Abandoning a winner
Written By:
- Date published:
1:37 pm, July 3rd, 2009 - 12 comments
Categories: national/act government -
Tags: ACC, cullen fund
Government’s put out this press release:
“Finance Minister Bill English has welcomed news that the Budget operating deficit of $7.2 billion for the 11 months to May 31 is lower than the forecast $8.4 billion…
Most of the $1.2 billion variance was due to higher-than-forecast investment gains by the NZ Superannuation Fund and ACC”
Yup, the NZSF made $1.2 billion in April and May. About 10% in two months. Sure glad they cut those contributions. Don’t want to keep on making huge profits. Lucky to have such financial geniuses running the country.
12 comments on “Abandoning a winner ”
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The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- NZ must pursue independent foreign policy
The Green Party says the need is greater than ever for Aotearoa New Zealand to pursue an independent foreign policy. ...2 weeks ago
- Release: Winston Peters must apologise
The Deputy Prime Minister should apologise to the public servant he named and blamed for something they did not do, and for misusing the rules of Parliament. ...2 weeks ago
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The Government is taking action to ensure Southland farmers and growers are not affected by unreasonable regional farm plan deadlines, Agriculture Minister Todd McClay, Environment Minister Penny Simmonds and Associate Environment Minister Andrew Hoggard say.“Cabinet has agreed to provide more time for farmers and growers to comply with regional rules ...12 hours ago - Bill reaffirms Government’s commitment to crack down on serious youth offending
The Oranga Tamariki (Responding to Serious Youth Offending) Bill had its first reading at Parliament today. The Bill reaffirms the Government’s commitment to crack down on serious youth offending, Minister for Children Karen Chhour says. “In recent years we have seen an unacceptable spike in youth offending. “This Bill makes ...12 hours ago
- Critical milestones for earthquake buildings review
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- State of the art radiology machine for Auckland
People in Northland and Auckland will benefit from a new machine for cancer treatment installed at the Regional Cancer and Blood Service at Auckland City Hospital. The MV5 linear accelerator, or LINAC machine, officially opened today targets cancer tumours with pinpoint accuracy. Health Minister Dr Shane Reti says this new, ...13 hours ago
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- First arrests made under gang patch ban
Police have made their first arrests under the new gang patch legislation, with two gang members arrested, says Police Minister Mark Mitchell. “Just before 11 this morning, Police in Wairoa apprehended a gang member for wearing a patch to the supermarket. He has been arrested and will now face enforcement ...15 hours ago
- Better support for victims of sexual violence
The Government is proposing two major changes to name suppression laws that will put the views of victims of sexual violence first, Justice Minister Paul Goldsmith says. “We are committed to restoring law and order and these two proposed changes will help ensure the victims of crime are put at ...16 hours ago
- Government moving forward with Regional Deals
Cabinet has agreed to invite all regions to submit proposals for Regional Deals between central and local government that drive economic growth and deliver the infrastructure our country needs, Local Government Minister Simeon Brown and Infrastructure Minister Chris Bishop say. Inviting all regions to propose a Regional Deal that boosts ...16 hours ago
- MSA pilot participant update
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- Attendance rates increase, again
Associate Education Minister David Seymour says that school attendance is continuing to rise. In Term 3 of 2024 51.3 per cent of students attended school regularly, an increase of 5.3 percentage points from 46 per cent in Term 3 of 2023. “This Government has prioritised student attendance and it is ...18 hours ago
- Improving the lives of young New Zealanders
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- Government continues work to reinstate livestock exports by sea
The Government is reinstating the trade of livestock exports by sea while ensuring the highest standards of animal welfare, says Associate Minister of Agriculture Andrew Hoggard.“The Government will introduce legislation changes to reinstate the trade, enhance oversight, and strengthen requirements for exporters to identify risks and manage the welfare of ...1 day ago
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Tēnā koutou katoa – it is a pleasure to be here today. I would like to begin by acknowledging the important leadership role you all play in ensuring a quality health system New Zealanders can trust. There is enormous clinical expertise in this room covering a wide range of disciplines. ...2 days ago
- New Zealand’s COP29 National Statement
Tēnā koutou katoa. Mr President, Excellencies, Delegates. New Zealand, and all nations represented here today, are already dealing with the impacts of climate change. Our households, businesses, and economies are bearing the costs of its effects. The choices we make now will shape the severity of these impacts for generations ...2 days ago
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The Government has released its second Quarterly Investment Report (QIR) which shows substantial work still to be done by agencies to improve investment reporting and meet the Government’s expectations, Infrastructure and Acting Finance Minister Chris Bishop says. “New Zealand has significant infrastructure and investment needs. The Government is determined to get ...2 days ago
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Climate Change Minister Simon Watts announced New Zealand will contribute NZ$10 million to the new Fund for Responding to Loss and Damage while at the annual United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. “New Zealand is joining the global effort to address the significant challenge of responding to ...2 days ago
