About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, April 2nd, 4:11PM
rss
Latest Headlines

Cullen bats off questions

Michael Cullen tells Parliament that ratings agency Moodys thinks the government's super fund will be good for the economy.

Tuesday, November 27th 2001, 10:37PM

Question 6.

MARK PECK (Labour) to the Minister of Finance Michael Cullen:

Q: What recent reports has he received on the future provision of New Zealand Superannuation?
A: I have seen contradictory statements. One from Gerry Brownlee and one from Bill English.

Q: What about international reaction?
A: Moody’s says the fund will help the economy
*.

Q: Does he agree that if $2 billion was invested last year it would have lost more than $300 million and that it would take several years of above average returns to make up the losses?
A: I am pleased that the Opposition has noticed that equity markets move both up and down.

Q: Can he confirm that the fund will not grow the economy?
A: I am pleased that ACT has now admitted it does not change the size of the NZ economy, they had been saying the exact opposite.

Q: What about the US recession?
A: It is not my strategy to invest overseas. The guardians of the fund will decide the strategy.

Q: If the guardians decide to invest in NZ will he not oppose them?
A: Yes.

 * International ratings agency Moody's says: "Given New Zealand's demographic profile, the healthcare and pension costs will begin to exert significant pressure on public finance in about 10 years time. In response, the government has set up a superannuation fund which will partially pre-fund future pension costs. This reform should help ease the long-term fiscal challenge stemming from an aging population. However, it is worth noting that this strategy relies on increasing public sector savings, rather than encouraging an increase in private sector savings. The effects on the total savings-investment imbalance are still unclear, although they are likely to be more positive than negative. At the same time, the government has the option of further measures in the future to encourage private savings."

Back to questions

These are questions asked in Parliament on November 27, 2001 regarding the Government's superannuation fund. They are not an official transcript of proceedings.

« Planned Super Fund rapidly losing favourAMP & 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?
    “Well said, Alison. My sentiments exactly....”
    4 hours ago by dcwhyte
  • What is the value of CPD?
    “It is very difficult for an experienced adviser like Graeme Lindsay to find suitable courses for which he could earn CPD's....”
    8 hours ago by Alison Renfrew
  • AMP partners with Paul Henry
    “$1.01 Giles by the end of the first week! It's a racing certainty....”
    9 hours ago by goodone
  • Partners chief actuary retires
    “In my view Richard & Chris Coon coupled with Naomi Ballantyne have been and remain the most influential individuals between...”
    9 hours ago by Donald
  • AMP partners with Paul Henry
    “I can imagine the laughter around the boardrooms of other providers, AMP have to take the prize of the biggest April Fools....”
    9 hours ago by Donald
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 - - - -
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 ▼5.49 ▼5.39 ▼5.55
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 ▼5.99 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 Special - - ▼5.39 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 ▼5.99 ▼5.99
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.82 5.95 5.94

Last updated: 1 April 2015 10:18pm

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