Labour’s finance spokesperson Michael Cullen said National’s plan would inevitably affect the Fund’s investment returns.
“So that reduces the size of the Fund, that increases the future taxpayer requirement to fund New Zealand superannuation, or it means cuts to New Zealand superannuation.
“This comes on top of the KiwiSaver-slashing proposals last week. This is Mr English demolishing the provision for future retirement income.”
But Yesterday, they made this nice video.
“Our plan will get New Zealanders to build up a pool of capital for ourselves… it will make us less dependent on overseas lenders. It means that the profits from our hard work will stay in the economy. And it means that New Zealand businesses will be able to get the money they need to expand and grow.”
So it’s ok for the goverment to use Kiwisaver – private – savings to invest in New Zealand, but not the Cullen fund – public – savings.
So the goverment can go overseas and get the big bucks, but private citizens must do what nanny says and invest their money here so “we” can keep “our” profits. Well, frankly I’d rather take “their” profits.
But that’s Labour – “we will run the goverment how we like, but the citizenry shall do as we tell them”.