About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, December 18th, 5:05PM
rss
Latest Headlines

It's Not too Late to Stop Risky Super Fund

ACT leader Richard Prebble has welcomed a National Bank report which shows the government's superannuation fund will erode economic growth, keep up interest rates and fail to achieve forecast returns.

Friday, November 2nd 2001, 11:42AM

"The report shows that, because every dollar for Dr Cullen's super fund will be borrowed, it's the household equivalent of increasing the mortgage to punt on the share market," Mr Prebble said.

"The Cullen scheme is based on a simple mistake. Dr Cullen, looking at Treasury forecasts last August, mistakenly believed the government would have surpluses for the next four years. This is because the forecasts he looked at had not separated out capital items from income.

"Treasury's current forecasts, which do separate out capital items from income, show that before the expenditure of $6 billion on the super scheme over the next four years, there's already a deficit of $1.6 billion.

"When you add in the cost of the Cullen scheme, New Zealand is massively in the red by over $7 billion.

"If Dr Cullen had realised the government's accounts are in the red, not black, he would never have proposed the scheme.

"If it was possible to hold a secret ballot of MPs, not one caucus would now support the super fund proposal.

"ACT has urged Dr Cullen to use the events of September 11 if he wants a face-saving way to get out of this borrowing-on-your-credit-card-for-your-retirement scheme," Mr Prebble said.

« Information campaign for superAMP & Good Returns launch superannuation website »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Fund brings active and passive together
    “It's a long bow to draw claiming 'This is the first passive based fund with a rules based overlay for New Zealand equity...”
    9 hours ago by Nick Stewart
  • QFEs call for simplification
    “Good stuff R1. There is far too much movement between QFEs/the FMA/the government. Way too cosy and this sort of thing...”
    11 hours ago by Brent Sheather
  • QFEs call for simplification
    “I would hope that there will be a high degree of transparency around these sorts of meetings and what QFE's input to the...”
    14 hours ago by R1
  • Fund brings active and passive together
    “By the way, I'd quibble with the view that this is the first fund in NZ combining active and passive styles. Our World Equity...”
    14 hours ago by Paul Brownsey
  • Fund brings active and passive together
    “I’d like to comment on a few points raised by Pragmatic and others. The active /passive debate tends to be full of heat...”
    16 hours ago by Paul Brownsey
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
AMP Home Loans 7.24 5.69 6.19 6.55
AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
ANZ 6.74 6.09 6.19 6.39
ANZ Special - 5.59 5.75 5.99
ASB Bank 6.75 5.99 6.19 6.39
ASB Bank Special - 5.59 5.75 5.85
BankDirect 6.75 5.99 6.19 6.39
BankDirect Special - 5.59 5.75 5.85
BNZ - Classic - 5.69 5.75 5.99
BNZ - GlobalPlus 6.74 5.89 6.19 6.29
Lender Flt 1yr 2yr 3yr
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 - - -
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 5.69 5.74 5.99
HBS Special - 5.59 5.49 5.69
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.30 -
Housing NZ Corp 6.74 ▼5.70 ▼6.09 ▼6.29
HSBC Premier 6.84 ▼5.45 ▼5.65 5.99
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.19 6.55
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.75 5.89
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 6.10 6.28 6.43
SBS Bank 6.65 5.69 5.74 5.99
SBS Bank Special - 5.59 5.49 5.69
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.19 6.39
Sovereign Special - 5.59 5.75 5.85
The Co-operative Bank 6.70 5.69 5.75 5.99
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 - - - 5.99
Median 6.70 5.97 6.19 6.29

Last updated: 15 December 2014 11:07am

News Quiz

A well-commented on story last week mooted that many authorised financial advisers are out of their depths discussing what with their clients?

bonds

death

divorce

piles

birth control

MORE QUIZZES »

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