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Govt's Superfund dead on arrival

The Government's Superfund does not have the ongoing support of a Parliamentary majority, National's finance spokesman Bill English says.

Wednesday, September 12th 2001, 8:24AM

by Bill English

"Winston Peters told Parliament tonight (Tuesday) he would not sign up for ongoing support of the Superfund as required by the legislation, even though he says he will vote for the bill.

"This means that once the bill is passed, only Labour and the Alliance will sign up to Part II which provides for individual parties to support the super fund. Labour and the Alliance are not a Parliamentary majority.

"This is an unexpected turn of events showing the tide of public opinion is beginning to move against the super fund.

"The legislation is meant to last 100 years but it won't have a majority on day one."

Dr Cullen has touted Part III as a mechanism to force political parties to sign up publicly to the super fund. "We warned him Mr Peters' support was fickle, but we didn't expect he'd change his mind so soon."

"We have all presumed that Winston Peters and New Zealand First would sign the political commitment required. This announcement makes his vote for the bill a nonsense. It means the majority of Parliament does not support the fund.

"The legislation cannot survive if its does not have majority support in Parliament," Mr English says.

This is a press release from the National Party.

Bill English is the deputy leader of National and the party's spokesman on finance and superannuation.

« Littlewood responds to Cullens claims on superannuationAMP & Good Returns launch superannuation website »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
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Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
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SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special ▲8.64 ▲6.74 ▲6.49 ▲6.39
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
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Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
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Westpac Special - 5.79 5.49 5.59
Median 7.54 5.99 5.89 5.69

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