ACC investments higher than forecast

[BikerDazz]

Dunno if we're all aware of this but...

Today I read a CTU press release claiming that ACC's investment portfolio is up $222 million on previous forecasts!

Bastards!

Does this mean that they will now drop the levy increases? Me thinks not - bastards!

[Mom]

Dunno if we're all aware of this but...

Today I read a CTU press release claiming that ACC's investment portfolio is up $222 million on previous forecasts!

Bastards!

Does this mean that they will now drop the levy increases? Me thinks not - bastards!

Do you happen to have a copy of that press release, or a link to it for reference?

Interesting information. What do they call that? Grist for the mill?

[BikerDazz]

Do you happen to have a copy of that press release, or a link to it for reference?

Interesting information. What do they call that? Grist for the mill?

CTU media release

5 March 2010



Government Needs to Rethink Message on Fiscal Situation



Figures released today reveal that for the first 7 months of the financial year, the Government operating deficit before gains and losses was $883 million smaller than expected, the operating deficit was $1.4 billion smaller than forecast and gross debt was $2.9 billion lower than forecast. Also ACC Investment income is up $222 million on forecast.



Peter Conway, CTU Secretary, says: “No-one would deny that we face fiscal challenges but the Government now has to face up to the fact that it has talked up the fiscal problems to a greater extent than was warranted.”



New Zealand in 2009 had the third lowest gross debt in the OECD and the 5th lowest net debt.



Also, Treasury has indicated that $240 million gross issuance per week converts to $130 million net, and $110 million in repayments when it is averaged over four years from July 2009 to June 2013. While this still amounts to a significant borrowing programme, the Government should be more transparent about the fact that nearly half of the $240 million figure Ministers regularly quote is actually repayment of debt.



ENDS



For further information contact:



Fraser Pettigrew, Communications and Campaigns Advisor

04 802 3817 / 027 243 7031 / fraserp@nzctu.org.nz



Peter Conway, Secretary, CTU

04 802 3816 / 027 493 9748



www.union.org.nz

[Thaeos]

Well we all knew ACC was perfectly healthy anyways.