National Superannuation – Tranz Rail – Fletcher Energy Sold – Tourist Sub
- NATIONAL SUPERANNUATION: The Government is counting on public support to win over other parties on the national
superannuation fund plan they announced today. The Greens and New Zealand First have both said they are considering the
scheme. The scheme would guarantee national superannuation for over 65s that is not means tested. The Alliance and
Labour stood united on the scheme. The plan is geared to meet the huge demand anticipated when baby boomers reach
retirement age. National Finance Spokesman Bill English says the scheme relies on running a budget surplus. NZ First and
Greens are considering it. If the Government doesn’t get support to enact the scheme, they will make it an election
issue next election. Cullen says the Government will start building up the superannuation fund whether or not it gets
support from other parties.
- TRANZ RAIL: Tranz Rail wants to dump it’s passenger services and concentrate on freight. They say passenger services
are not making enough money.
- FLETCHER ENERGY SOLD: Fletcher challenge is selling its energy division to Shell and Apache for $4.6 billion. The sale
is worth 11.22c a share for shareholders. Challenge stations remain part of Fletcher Challenge for now. Fletcher
energy’s share price has been soaring all year. The New Zealand dollar rose sharply after the announcement, before
settling down.
- TOURIST SUB: A New Zealand tourist operator has bought a submarine and plans to make it Milford sound tourist
attraction by the end of next month. The sub can go as deep as 300m – deep enough to explore the very bottom of the
Fiord.