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.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

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