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NZ Super Fund a gamble with pensioners' money: Hide

The Act Party's Rodney Hide tries to argue a point.

Thursday, February 27th 2003, 6:45AM
ACT New Zealand finance spokesman Rodney Hide says that investing $58,000 million in Michael Cullen's Super Fund was a risky gamble on overseas share markets that offered no benefit to New Zealanders.

"The fund's guardians, David May and Sir Douglas Graham, told the Finance and Expenditure Select Committee yesterday that losses on the scale of those of Government Super Fund's losses were always possible," Hide says.

"The Government Super Fund lost $380 million in 14 months, and a similar loss on the Cullen fund would wipe out $6,000 million. That's a huge sum.

"The Guardians plan to invest $60,000 per pensioner. That's a lot of money. They are taking a risky gamble with this "Think Big" pension fund. The money would be better off in the pockets of New Zealanders now, instead of invested in a State-run risky gamble," Hide says.

This is a press release from the Act party.

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AIA - Back My Build 6.19 - - -
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ANZ 8.64 7.99 7.49 7.35
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
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China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
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HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
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Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
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Median 8.64 7.45 7.37 6.77

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