Woolerton R Doug: Debate on Crown Entities Public Organisations and  State Enterprises — In Committee 
Woolerton R Doug: Debate on Crown Entities Public Organisations and  State Enterprises — In Committee 
[Volume:638;Page:8795] 
R DOUG WOOLERTON (NZ First) 
: 
 The Government Superannuation Fund Authority and the guardians to the fund have in our view had a remarkably good year. The fund has in excess of $12 billion within it and it has returned after fees something in the region of 19.2 percent. So I think the guardians are to be congratulated and I think the Government is to be congratulated on setting up this fund.  
We in New Zealand First of course had advocated such a fund many many years ago—in fact in the days when we were in coalition with the National Government—and a referendum on that proposal was held and lost. I think that people now understand the value of what was being proposed at that time. I think that it is sad because there have been times even before then when opportunities for a fund like this had been proposed but were always turned down. Sometimes that was because of the personalities involved which I believe was the position in our case and sometimes because of pure politics because it was the wrong side of the Chamber proposing such a fund. But now we have a fund and it is succeeding.  
I cannot discuss the superannuation fund without mentioning the power of the Australian fund and the role it is playing in the Australian economy. We in New Zealand First would like to see that sort of fund happen here and it is sad that we do not have it. But we are still hoping that compulsory superannuation contributions will become the norm and we hope that the proposed KiwiSaver will turn into a compulsory scheme. We proposed that the superannuation fund be in named accounts and we still hope that that will come to pass one day.  
New Zealand First makes no bones about the fact that we believe the senior citizens of this country have had a raw deal over the years and we have made it our mission to go out— 
Hon Clayton Cosgrove 
: Self-interest. 
R DOUG WOOLERTON 
: Thank you very much—getting there fast! We have made no bones about the fact that we want to go out there and improve conditions for the senior citizens of this country. They have put in the hard yards they have put in the work and they have served our country well and we believe that it is time for us to look after them when perhaps they cannot do that for themselves as well as they might.  
In speaking to that point we have been very proud to oversee in the agreement with the Labour Government a lift in superannuation of $20 per week for a married couple and we are very proud of that. We will also oversee—and it was debated earlier this afternoon—the SuperGold card coming to fruition in August of this year. We think that those things are positive and more especially positive not just for the people whom they relate to as in the senior citizens but they are extremely valuable for the whole of the economy. The Australian model proves that and the New Zealand model once it has a few more years under its belt will prove that also.  
Personally I do not think that these things would have happened without New Zealand First. I still hope that we will get the named accounts in the superannuation fund and we will still keep working towards that with all of our considerable efforts in the years ahead—the next election and beyond. Thank you.