Excuses Start Early For Govt Super Fund

Published: Mon 22 Dec 2003 04:05 PM
Excuses Start Early For Govt Super Fund
Monday 22 Dec 2003 Rodney Hide Press Releases -- Economy
ACT New Zealand Finance Spokesman Rodney Hide today said that the failure of the Government's Super Fund to meet its targets was hardly a surprise.
"What's surprising is that the excuses are starting so early," Mr Hide said.
"The fund's minders have issued their first monthly report card that shows that two-thirds of the $2.7 billion accumulated by the end of last month was still held in cash. They state that the New Zealand Superannuation Fund is unlikely to meet its performance targets in its first year because most of the fund is still waiting to be invested.
"That's a Helen Clark record-time for failure - the excuses have started before the first year is over.
"The Super Fund is a dopey idea. It doesn't help with the cost of providing future pensions at all. The money would be better returned to New Zealand workers whose money it is to begin with.
"It's typical of this Labour Government that they sit on big surpluses and big funds, while working families struggle hard to make ends meet - they deserve a tax cut for Christmas," Mr Hide said.
For more information visit ACT online at or contact the ACT Parliamentary Office at

Next in New Zealand politics

America’s Cup Decision
By: New Zealand Government
Government To Apologise For Dawn Raids
By: New Zealand Government
EU And UK FTAs Top Of List For First Ministerial Trip Since COVID-19
By: New Zealand Government
New Zealand Not Immune From Rise In Antisemitism
By: Jewish Council
Nurses Reject DHB Offer And Confirm Strike Action
By: New Zealand Nurses Organisation
Team New Zealand Decision ‘disappointing
By: Auckland Council
Dawn Raids Apology Welcomed, Needs To Be Backed Up With Amnesty
By: Green Party
DHBs Disappointed By Strike Action
By: All District Health Boards
View as: DESKTOP | MOBILE © Scoop Media