So now ACC isn't so broke after all?

**neels** · 24th June 2010, 19:49

So now that they've cranked up the ACC rates, but haven't actually started charging them yet, suddenly everything is rosy.

Time to start selling to the highest bidder then....

A year ago he was criticising the Accident Compensation Corporation, but today ACC Minister Nick Smith is praising it, talking up what he says is a major financial turnaround for the corporation.

Dr Smith says demand on the non-earners' account is now stable, its solvency ratios have improved and its investments are performing well. He is pleased ACC has seen a three percent drop in cost claims this year and is forecasting only a minor increase next year.

"We are now looking at a steady path forward that the corporation can maintain to meet fully funding, i.e. 100 percent solvency by 2019."

Dr Smith is also impressed ACC has made administration savings of around $30 million this year. He says the decision on partially opening the scheme to competition is just months away and if the Government does decide to make changes, substantial legislation would be required.

**porky** · 24th June 2010, 20:55

wonder if the rise in unemployment had anything to do with the 3% drop in claims,

**rainman** · 24th June 2010, 21:42

Originally Posted by neels

So now that they've cranked up the ACC rates, but haven't actually started charging them yet, suddenly everything is rosy.

Time to start selling to the highest bidder then....

And the saddest thing is that so many people will fall for this sort of bullshit, and will forget all about it come next election.

**mashman** · 25th June 2010, 09:47

Originally Posted by porky

wonder if the rise in unemployment had anything to do with the 3% drop in claims,

that or the fact they've turned an extra 3% down this year... which i'm more likely going to believe...

Once they've opened this up properly, it's all over... it'll only be a matter of time before WE are forced into taking private insurance... and then it'll be welcome to the US. Wonder why Obama wants to change his health care system

**wysper** · 25th June 2010, 12:25

Originally Posted by rainman

And the saddest thing is that so many people will fall for this sort of bullshit, and will forget all about it come next election.

Not me... I will be voting because of acronyms.

ACC
GST

wonder what is next?

**slofox** · 25th June 2010, 12:32

"ACC is now out of deficit"...

Really? No shit Sherlock? Out of somewhere they never were, huh? That's fucking clever that is...and the new bike rates have only just kicked in. Time to CANCEL THE INCREASES then, innit?

**p.dath** · 25th June 2010, 12:41

You'll need to be clear about which deficit is being talked about.

The pre-funding deficit will still exist. They will take a decade or two or get rid of.

I suspect they are referring to their immediate cash in/out needs.

**p.dath** · 25th June 2010, 12:43

Originally Posted by mashman

that or the fact they've turned an extra 3% down this year... which i'm more likely going to believe...

+1. I'm with you. I bet more people have just been declined.

**slofox** · 25th June 2010, 12:47

This thread needs to be merged with...

" So now ACC isn't so broke after all? "

EDIT: Thanks, whoever did the merge...

**slofox** · 25th June 2010, 13:06

Originally Posted by mashman

... and then it'll be welcome to the US. Wonder why Obama wants to change his health care system

Also on Te News this morning - US citizens pay twice as much for health care and get lower standards in a group of six (I think) nations - UK, NZ, Oz, Germany? and couple of others I forget now...

**mashman** · 25th June 2010, 14:28

Originally Posted by slofox

Also on Te News this morning - US citizens pay twice as much for health care and get lower standards in a group of six (I think) nations - UK, NZ, Oz, Germany? and couple of others I forget now...

unfortunately that's in the post for NZ... with people taking the financially selfish road (i.e. getting a better deal) and paying for private insurance, levies will have to increase to cover the ACC shortfall, again... the govt know this, but they're all for short term gain so it isn't likely to change... those who can afford health care will get it, those who can't, tough shit, work harder, educate yourself further, improve your lot... but she'll be right

**Gremlin** · 25th June 2010, 15:30

no no, they've taken the fee rise into account. Based on their maths, and every bike owner paying the new fee for every bike, they will be on the right track, and won't make a loss. Easy huh?