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English & Key cost us another $18mil
Written By: - Date published: 9:59 am, April 22nd, 2010 - 35 comments
The other week Vernon Small said that canceling the Cullen Fund contributions was “a dumb, short-sighted decision that has cost the fund heaps in the long run“. Hell, don’t worry about the long run just yet, Vernon, it’s been only 8 months. And the losses are accelerating. Last month the Nats cost us a further $18 million – that’s basically a million a work day.
Nat-onomics: $30 million up in flames
Written By: - Date published: 1:15 pm, April 17th, 2010 - 11 comments
Vernon Small calculates that if the Cullen Fund had continued getting its monthly contributions, rather than just the one-off $250 million the government gave in July, we would be $30 million better off by now. Predictably, the financially illiterate Key apologists are having a cry about being shown to have stuffed this one up so badly.
Restart Cullen Fund payments
Written By: - Date published: 7:17 am, April 16th, 2010 - 24 comments
It’s time for the Nats to reverse what Vernon Small (with 20/20 hindsight) has labeled the “dumb, short-sighted decision” to can contributions to the Cullen Fund. We’ve already lost $25 million and Treasury says we’ll lose billions more. If we don’t make this investment now, superannuation will become unsustainable sometime after 2030. Perhaps that’s the Nats’ aim.
Kick in guts for recesson victims
Written By: - Date published: 9:59 am, March 3rd, 2010 - 10 comments
The recession has forced tens of thousands of people out of work. There are now 276,000 jobless Kiwis. The lucky ones (only a third of the officially unemployed) can get the unemployment benefit. Now, the Government is letting inflation eat into their meager benefit payments. Benefit payments are meant to be adjusted for inflation. This […]
Shifting the centre
Written By: - Date published: 8:05 am, November 30th, 2009 - 51 comments
Well the productivity task force is reporting back today and some of their ideas have been forward released. As we expected they are a grab-bag of unpalatable, short-sighted and frankly mad measures from the loony right including putting interest back on student loans, flat tax and means testing free childcare. As the official announcement comes […]
Key & English lose us $21mil in 3 months
Written By: - Date published: 3:23 pm, November 4th, 2009 - 40 comments
Back in February, former currency speculator John Key and former Treasury adviser Bill English started talking about suspending contributions to the Cullen Fund, which was set up to help fund superannuation. ‘It’s losing so much money’, they wailed. Some people pointed out that the markets were already recovering, that investments could now be bought at […]
Exchange rates, Kiwisaver, breaking promises, & the art of doing nothing
Written By: - Date published: 2:35 pm, October 31st, 2009 - 8 comments
A range of interesting political/economic comment today in the Herald: Fran O’Sullivan joins the left-wing and groups like Federated Farmers in calling on the Key Government to sort out monetary policy. At the moment, the Reserve Bank is tasked solely with controlling inflation with interest rates as its only real tool, while the exchange is […]
John and Bill cost us $7 million in two months
Written By: - Date published: 12:00 pm, September 23rd, 2009 - 47 comments
You’ll remember that in the Budget National decided to suspend payments to the Cullen Fund, which is designed to help fund the future cost of superannuation. At the time, John Key and Bill English said we were losing money on the Fund and we couldn’t afford to borrow to put money into it. They compared […]
Nats ignored Treasury’s warnings on cancelling Cullen Fund payments
Written By: - Date published: 2:27 pm, June 27th, 2009 - 18 comments
In the newly released Budget papers Treasury acknowledges that cancelling the Cullen Fund contributions would only reduce debt by 5% (more than offset by increase in assets) and it will put our ability to pay for superannuation at risk in the long-term: While the contributions holiday component of the package helps to reduce gross debt, […]
Cullen’s two cents
Written By: - Date published: 2:24 pm, June 3rd, 2009 - 8 comments
