About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Monday, August 31st, 10:22PM
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
  • nib plots more growth
    “Hi Rob, Hope changes mean clients stuck in old closed groups or products where the loss ratio only goes one way because you...”
    21 hours ago by T
  • Former Mike Pero broker banned
    “I was always told that RoT's weren't worth the paper they're written on. Sounds like the Pero contracts are very tough,...”
    21 hours ago by Dirty Harry
  • nib plots more growth
    “Thanks for the feedback" I was wondering". Its true that we have a strong pipeline of applications. Many applications go...”
    2 days ago by Rob Hennin@nib
  • Former Mike Pero broker banned
    “Unfortunately Heath did willingly sign a franchise agreement with Mike Pero. He was aware of the terms and conditions when...”
    3 days ago by I was wondering
  • nib plots more growth
    “This is great news, however from my own personal experience nib can't handle the business flows it has at the moment. Their...”
    3 days ago by I was wondering
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 6.24 5.10 5.25 5.59
ANZ Special - 4.69 4.89 -
ASB Bank 6.50 5.05 5.25 5.35
ASB Bank Special - 4.69 4.89 4.99
BankDirect 6.50 5.05 5.25 5.35
BankDirect Special - 4.69 4.89 4.99
BNZ - Mortgage One 6.65 - - -
BNZ - Rapid Repay 6.24 - - -
BNZ - Special - 4.69 4.69 -
BNZ - Std, FlyBuys 6.24 5.09 5.09 5.19
BNZ - TotalMoney 5.99 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
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 - - -
HBS Bank 6.14 5.39 5.39 5.39
HBS Special - 4.69 4.69 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.10 5.40 -
Housing NZ Corp 6.49 5.19 5.49 5.59
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.89 4.89 4.99
HSBC Premier LVR > 80% - - - -
HSBC Special - 4.49 4.49 4.49
ICBC 6.75 5.99 6.39 -
Kiwibank 6.15 4.79 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.65 4.99
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.70 5.65 5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.60 5.39 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.59 5.37 5.40 5.52
SBS Bank 6.14 5.39 5.39 5.39
SBS Bank Special - 4.69 4.69 4.99
Sovereign 6.35 5.05 5.25 5.35
Sovereign Special - 4.69 4.89 4.99
The Co-operative Bank 6.20 4.69 4.79 4.99
TSB Bank 6.24 5.10 5.39 5.45
TSB Special - 4.69 4.69 4.99
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.15 4.99 5.19 5.19
Westpac - Capped rates - 6.15 6.15 -
Westpac - Offset 6.15 - - -
Westpac Special - - 4.69 -
Median 6.40 5.09 5.25 5.35

Last updated: 18 August 2015 3:39pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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