Grant Robertson
Finance Spokesperson

16 September 2015

Nats’ short-termism leaves Super Fund $17b lower

National’s short-sighted decision to halt contributions to the Super Fund has left it $17.8 billion out of pocket, Labour’s Finance spokesperson Grant Robertson says.

“Today’s Super Fund’s Annual Result is a 15 per cent return – a great result, showing the Fund has done well out of its recent investments. That’s why it’s so disappointing that National halted contributions in 2009. The Fund missed out on $12 billion in Government contributions and an estimated $5.5 billion in foregone earnings.

“That is not only short-sighted, it’s foolish financial management. Any sensible financial advisor knows if you’re investing for the long term you should buy up when the market is low.

“New statistics out today show the difference between what we earn and spend on the world stage as a country has gone deeper into the red – it’s now at $2.1 billion on the wrong side of the balance sheet.

“That’s another reason why it’s critical to have a strong and active Super Fund generating investment that can go into local exporting businesses,” Grant Robertson says.

ENDS

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