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Super fund cripples elderly care

Senior citizens and the country's elderly will be the big losers with the Government putting aside $600 million into a superfund this year, National's senior citizens spokesperson Lynda Scott says.

Tuesday, July 24th 2001, 9:30PM

Senior citizens and the country's elderly will be the big losers with the Government putting aside $600 million into a superfund this year, $1.2 billion next year and $2 billion the following year, National's Senior Citizens spokesperson Lynda Scott said today.

"If you are putting money into the superfund you can't spend the same money on other needs like health, education and growing the economy. We've already seen the Government announcing it would cut funding to the elderly last week by chopping $8 million from geriatric care.

"Health Minister Annette King avoided questions in parliament today about why money is being taken from care for the elderly for the superfund.

"This year the health system has had the lowest increase in funding since 1993 and the reason is because the Government's put hundreds of millions of dollars towards super.

"National has guaranteed we will not touch the amount of superannuation the country's older people are entitled to. We will support that part of the Superannuation Bill.

"For the next 20 years this Government is committing money to the fund that should instead be available to social and health services. This is a lose lose situation for the elderly - they are the ones who will suffer.

"Health boards around the country are already signalling cuts to services. We've seen the crowded corridors at Auckland hospital, heard of the terminally ill man who waited hours at Hutt Valley hospital before giving up and going home, and seen reports of a 'haemorrhaging' health system lacking staff and unable to provide services.

"At a time when our frail elderly need good health services the most, they will be suffering from health cuts. This superfund is designed to look after the babyboomers and no one else but is taking money from vital services we need in the community now," Dr Scott said.

Lynda Scott is National's senior citizens spokesperson

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AMP Home Loans 6.49 5.69 6.29 6.40
AMP Home Loans $200k+ 6.39 5.59 5.99 6.30
AMP Home Loans LVR <80% - - 5.99 -
ANZ 5.99 5.85 6.49 6.85
ANZ LVR > 80 5.99 6.35 6.99 7.35
ANZ Special - - 5.95 -
ASB Bank 6.00 5.85 6.49 6.85
ASB Bank Special - - - -
BankDirect 6.00 5.85 6.49 6.85
BankDirect Special - - - -
BNZ - Classic - - 5.95 -
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.19 5.85 6.29 6.29
BNZ - Mortgage One 6.60 - - -
BNZ - Rapid Repay 6.19 - - -
BNZ - Std, FlyBuys 6.19 5.85 6.29 6.29
BNZ - TotalMoney 5.99 - - -
Credit Union Auckland 6.20 - - -
Credit Union Baywide 5.85 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Fidelity Life 5.70 5.40 6.00 -
Lender Flt 1yr 2yr 3yr
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 5.90 ▲5.60 ▲5.99 ▲6.35
HBS LVR > 80% - - - -
Heartland 5.95 6.25 6.50 7.10
Heretaunga Building Society 5.75 5.50 6.30 -
Housing NZ Corp 5.75 5.50 6.30 6.40
HSBC Premier 6.24 5.59 6.29 6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - 5.79 -
Lender Flt 1yr 2yr 3yr
Kiwibank 5.90 5.69 5.99 6.40
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 5.60 - - -
Kiwibank LVR > 80% - - 6.29 6.40
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.45 5.95 6.60 -
NZ Home Loans 6.10 5.69 6.29 6.60
Perpetual Trust 7.70 - - -
RESIMAC - lo doc 7.34 7.14 7.49 8.05
RESIMAC LVR < 80% 5.84 5.64 5.99 6.55
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 85% 6.84 6.64 6.99 7.55
RESIMAC LVR < 90% 7.84 7.64 7.99 8.55
SBS Bank 5.90 ▲5.60 ▲5.99 ▲6.35
SBS LVR < 80% - - - -
Silver Fern 5.95 6.10 6.55 7.05
Southern Cross 5.95 6.25 6.50 7.10
Sovereign 6.10 5.85 6.49 6.85
Sovereign Special - - - -
The Co-operative Bank 5.95 5.65 5.99 6.35
TSB Bank 6.04 5.40 5.99 6.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.74 5.85 5.95 6.85
Westpac - Capped rates - 6.19 6.69 -
Westpac - Offset 5.74 - - -
Median 6.00 5.85 6.29 6.85

Last updated: 15 April 2014 9:01am

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