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Why The Greens Are Wrong On Superannuation

United Future leader, Hon Peter Dunne, says the Greens have got it wrong in deciding to oppose the Government's plans to pre-fund a portion of future superannuation costs.

Tuesday, June 5th 2001, 9:57AM

United Future leader, Hon Peter Dunne, says the Greens have got it wrong in deciding to oppose the Government's plans to pre-fund a portion of future superannuation costs.

Mr Dunne, who will vote for the Government's plan, says resolving the superannuation issue is one of the biggest issues facing New Zealand today, with over 80% of New Zealanders demanding that the politicians get their act together on the issue.

"Dr Cullen's scheme has been hopelessly oversold as a panacea - which it is not, and never was - when all it is is an exercise in transparency that identifies today some of the costs to be borne in the future."

"It is nothing more, and nothing less - and is certainly not a once and for all resolution of the issue."

"However, it does provide a platform for establishing meaningful multi-party talks to get long-term agreement, which is why United Future is supporting it."

"If politicians cannot even agree to put aside some of the future costs, what hope is there of agreement on much more fundamental issues?" Mr Dunne says.

Mr Dunne says this is the point the Greens are missing.

"New Zealanders have had enough of nearly 25 years of political infighting on the superannuation issue, and the Greens' decision merely continues the old style of politics on this issue that has failed so spectacularly since 1975, and which people are now heartily sick of."

"We believe it is time to move on, to put the petty politics aside, and use some common sense to establish a viable long term superannuation scheme that all New Zealanders can have confidence in."

"In spite of its many considerable faults, Dr Cullen's plan provided such a window of opportunity and it its regrettable that has now been slammed shut by the Greens."

"Unfortunately, the only certain outcome of the Greens' decision today is that the superannuation political football match is set to continue," Mr Dunne says.

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Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 ▲5.79 ▼6.19 6.65
AMP Home Loans $200k+ 7.14 ▲5.69 ▼6.09 6.55
AMP Home Loans LVR <80% - - ▼5.75 6.19
ANZ 6.74 6.15 6.39 6.49
ANZ Special - 5.69 5.75 6.09
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - 5.70 5.75 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - 5.70 5.75 6.19
BNZ - Classic - - 5.75 5.85
BNZ - GlobalPlus 6.74 5.89 6.39 6.59
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
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 - - -
Lender Flt 1yr 2yr 3yr
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.85 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 6.39 6.59
HSBC Premier 6.84 ▼5.69 ▼5.75 ▼5.99
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.39 - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.79 ▼6.19 6.65
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - ▼5.75 6.19
Liberty - - - -
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 6.35 6.58 6.77
SBS Bank 6.65 5.85 5.99 6.19
SBS Bank Special - - - 5.89
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - 5.70 5.75 6.19
The Co-operative Bank 6.70 5.70 ▼5.75 ▼6.09
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.75 6.19
Median 6.70 6.00 6.39 6.55

Last updated: 31 October 2014 8:39am

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