4 November 2009
Media Statement

Crown accounts further proof of Government scaremongering over ACC

The release of Crown Accounts show ACC investment returns in the last three months are $700 million higher than forecast, says Labour’s ACC spokesperson David Parker.

“This is further proof of the Government’s manufactured ACC crisis.

“Labour has always said that a large part of ACC Minister Nick Smith’s so-called financial crisis at ACC has in fact been a result of the impact of the global recession on its assets, which were beyond the corporation’s control.

“The Crown Accounts released today confirm that ACC’s assets are benefiting from signs of international economic recovery as anticipated,” says David Parker.

“This means the gap between ACC’s assets and liability has already begun to decrease.

“It already has nearly $12 billion in assets and last year collected $1 billion more in levies than it spent on claims,” says David Parker.

“Just last week Statistics NZ confirmed workplace injury rates were on the decline, which also shows that ACC, employers and unions are bringing injury rates down.

“This is all confirmation of Labour’s view that Nick Smith has used the recession to misrepresent ACC’s position to justify privatisation and reductions in the scope of the scheme.

“All the evidence shows there is no justification for National’s ideologically blinkered view that privatisation of the scheme will reduce costs – in fact it shows the opposite is true.

“National’s plans will result in the dismantling of a world-leading scheme and see New Zealanders left paying more for less to pay the bills of lawyers and foreign-owned corporates and to cover much higher administration costs,” David Parker says.

ENDS

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