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English Keeps Up Borrowing

Fletcher Tabuteau MP
Spokesperson for Revenue

15 OCTOBER 2015


New Zealanders are being sold short by the National Government, says New Zealand First Spokesperson for Revenue Fletcher Tabuteau.

“Instead of strengthening NZ Super to provide for a period of heavy demand the government prefers to borrow internationally to give tax cuts in 2017 – in other words, an election year bribe.

“This is extraordinarily short-sighted and unfair to Kiwis. While NZ Super is affordable, the Cullen Fund was a wise move to reassure Kiwis that they will have a pension.

“National is refusing to contribute to the NZ Superannuation Fund (Cullen fund) over 10 years, yet it is borrowing heavily and making huge cuts to government agencies, just so it can create a farcical surplus.

“Had National contributed to the fund, ranked the world’s best performing sovereign wealth fund over five years, it would now be worth $47.8 billion, $18.2 billion more than it is now. While Finance Minister Bill English scoffed at these figures in Parliament today, the Cullen Fund was about planning for the future which this government has failed to do in any way.

“Mr English is only too happy to take tax off our superannuation savings, at about $1 billion a year.

“National should be ashamed that of the $14.5 billion of capital contributions made National is responsible for just 2 per cent,” says Mr Tabuteau.


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