Cullen Fund Performs, But National Taxes It

National should apologise to New Zealanders for robbing their NZ Super nest egg.

“Taxing the NZ Superannuation Fund, and not making taxpayer contributions for 10 years is a serious economic loser,” says New Zealand First Leader Rt Hon Winston Peters.

“The magnificent 20.7 per cent return achieved by the fund in the year to June 30 will help meet future demand for NZ Super, but the nest egg could have been so much bigger if the National government had kept its hands off it.

“In 2015, then Finance Minister Bill English said: ‘Over time, along with the other funds, it will become a more and more significant part of the economy’.

“That’s ironic given he started taxing it in 2014.

“New Zealand First would encourage the fund’s managers to invest in infrastructure in New Zealand so it works for New Zealand’s long term interests,” says Mr Peters.