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National scaremongering on ACC and Super exposed

6 December 2009
Media Statement

National scaremongering on ACC and Super exposed

National’s scaremongering over ACC and Superannuation has been exposed by the continuing strong performance of the ACC and Super investment funds, Labour Leader Phil Goff says.

“The Budget decision to suspend contributions to the Super Fund with National saying it was losing money was stupid. All funds at the height of the financial crisis were losing money.

“That decision now looks even more short-sighted given the latest figures from Treasury show the fund bouncing back strongly with higher than forecast returns of the $1.3 billion for the four months to 31 October.

“The time to invest is when prices are low but National squandered the opportunity by suspending the payments which jeopardises the future pensions of all New Zealanders.

“It is the same situation with ACC. John Key and National used the lower returns from the ACC investment funds to justify huge levy hikes and cutting of entitlements.

“But ACC’s investment funds had returns of $600 million in the four months to 31 October. This was also higher than expected.

“National’s changes to ACC and Super funding made no sense at the time. They make even less sense now,” Phil Goff.

ENDS

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