Blown Millions Not An 'Investment'

New Zealanders should be extremely concerned that Finance Minister Dr Michael Cullen is now trying to justify blowing over $100 million of taxpayers' money trying to play the foreign exchange market by calling it a long-term investment in New Zealand, ACT New Zealand Deputy Leader Heather Roy said today.

"In response to my Oral Question in the House today, the Minister tried to claim that financial speculation by the Reserve Bank was actually a long-term investment in New Zealand," Mrs Roy said.

"What nonsense. That money has been blown and is not coming back. Taxpayers should be up in arms, especially given the fact that this $100 million could have paid for 6,623 hip replacement operations, or 33,333 cataract procedures - or any number of other investments that would help Kiwis in need.

"Further, these claims from Dr Cullen are a bit rich - he attacks National leader John Key for being a currency speculator, yet when he does the same thing he calls it investment," Mrs Roy said.

ENDS

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