Gerry Brownlee National Superannuation Spokesperson

2 November 2001

Ad campaign won't hide Super Fund flaws

The Government's million-dollar advertising campaign needs to tell the truth about the Super Fund, says National's Superannuation spokesperson, Gerry Brownlee.

"The Government is borrowing the money to put into the Fund, and then investing billions outside New Zealand. It's little wonder that a hard-hitting independent report out this week concluded that the scheme 'has little to offer on economic grounds' and will prove to be a drag on growth.

"The Government is already having trouble meeting the required contributions to the Super Fund. Serious funding pressure is seeing premature babies and women with cancer being flown to Australia for treatment while the Government scrapes around for the $2 billion it needs each year for the Fund.

"This advertising campaign will need to explain 'who' is going to miss out as Dr Cullen borrows to pay for the $600 million he has put into a Treasury Bank account to pay for this scheme.

"Dr Cullen could save on this flash million-dollar campaign and instead do what National is doing for free - going on the road and telling the truth about the Super Fund," said Gerry Brownlee.

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