About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, March 28th, 7:05AM
rss
Latest Headlines

Greens give read light to Govt fund

Greens back universal super; will vote against fund.

Sunday, June 3rd 2001, 12:05PM

The Green caucus firmly supports universal provision of superannuation at the current levels but does not believe the Government's pre-funding proposal is the best way to achieve that commitment.

"The Greens will vote for Part 1 of the bill which guarantees super to everyone aged 65 and over at 65 percent of the average wage (for a couple), because pensioners have a right to a secure, stress-free retirement. However we don't believe a pre-fund is the best way of achieving stability for super, and we will vote against Part 2 of the Bill which sets up the fund," said Green co-leader Rod Donald.

"This has been a tough decision but we have made it based on the best information available rather than taking a politically expedient decision."

Donald says evidence shows that the current 'pay as you go' system is sustainable, and there is no need for urgent or radical changes to the current system. The Greens were extremely concerned that the requirement to pre-fund super would be a straight-jacket on all future Government spending decisions.

"A fund of this size, peaking at 50 percent of GDP, would suck dry future budgets. We see the Government struggling to fund tertiary education and health adequately in this year's budget, despite a relatively small commitment of $600 million to the fund. In three years, they will be forced to find $2.5 billion for the fund, which could leave other portfolios like health and education even worse off," he said.

"We're also concerned at revelations this week that the Government has increased debt to pay for the fund."

The primary question to ask is whether budget surpluses could be invested in a way which would offer all New Zealanders a better future, without affecting the guarantee of universal super?

"The Greens believe the money should be invested directly by the Government to create full employment which is both productive and meaningful, create stronger communities and preventative health, combat climate change and pay off the crown debt of over $20 billion, instead of giving it into the hands of professional investors to take risks with.

"The Government hasn't responded positively to our concerns about the need for the fund to be invested ethically and predominantly in New Zealand, which has reinforced our decision not to vote for the fund."

Mr Donald said he was aware of and sympathised with the public desire for a cross-party consensus on super.

"We don't want to see super used as a political football at the next election, but the Government has to recognise that cross-party consensus requires consultation before a solution is announced. The lack of a majority to get this Bill through makes it obvious that there is much more work to be done before a true cross-party consensus is reached."

 

Greens oppose pre-funding - story here

To read Rod Donald's full speech CLICK HERE
Find out Michael Cullen's reaction
here

« Fund's rules present problemsAMP & Good Returns launch superannuation website »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • What is the value of CPD?
    “With respect Pragmatic and JM, in this instance, G.Lindsay's point is fair. Where does a Risk Specialist AFA go for relevant...”
    1 day ago by dcwhyte
  • Clients complain about adviser fees
    “All quite good comments really. The issue about not getting paid is clear communication/disclosure to clients. How do...”
    2 days ago by gavin austin adviser business compliance
  • Trauma problematic, Fidelity boss says
    “New product? This seems nothing more than the old Lifecare product Fidelity has had for ages, just now available on a standalone...”
    2 days ago by Tash
  • What is the value of CPD?
    “Even though I was waiting for it, I still get heartily sick of assertions that pension funds are the only way, and nobody...”
    2 days ago by Dirty Harry
  • Watch out for the newly promoted income protection client
    “The design aspect cuts both ways, presently it usually works in favour of the client as they often have a drop off in income...”
    2 days ago by RiskAdviser
Subscribe Now

News and information about KiwiSaver

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.74 5.89 5.99 6.29
ANZ Special - 5.39 5.39 5.79
ASB Bank 6.75 5.99 5.99 6.39
ASB Bank Special - 5.59 5.39 5.59
BankDirect 6.75 5.99 6.09 6.39
BankDirect Special - 5.59 5.39 5.59
BNZ - Classic - 5.69 5.39 5.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 6.29
BNZ - TotalMoney 6.74 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.95 5.99 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.39 5.69
HBS Special - 5.59 5.19 5.49
Heartland 6.70 7.00 7.25 7.85
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.70 5.70 5.40 -
Housing NZ Corp 6.74 5.70 6.09 6.29
HSBC Premier 6.84 5.65 5.65 5.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.55 5.55
Liberty - - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 5.92 5.95 6.04
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.39
Sovereign Special - 5.59 5.39 5.59
The Co-operative Bank 6.70 5.59 5.39 5.59
Lender Flt 1yr 2yr 3yr
TSB Bank 6.74 5.70 5.70 6.00
TSB Special - - 5.35 5.60
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 5.99 6.19 6.39
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.89 5.97 6.00

Last updated: 25 March 2015 9:26am

News Quiz

Who's ceo has just received the 2015 Women’s Empowerment Principles (WEP) CEO Leadership Award in a ceremony at the UN headquarters in New York, being only the second NZ ceo chosen for the honour?

Sovereign

Fisher Funds

Partners Life

Fidelity Life

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com