INDEPENDENT NEWS

National Sells Out Hard-Working Kiwis

Published: Tue 30 Nov 2004 09:41 AM
National Sells Out Hard-Working Kiwis
ACT Leader Rodney Hide has labelled National's formal announcement this evening to retain the Cullen Super Fund as selling out hard-working Kiwis.
"National's u-turn is solely political. National wants to cuddle up to Labour policy to minimise political differences. National's concession to the Cullen Fund sells out hard-working Kiwis who are already squeezed by high taxes. The Cullen Fund squeezes a further $1,400 out of each household each year. That money would be far better off in the pockets of working people.
"I agreed with Dr Brash when he wrote `The Cullen Fund is nothing more than financial smoke and mirrors. It does not change the overall cost of superannuation one bit.'
"The best way to provide for the retired in the future is to build a strong and growing economy. That means low taxes now, not a greedy government stuffed with taxpayer' cash as National have just signed up to.
"The Cullen Super Fund serves no economic purpose, rather it is solely designed to give the appearance that the Government is actually doing something about super sustainability. However in reality the fund will only ever be a drop in the bucket of what's really required over the coming decades.
"Furthermore, the fund negatively gives people a false sense of security and will therefore lead to less people taking up private savings. That is a dangerous disincentive. Also risky is the fact that the Government is pouring $2 billion each year into overseas share markets.
"National knows the Cullen Fund is a dopey idea but for political reasons it's endorsing it anyway," said Rodney Hide.

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