About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, August 24th, 11:50AM
Check out GoodReturns TV now! Dismiss
rss
Latest Headlines

Greens say they still support the Govt

The Greens say they can still support the coalition Government's budget despite coming out in opposition to one of its most prominent features - the super fund.

Sunday, June 3rd 2001, 9:01PM

The Greens say they can still support the coalition Government's budget despite coming out in opposition to one of its most prominent features - the proposed dedicated superannuation fund.

Greens co-leader Rod Donald announced his party's opposition to the fund at its conference in Nelson on Sunday, raising the prospect that the Government is going to struggle to get the necessary legislation through the current Parliament.

In a lengthy speech giving a detailed justification of the Greens' decision, Donald warned the cost of establishing the dedicated fund would only make tighter already harsh restraints on health and tertiary education funding.

The Greens wanted at least some of the surpluses the Government was planning to sink into the multi-billion-dollar fund to instead go towards the Green vision of an "eco nation", tackling environmental concerns such as climate change and reducing dependence on fossil fuels.

Repaying debt should also be a higher priority, Donald argued, while the Government should be buying back "strategic productive assets'' like the railways and Contact Energy.

The Government's approach to investing heavily in the scheme was "putting all your eggs in one basket'', he said.

He told a press conference after the announcement that he saw no problem in the Greens continuing to support the Government on matters of confidence and supply, including Finance Minister Michael Cullen's latest budget, despite coming down firmly against one of its major policies.

He argued the Greens' handling of their decision, which Cullen and Prime Minister Helen Clark had been advised of in advance, could in fact strengthen their relationship with the Government which he felt needed to be based on respect, openness and trust.

The Greens were prepared to support the part of the legislation which would guarantee a state pension for everyone over 65 at 65 percent of the average wage for couples.

Concerns which had led the Greens to oppose the super fund besides its cost included plans to put the money in it into "prudent commercial investments'', which the Greens feared would see it go offshore into international sharemarkets. They had argued at least some of it should be sunk into New Zealand-based ventures and only "ethical'' businesses should be invested in.

The super fund would only pay for a maximum 14% of the total super bill facing the country as the baby boomers hit retirement in the decades ahead, and the Greens were confident that the current scheme could be maintained for the long term so long as the political will was there. Donald suggested Government arguments that the current scheme was unsustainable was scaremongering.

The revelation in Cullen's budget that the Government would also be increasing borrowing as it built the new fund up had helped strengthen the Greens' misgivings.

The Greens' own vision was for a "stronger, more confident, more sustainable nation (which) will be more able to afford future costs''.

Cullen was unimpressed by the Greens' alternative vision, describing their suggestions as "vague'' and not credible. He stood by the need for the fund and said the Greens had opted for the easy course.

The Greens' decision has dramatically reduced the Government's hopes of getting the fund established in this term, as it has struggled to find the necessary support of other parties on acceptable terms.

Cullen repeated his promise that he was happy to take the plan to the polls in 2002 for electors to decide on if necessary.

For a full report on the Greens' decision and reaction from other parties Go to www.supertalk.co.nz

Greens oppose pre-funding - story here

To read Rod Donald's full speech CLICK HERE
Find out Michael Cullen's reaction
here

« Greens block pre-fundingSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Industry demands details
    “Nominated representatives I also don't see why the sector is puzzled about the role of nominated representatives. All licensed...”
    1 day ago by Murray Weatherston
  • Industry demands details
    “I don't understand what the issue raised above about complaints and EDRS is. Under FSLAA, the licensee is the entity (FAP)....”
    1 day ago by Murray Weatherston
  • Former Navy captain to steer Newpark into the future
    “Great to see Newpark taking the early initiative as well as appointing someone with such obvious experience and business...”
    2 days ago by Donald
  • Former Navy captain to steer Newpark into the future
    “Congratulations Newpark on an awesome strategy! By appointing a "skipper" (pun intended) with Deans credentials, you are...”
    6 days ago by The Oracle
  • Getting to Know: Peter Neilson
    “Interesting article. Isn’t it good we do have some decent people in our industry. What a joke that was when all those...”
    6 days ago by Brent Sheather
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 5.05 ▼5.25 5.59
ANZ Special - 4.55 ▼4.75 -
ASB Bank 5.80 4.85 5.19 5.49
ASB Bank Special - 4.45 4.79 5.09
BankDirect 5.80 4.85 5.19 5.49
BankDirect Special - 4.45 4.79 5.09
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.29 5.59
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.85 5.24 5.49
HSBC Premier 5.79 4.09 4.29 4.89
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.95 5.29 5.59
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.45 4.79 5.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
Lender Flt 1yr 2yr 3yr
RESIMAC Special 5.00 - 4.75 -
SBS Bank 5.89 4.99 5.29 5.59
SBS Bank Special - 4.59 4.85 5.25
Sovereign 5.90 4.85 5.19 5.49
Sovereign Special - 4.45 4.79 5.09
The Co-operative Bank - Owner Occ 5.75 4.59 ▼4.79 5.09
The Co-operative Bank - Standard 5.75 5.09 ▼5.29 5.59
TSB Bank 5.80 4.80 5.15 5.45
TSB Special - 4.55 4.79 4.99
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 ▼5.19 5.59
Lender Flt 1yr 2yr 3yr
Westpac - Capped rates - 5.26 5.36 -
Westpac - Offset 5.95 - - -
Westpac Special - 4.59 ▼4.79 5.09
Median 5.80 4.85 5.15 5.38

Last updated: 21 August 2017 10:06am

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