Russel Norman

Confusing the Superfund with superannuation

by Russel Norman

Peter Dunne is the first politician out of the blocks to defend payments made to the New Zealand Superfund confusing the rollercoaster fortunes of the Superfund with the survival of superannuation as we know it. His statements are unhelpful.

Government superannuation payments are guaranteed. A strong economy with a broad and equitable tax base is the only reliable way of ensuring the Government can meet our future superannuation liability. The New Zealand Superfund was only ever set up to help pay the superannuation bill through the prudent investment of Government surpluses. Now those surpluses have turned into deficits, it’s remarkably imprudent to be borrowing to fund investment abroad.

The Greens support temporary payment holidays from the Superfund during difficult economic times. Why should we be investing $20 million in nuclear weapons manufacturers abroad when we could be investing that money into productive assets here at home like trains and home insulation? As the current Minister of Finance is already grasping, we need to stimulate green jobs now to create the kind of sustainable wealth needed for our economy to prosper into the future. It’s a strong sustainable economy that will protect government superannuation forever.

Published in Economy, Work, & Welfare by Russel Norman on Wed, February 25th, 2009   

Tags: , , , , ,

More posts by Russel Norman | more about Russel Norman