Quite rightly, Michael Cullen has avoided getting involved in the debate over National’s starvation diet for the New Zealand Superannuation Fund, known as the Cullen Fund. As chairman of an SOE, he should keep out of partisan politics. Still, he couldn’t resist sending a subtle message. In today’s Dom there is a letter to the […]
Super projections
Written By: - Date published: 9:27 am, June 3rd, 2009 - 19 comments
I’ve had a crack at working out how much we lose by cancelling the Cullen Fund contributions according to the Treasury’s figures in the Budget. I come out with a loss of $7.5 billion by 2023. That’s a little lower than the figures Guyon Espiner was leaked, which were presumably based on more detailed modelling. […]
DPF agrees, cancelling Cullen Fund rips off NZ
Written By: - Date published: 6:46 pm, June 2nd, 2009 - 39 comments
DPF writes on the cost of cancelling contributions to the Cullen Fund: First of all, it is true that under the 11 year contributions holiday, the Super Fund in 2030 will be worth only $81 billion instead of $118 billion – a $37 billion difference….Over the 11 years 2009 to 2020, there would be $19.5 […]
Journalists not falling for Nats’ $8 billion con-job
Written By: - Date published: 4:23 pm, June 1st, 2009 - 67 comments
This part of Vernon Small’s article today deserves an extended quote: “The numbers are stark. If full payments resume in 2020, contributions will have to be more than $1b a year higher than if we continued as normal now. Even then, from 2020 till 2030 the fund will be $37b smaller than it would otherwise […]
No super contributions = worse net debt
Written By: - Date published: 7:08 pm, May 28th, 2009 - 114 comments
I’ve had a dig into Treasury’s numbers and worked out that they expect the Superannuation Fund will make a 13% return next year, falling to 11% a year by 2012. Those figures seem pretty good, not too optimistic. It’s what the Fund made in ordinary years before the crunch and bear in mind the Fund […]
What would Key the Investor do?
Written By: - Date published: 10:27 am, May 11th, 2009 - 15 comments
Here’s a question for Mr Key but you can play along too. What if you could buy into an asset that performs well usually but had a very bad year last year? Because of that bad year, the price is now at historically low levels but the outlook over the short and long term is […]
Suspending the Cullen Fund
Written By: - Date published: 8:00 am, May 5th, 2009 - 47 comments
Bill English seems set to suspend the government’s contributions to the Cullen Fund. Here’s a little-known fact, one that Bill English probably doesn’t want you to know: The Cullen Fund made money in March, the sharemarkets are rising and we’re making money on that. In fact, the Cullen Fund out-performed the market. The markets might […]
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- Lockout of disability workers before Christmas unacceptable
NZCTU Te Kauae Kaimahi Acting President Rachel Mackintosh is condemning the actions of disability support provider Te Roopu Taurima o Manukau Trust in deciding to respond to legitimate strike action by locking out their workers with just a few weeks before Christmas. “The actions of Te Roopu Taurima are totally ...2 weeks ago - Friday 6 December
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- An experiment and our Christmas offer to subscribe to The Kākā
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2 weeks ago - No sweat
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- Thursday 5 December
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This article by Lela Nargi originally appeared in Knowable Magazine, a nonprofit publication dedicated to making scientific knowledge accessible to all. Sign up for Knowable Magazine’s newsletter. Ralph Loya was pretty sure he was going to lose the corn. His farm had been scorched by El Paso’s hottest-ever June and ...2 weeks ago
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- Cooking the Books
Come with me, and you'll beIn a world of pure imaginationReach out, touch what was onceJust in your imaginationDon't be shy, it's alrightIf you feel a little trepidationSometimes, these things don't needExplanationSongwriters: Anthony Newley / Leslie Bricusse.If you don’t ask, you don’t get... Dream big, or go home… Ask for ...2 weeks ago - Kirikiriroa Rising
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- Throw Away All You Know.
In the cradle of the civilised disobedience derivedFrom a forlorn weeping widow crying tearsthat don’t see eye to eyeKeep the well fullA thirst forgotten A misery made for twoThat’ll use you then throw you awayThat’ll use you then throw you awayThat’ll use you then throw you awaySong: Nowhere.Today, I’m feeling ...3 weeks ago - NZCTU Rūnanga calling for submissions on proposed changes to NZ Post
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- Welcome progress on youth vaping
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A Hercules plane carrying urban rescue staff to Vanuatu was stranded in New Caledonia after an engine fault. ...3 days ago
- Vanuatu quake: Rescue teams continue Port Vila hunt for survivors
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The last two quarterly figures for the economy are the worst since the late 2021 Covid-19 lockdowns. ...3 days ago - New Zealand Economy In Freefall While The Government’s Books Burn
...3 days ago
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World Vision New Zealand welcomes the introduction of a Private Members’ Bill to increase penalties for slavery offenses, but warns it does not go far enough to address weaknesses in New Zealand’s modern slavery and trafficking laws. ...3 days ago
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Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Appropriately, we finish our podcast for 2024 talking to Treasurer Jim Chalmers and his shadow, Angus Taylor because, as the saying goes, “it’s the economy, stupid!” This week’s mid-year budget update showed Australia’s economy ...3 days ago
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Teresa Tepania-Ashton, Director of Advocacy at UNICEF Aotearoa, says it is critical that New Zealanders who care about children participate in the submissions process and identify the risk to the rights of tamariki. ...3 days ago
- PM skipping Waitangi appearance ‘a good first step’ – hīkoi organiser
"There's no point in speaking to ears that will not listen to mine," Eru Kapa-Kingi says. ...3 days ago
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Source: The Conversation (Au and NZ) – By Timothy Koskie, Postdoctoral Researcher, School of Media and Communications, University of Sydney In the space of three weeks, South Korea has seen a brief declaration of martial law, its sudden repeal and the impeachment of its president, Yoon Suk Yeol. One ...3 days ago
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Source: The Conversation (Au and NZ) – By Holly Thorpe, Professor in Sociology of Sport and Gender, University of Waikato Getty Images On the face of it, New Zealand’s new high-performance sport funding model announced yesterday is an increase on the previous round. But it is ultra-focused on already ...3 days ago
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Source: The Conversation (Au and NZ) – By Wendy Bonython, Associate Professor of Law, Bond University ben bryant/Shutterstock The Victorian Supreme Court recently dismissed a class action on behalf of more than 1,400 women who received Bayer’s Essure contraceptive device. The decision attracted significant publicity, including criticism ...3 days ago
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Source: The Conversation (Au and NZ) – By Rick Sarre, Emeritus Professor in Law and Criminal Justice, University of South Australia 20th Century Studios/IMDB It’s the time of year when many of us return to our favourite Christmas fables to get into the festive spirit. While film often ...3 days ago
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Looking back at the events that made headlines around the globe in 2024. This is an excerpt from The World Bulletin, our weekly global current affairs newsletter exclusively for Spinoff Members. Sign up here. If you’re anything like me, you’ll be hard pressed to think of a grimmer year than ...3 days ago - Government to change free speech rules for universities
The coalition's proposal will also prohibit unis from adopting positions on issues that don't relate to their "core functions". ...3 days ago
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Analysis by Keith Rankin. To understand antisemitism, we need a meaning for ‘semitism’, and another -ism to contextualise semitism. Keith Rankin, trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand. Literally, semitism means the promotion of the Semitic people, whoever ...3 days ago
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Source: The Conversation (Au and NZ) – By Michael Knapp, Associate Professor in Biological Anthropology, University of Otago Wolfgang Kaehler/LightRocket via Getty Images As many Wellingtonians will know, kākā can be trouble. New Zealand’s pesky forest parrots have expanded throughout New Zealand’s capital city since they were reintroduced 22 ...3 days ago
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Source: The Conversation (Au and NZ) – By Emma Ramsay, Research Affiliate in Climate Adaptation, Monash University Every year, hundreds of thousands of Muslims undertake the Hajj –the sacred pilgrimage to Mecca. In 2024, the pilgrimage took place in mid-June, the start of the Saudi summer. But this year, ...3 days ago
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Source: The Conversation (Au and NZ) – By Jennifer Clark, Adjunct Professor of History, University of Adelaide Prime Minister Robert Menzies during the 1963 federal election campaign. Image courtesy of the National Archives of Australia. NAA: A1200, L46014 As students and teachers prepare to go on holidays, there’s a ...3 days ago
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Source: The Conversation (Au and NZ) – By Marcus Harmes, Professor in Pathways Education, University of Southern Queensland Santa Claus Village in Rovaniemi, Lapland, Finland. Roman Babakin/Shutterstock Sending a letter to Santa can be difficult as no one can agree on where exactly Santa lives. Several countries are competing to ...3 days ago
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Watch: "Have a good Christmas, 'cos you'll need it sunshine," the NZ First leader said in a rowdy final debate in the house. ...3 days ago
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