Key John: Estimates Debate —  
Key John: Estimates Debate —  
[Volume:610;Page:7163] 
JOHN KEY (NZ National—Helensville) 
: 
 What is in a comma? There is not a lot in a comma. One can miss it out easily enough; there is not a whole lot. But in this Minister’s vote there is a comma that moves an amount that in my opinion should be $4 million to $4 billion. That is right—$4 billion! And where is it going? It is going to the New Zealand Superannuation Fund otherwise known as the “Cullen fund”. How much of the $4.018 billion will be staying in New Zealand? Absolutely zippo is my suggestion—absolutely zero. Why? Because the New Zealand Superannuation Fund has a target of 9.4 percent as a rate of return—9.4 percent on $4 billion. There is more chance that we will see Elvis in the debating chamber tonight than that the Government will achieve 9.4 percent. That is a blended average of 11 percent on equity and 6 percent on bonds. I do not think so. Last time I looked New Zealand Government stock had a big handle of 4 percent on it and it is going down. The Government will not be earning 6 percent there. It will not be earning 11 percent on equities and it will not be earning 9.4 percent as a blended average. 
This has all the hallmarks of the Government Superannuation Fund about it and we know what happened when the Government got that money. It sent it off shore and lost $353 million before one could say: “Elvis Presley”. That is how quickly it lost $353 million. This is a disaster. Why has the money not gone to Auckland’s roads? I will tell members why. They are not a priority for this Government. Before Transit was nobbled on its 10-year plan Auckland had 11 of its top 20 projects. Now it has three. The only reason it has three is that the projects have already started and it is too late to stop. 
So which projects have gone up the list? Let me have a look. The Rimutaka corner-easing project has flashed up from No. 92 to No. 14. Whose electorate is that project in? That is right—the Hon Paul Swain’s electorate. Let us move up a bit to Waikato. That project has gone from No. 82 to No. 60. What electorate is that project in? That is right—the Hon Mark Burton’s electorate. Let us move up a little bit more to project No. 25 which has gone to No. 9. Whose electorate is that in? Jim Sutton’s! I am watching a trend here. Then what did I find when I had a look the other day at Transit’s board? Here is a rhetorical question. Who is on the board of Transit? 
Rodney Hide 
: Who is it? 
JOHN KEY 
: Mike Williams—Labour Party president! Well do not tell me it is a coincidence that Jim Sutton’s pet project has all of a sudden gone from No. 25 to No. 9. Do not tell me that it is a coincidence that the Hon Paul Swain’s project has gone from No. 92 to No. 16. So that is what is happening to the New Zealand Superannuation Fund. It is not going on Auckland’s roads because Auckland is not a priority. That is why projects are not taking place. 
I want to speak for just a moment on the advice that Treasury gave the Minister of Finance regarding Track Co. We had the Minister in front of the Finance and Expenditure Committee and we asked him the hard question: will $100 million be enough? We asked him whether Treasury was giving him any advice that might indicate that $100 million to repair the rail-track network when he took it over from Track Co. would be enough. “Hmm” said the Minister. No he was not sure whether that would be enough. “It sounds a bit light.” he said as he wiped the sweat from his brow knowing that we the aggressive Opposition parties were on to it. “Ah yes. I have had some advice” he said “from Treasury. That’s why I pay them—” 
Darren Hughes 
: This is a fairy tale. 
JOHN KEY 
: No it is not a fairy tale “Dazza”. “That’s why I pay them $57.061 million. I pay Treasury for some very sound advice.” What Treasury told him—but he would not tell us because he pays the bill we know—was that $100 million would not fix up the bridges on the West Coast. The sum needed is not $100 million. It is not $200 million $300 million or $400 million. It is hundreds of millions of dollars. So where will that come from? I know. It is a good idea to raise the top personal tax rate—again!