Announced: Set For September 19

The 2020 General Election will be held on Saturday 19 September, Prime Minister Jacinda Ardern announced today. “I will be asking New Zealanders to continue to support my leadership and the current direction of the Government, which is grounded in stability, a strong economy and progress on the long term challenges facing New Zealand,” Jacinda Ardern said. “We are running an established and effective MMP Government, and overseeing a strong economy with low unemployment and growth rates the envy of other countries like Australia and the UK while making critical investments in health, education and reducing child poverty. More>>


 

Gordon Campbell: On The Coronavirus Outbreak

The coronavirus – its official World Health Organisation designation is 2019-nCoV – is believed to have originated as a seafood-to-human transfer, with ground zero for the transfer believed to have been a fish market in Wuhan, China. More>>

ALSO:


WINZ Quarterly Report: More People Getting Into Work

The December quarter benefit numbers released today show the Government’s plan to get people off the benefit and into work is starting to pay off,” Social Development Minister Carmel Sepuloni said. More>>

ALSO:

Changing lives: Boost In Whānau Ora Funding

Whānau throughout New Zealand are set to benefit from an extra three million dollars that will go directly to Whānau Ora Commissioning Agencies, the Minister for Whānau Ora Peeni Henare announced today. More>>

ALSO:

PGF Kaikōura $10.88M: Boost In Tourism & Business

The Provincial Growth Fund (PGF) is investing $10.88 million to boost business and tourism opportunities in Kaikōura, Parliamentary Undersecretary for Regional Economic Development, Fletcher Tabuteau announced today. More>>

ALSO:

Whitebaiting: Govt Plans To Protect Announced

With several native whitebait species in decline the Minister of Conservation Eugenie Sage has today released proposals to standardise and improve management of whitebait across New Zealand. More>>

ALSO:


Education: Resource For Schools On Climate Change

New resource for schools to increase awareness and understanding of climate change... More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels