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Cullen's Super Policy Losing $83,000 a Week!
The Government’s Financial Statements for the Five Months Ended 30 November 2001, released today, have revealed Michael Cullen’s super fund to be a fraud, ACT Finance Spokesman Rodney Hide said.
Monday, January 21st 2002, 5:17PM
- Michael
Cullen is borrowing every dollar that he has so far set aside
for the fund. Such a super scheme in the private sector would
see Michael Cullen sent straight to jail yet another argument
in favour of privatisation.
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- The accounts report: As at
30 November 2001 the amounts held by the New Zealand Debt Management
Office totalled $256 million (including interest accrued at the
official cash rate) (p.4).
-
- The accounts also report the Governments
financing requirement over the five-month period to be $549 million
(p.7).
-
- So Michael Cullen has set aside
$256 million for future super, while borrowing an extra $549
million. Brilliant! His strategy is to increase the mortgage
on the house to invest in the stock market. Precisely what every
investment adviser in the country warns not to do, for obvious
reasons.
-
- But whats worse is that Michael
Cullens super fund is already losing money. He has yet
to invest it. He has it stuffed in a bureaucratic sock earning
just 4.75 percent (the Official Cash Rate). But hes had
to borrow the $549 million at 6.44 percent (the ten year bond
rate). The difference is 1.69 percent and this is what Michael
Cullen is already losing taxpayers on his fund. The cost just
this week of Michael Cullens super fund is $83,200.
-
- Only Michael Cullen would ever
have the gall to borrow at 6.44 percent and invest at 4.75 and
call that a pension fund. The rest of us would quite rightly
call it a fraud, Rodney Hide concluded.
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Mortgage Rates Table
Full Rates Table | Compare Rates
Lender |
Flt |
1yr |
2yr |
3yr |
AIA - Back My Build |
6.19 |
- |
- |
- |
AIA - Go Home Loans |
8.74 |
7.24 |
6.79 |
6.65 |
ANZ |
8.64 |
7.84 |
7.39 |
7.25 |
ANZ Blueprint to Build |
7.39 |
- |
- |
- |
ANZ Good Energy |
- |
- |
- |
1.00 |
ANZ Special |
- |
7.24 |
6.79 |
6.65 |
ASB Bank |
8.64 |
7.24 |
6.79 |
6.65 |
ASB Better Homes Top Up |
- |
- |
- |
1.00 |
Avanti Finance |
9.15 |
- |
- |
- |
Basecorp Finance |
9.60 |
- |
- |
- |
Bluestone |
9.24 |
- |
- |
- |
Lender |
Flt |
1yr |
2yr |
3yr |
BNZ - Classic |
- |
7.24 |
6.79 |
6.65 |
BNZ - Green Home Loan top-ups |
- |
- |
- |
1.00 |
BNZ - Mortgage One |
8.69 |
- |
- |
- |
BNZ - Rapid Repay |
8.69 |
- |
- |
- |
BNZ - Std, FlyBuys |
8.69 |
7.84 |
7.39 |
7.25 |
BNZ - TotalMoney |
8.69 |
- |
- |
- |
CFML Loans |
9.45 |
- |
- |
- |
China Construction Bank |
- |
7.09 |
6.75 |
6.49 |
China Construction Bank Special |
- |
- |
- |
- |
Co-operative Bank - First Home Special |
- |
7.04 |
- |
- |
Co-operative Bank - Owner Occ |
8.40 |
7.24 |
▼6.79 |
▼6.65 |
Lender |
Flt |
1yr |
2yr |
3yr |
Co-operative Bank - Standard |
8.40 |
7.74 |
▼7.29 |
▼7.15 |
Credit Union Auckland |
7.70 |
- |
- |
- |
First Credit Union Special |
- |
7.45 |
7.35 |
- |
First Credit Union Standard |
8.50 |
7.99 |
7.85 |
- |
Heartland Bank - Online |
7.99 |
6.69 |
6.45 |
6.19 |
Heartland Bank - Reverse Mortgage |
- |
- |
- |
- |
Heretaunga Building Society |
8.90 |
7.60 |
7.40 |
- |
HSBC Premier |
8.59 |
- |
- |
- |
HSBC Premier LVR > 80% |
- |
- |
- |
- |
HSBC Special |
- |
- |
- |
- |
ICBC |
7.85 |
7.05 |
▼6.75 |
6.59 |
Lender |
Flt |
1yr |
2yr |
3yr |
Kainga Ora |
8.64 |
7.79 |
▼7.39 |
▼7.25 |
Kainga Ora - First Home Buyer Special |
- |
- |
- |
- |
Kiwibank |
8.50 |
8.25 |
7.79 |
7.55 |
Kiwibank - Offset |
8.50 |
- |
- |
- |
Kiwibank Special |
- |
7.25 |
6.79 |
6.65 |
Liberty |
8.59 |
8.69 |
8.79 |
8.94 |
Nelson Building Society |
9.00 |
7.75 |
7.35 |
- |
Pepper Money Advantage |
10.49 |
- |
- |
- |
Pepper Money Easy |
8.69 |
- |
- |
- |
Pepper Money Essential |
8.29 |
- |
- |
- |
Resimac - LVR < 80% |
8.84 |
8.30 |
7.89 |
7.69 |
Lender |
Flt |
1yr |
2yr |
3yr |
Resimac - LVR < 90% |
9.84 |
9.30 |
8.89 |
8.69 |
Resimac - Specialist Clear (Alt Doc) |
- |
- |
8.99 |
- |
Resimac - Specialist Clear (Full Doc) |
- |
- |
9.49 |
- |
SBS Bank |
8.74 |
7.84 |
7.45 |
7.25 |
SBS Bank Special |
- |
7.24 |
6.85 |
6.65 |
SBS Construction lending for FHB |
- |
- |
- |
- |
SBS FirstHome Combo |
6.19 |
6.74 |
- |
- |
SBS FirstHome Combo |
- |
- |
- |
- |
SBS Unwind reverse equity |
9.95 |
- |
- |
- |
Select Home Loans |
9.24 |
- |
- |
- |
TSB Bank |
9.44 |
8.04 |
7.55 |
7.45 |
Lender |
Flt |
1yr |
2yr |
3yr |
TSB Special |
8.64 |
7.24 |
6.75 |
6.65 |
Unity |
8.64 |
6.99 |
▼6.79 |
- |
Unity First Home Buyer special |
- |
- |
6.45 |
- |
Wairarapa Building Society |
8.60 |
7.15 |
6.85 |
- |
Westpac |
8.64 |
7.89 |
7.49 |
7.25 |
Westpac Choices Everyday |
8.74 |
- |
- |
- |
Westpac Offset |
8.64 |
- |
- |
- |
Westpac Special |
- |
7.29 |
6.89 |
6.65 |
Median |
8.64 |
7.29 |
7.32 |
6.65 |
Last updated: 14 March 2024 9:32am |
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