National super fund plans welcomed

Press release – for immediate release

16 October 2008

New Zealand Contractors’ Federation welcomes National super fund plans.

The New Zealand Contractors’ Federation has welcomed the National Party’s announcement that it would inject billions of dollars from the “Cullen Fund” into infrastructure.

National leader John Key announced yesterday that he would require the New Zealand Superannuation Fund to invest 40 per cent of its assets locally.

The scheme would make cash available to businesses and help fund infrastructure, such as public-private toll roads or the rollout of high-speed broadband.

Federation Chief Executive Richard Michael said: “This is exactly what the Contractors’ Federation has been suggesting.

“Investing in the country’s infrastructure, rather than shares, would bring sold returns, create employment and advance urgently needed projects such as roading programmes that would have direct benefits for the national economy.”

ENDS

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