Scoop has an Ethical Paywall
Licence needed for work use Learn More
Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Blown Millions Not An 'Investment'

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


Advertisement - scroll to continue reading

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 
 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.