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Nats predictable, cynical and confused: Cullen

Finance minister Michael Cullen says National's decision on super are "predictable, cynical and confused."

Monday, July 16th 2001, 5:15PM

"National's stance on New Zealand superannuation is predictable, cynical and confused," Finance Minister Michael Cullen said today.

Dr Cullen was responding to National's announcement that they will vote against the formation of the New Zealand Superannuation Fund, and their failure to propose any alternative.

"It is classic take-the-easy-option politics and will do National no good because their position lacks credibility and because they have misread the mood of the electorate.

"The public is sick of political games-playing and anxious for some stability and security around the superannuation issue.

"Like the Greens, National will vote for Part I of the New Zealand Superannuation Bill guaranteeing super at current entitlements. But they will not vote for the mechanism to pay for it.

"Instead they are talking about tax cuts and huge increases in spending, including restoring an air strike capacity.

"They are - as always - trying to have it both ways by putting up contradictory arguments and hoping no-one will notice.

"They have accused us loud and long of borrowing for the Fund. But they plan to blow any monies accumulated on a giant spending spree and send the bill to the next generation.

"New Zealanders will see that for the unfair, irresponsible and socially divisive policy it is. The whole idea behind partial pre-funding is to spread the burden of an aging population fairly between the generations.

"People will also remember National's record last time they were in power when they brought in tax cuts, found they could not afford them so cut the pension," Dr Cullen said.

« First payment made into super fundAMP & Good Returns launch superannuation website »

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Lender Flt 1yr 2yr 3yr
ANZ 5.74 4.89 5.05 5.10
ANZ Special - 4.39 4.49 -
ASB Bank 5.75 4.85 4.99 5.25
ASB Bank Special - 4.39 4.49 4.75
BankDirect 5.75 4.85 4.99 5.25
BankDirect Special - 4.39 4.49 4.75
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Special - 4.39 4.39 4.49
BNZ - Std, FlyBuys 5.79 4.85 5.09 5.25
BNZ - TotalMoney 5.79 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.25 5.15 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.75 4.85 5.05 -
Housing NZ Corp 5.74 4.85 4.99 5.10
HSBC Premier 6.10 4.25 4.49 4.99
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 4.25 4.25 -
ICBC 5.60 4.69 4.69 4.99
Kiwibank 5.65 4.85 5.00 5.25
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 4.39 4.49 4.85
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.35 5.20 5.40 -
NZ Home Loans 5.85 4.85 4.99 5.25
Perpetual Trust 7.70 - - -
Lender Flt 1yr 2yr 3yr
Resimac 5.59 5.24 5.29 5.39
SBS Bank 5.74 4.85 4.99 5.10
SBS Bank Special - 4.35 4.35 4.65
Sovereign 5.85 4.85 4.99 5.25
Sovereign Special - 4.39 4.49 4.75
The Co-operative Bank 5.70 4.39 4.49 4.75
TSB Bank 5.74 4.85 4.95 5.25
TSB Special - 4.35 4.29 4.79
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 5.85 4.85 5.05 5.10
Westpac - Capped rates - 6.15 6.15 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.85 - - -
Westpac Special - 4.39 4.39 4.65
Median 5.85 4.85 4.99 5.10

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