Scoop has an Ethical Paywall
Nats’ short-termism leaves Super Fund $17b lower
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
Gordon Campbell: On Pauline Hanson’s Rise, And The TOP Renaissance
New Zealand Alliance Party: Alliance Party Firmly Opposes “Backdoor Privatisation” Of Kiwibank
Taxpayers' Union: New Poll - Coalition Still Ahead; Luxon Regains 'Preferred Prime Minister' Top-Spot
NZ National Party: Judith Collins’ Valedictory Speech
Forest And Bird: Government Biodiversity Credit Scheme Welcomed As Opportunity For Restoration
Office of the Ombudsman: Ombudsman Publishes Findings On Ministry Of Education Sensitive Claims Scheme
Nelson City Council: Mayor Welcomes Auditor-General Decision Not To Prosecute Councillor
