Govt squanders taxpayers’ money on world markets

new-zealand-national-party

Mon Sep 30 2002 12:00:00 GMT+1200 (New Zealand Standard Time)

Govt squanders taxpayers’ money on world markets

Monday, 30 September 2002, 11:07 am
Press Release: New Zealand National Party

David Carter - National Associate Finance Spokesperson

The Government’s loss of $315m of the Government Superannuation Fund on global markets is the very reason National says investing the Cullen Fund overseas won’t work, says National Associate Finance Spokesperson David Carter.

“This big loss on the GSF is a warning to New Zealanders of more big losses to come as Dr Cullen gambles his way around world markets. This is why we say that the Cullen Fund should be invested in New Zealand.

“This is another case where the academics running the finances of the country are shown desperately wanting through lack of experience.

“Now New Zealanders can brace themselves for billions to go overseas and never be seen again when the Minister spends their Superannuation fund offshore,” Mr Carter said.

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