- Gang crackdown begins at stroke of midnight
The free ride for gangs is over when the clock strikes midnight tonight, with tough new laws officially coming into effect, Justice Minister Paul Goldsmith and Police Minister Mark Mitchell say. “Gang patches will no longer be able to be worn in public. To earn the right to wear a ...2 days ago
- LGFA increases borrowing capacity to support high growth councils
The Government is welcoming the decision by the Local Government Funding Agency to increase access to financing tools for fast growing councils to support greater investment in critical infrastructure, Local Government Minister Simeon Brown says.“Communities across the country are facing an infrastructure deficit and significant population growth is projected in ...2 days ago
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The Government has revealed that over the past three years, the New Zealand Transport Agency (NZTA) has spent an eyewatering $786 million of taxpayers’ money on road cones and temporary traffic management (TTM), Transport Minister Simeon Brown says.“When I became Minister, I was surprised to learn that that NZTA did ...2 days ago
- Jurisdiction of Disputes Tribunal to double
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- Protecting New Zealand from foreign interference
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Transport Minister Simeon Brown has welcomed news that the NZ Transport Agency (NZTA) Board has approved funding towards pre-implementation and early works on the State Highway 1 (SH1) Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance (RoNS). “Reaching this significant milestone is a reflection of our Government’s ...3 days ago
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- NZ signs trade deal with Costa Rica, Iceland and Switzerland
Trade and Agriculture Minister Todd McClay has signed a pioneering trade agreement that prioritises New Zealand’s sustainable exports at a ceremony during APEC in Peru today. “The Agreement on Trade and Sustainability (ACCTS), between Costa Rica, Iceland, and Switzerland was concluded in July of this year and opens up significant ...6 days ago
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Five new Aquaculture Settlement Areas will help ensure Ngāi Tahu shares in the opportunities aquaculture offers for Southland’s economy, Oceans and Fisheries Minister Shane Jones says. “The Aquaculture Settlement Areas (ASAs) I’m announcing today set aside space so the Crown and Ngāi Tahu can assess their potential for aquaculture development. ...7 days ago
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So yesterday English attacks doctors, nurses and teachers without any reason to do so and today he boasts about how much money the two funds his government is attacking have made.
Is he a deep-cover Labour Party mole?
Well there was that election in 2002…
Where is he boasting? If it was Labour you’d be hearing how great this news is when in effect English’s response is muted. Exactly where it should be. So ACC and the NZSF have seen gains. Not surprising when sharemarkets have been recovering and growing lately. The fundamental numbers and the more important news. Tax coming in and expenditure going out is still bad hence why we have such a large deficit at the moment.
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You also don’t get why National has chosen to suspend the fund. Though they still contributed 250 million into that fund. National isn’t naive and knows that a sharemarket will have periods of growth. That has always happened. While contributing to the fund makes sense when we are in surpluses, to borrow money to then put in that fund to off-set Superannuation in 15-20 years+ time is something they simply can’t agree with. Its not National alone in that thinking. Many conservative thinkers feel the same way about the Super Fund.
As so happens to sharemarkets and other investments things don’t always stay rosy. Indeed, sharemarkets in particular are known for their volatility. Hence, why so many retirees in New Zealand and elsewhere are in trouble because what they thought they had for retirement (and remember this came from savings and not from borrowing) are sharply lower than what they were forecast to get. This will undoubtedly do damage to many retirees at the moment and retirees of the future.
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BTW I do find it odd that any RAM voter would be calling on a government to borrow money to invest in things like sharemarkets.
They don’t have to borrow for the fund. They can claim to borrow for whatever is on their books, like motorways or other infrastructure, and channel tax revenue directly into the fund. Its a matter of priorities and political ideology. Apparently the Mt Albert connection and a cycleway with no cost/benefit analysis done easily trumps looking after old battlers.
As they say, “Past returns are no indication of future performance”. Surely recent events have shown this fairly conclusively?
Ah, so that’s why they want to privatise ACC – it’s making them too much money.
Is this the same ACC that Nick Smith only a few months ago said was failing?
GC “Conservative thinkers” Come on GC don’t make me laugh, you honestly believe Conservatives think!
Hell you wouldn’t want National to invest in the CULLEN FUND and it actually be a success oh no! That would mean it would help reduce the operating deficit further. NOOOOO stop give the money to the rich so they can buy more imported goods that will help!
And if it failed, Craig Glen Eden (is that your real name, by the way?) then you lot would just shrug your shoulders, ’cause it’s not your money anyway.
’cause it’s not your money anyway
yes it is. shows what you know.
So by Zetetic’s shoddy analysis, all the government has to do is borrow gazillions of dollars, invest it in the super fund, and all our economic woes will suddenly fade away.
It’ll work as long as we either invest in pixie dust or give the money to the underpants gnomes to invest on our behalf.