Statement misleading

Finance Minister Michael Cullen today strongly rebutted suggestions from the Real Estate Institute that he was promoting shares as a primary investment vehicle rather than residential property.

“To take that interpretation from my speech to the Auckland Chamber of Commerce is misleading and mischievous.

“Any impartial reading of the speech, which is accessible on my website, will show that I was advocating that as a nation, we have to lift our overall savings rate and that there would be positive benefits to the economy if some of those extra savings went into the sharemarket where they could help to grow New Zealand companies,” he said.

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