$23 billion in NZ Super Fund
Finance Minister Bill English says New Zealand has built a world-class sovereign wealth fund
The Superannuation Fund, which has just turned 10 years old, has $23 billion in it.
Finance Minister Bill English says New Zealand has built a world-class sovereign wealth fund in just a decade.
It was started by Labour finance minister Michael Cullen in 2003 to help meet the long-term cost of national superannuation.
Dr Cullen put $2.5 billion in it to start it up.
Since then its investments have returned an average 8.84 percent a year.
"The New Zealand Superannuation Fund is recognised as one of the best-structured sovereign wealth funds in the world," Mr English said when he marked its 10th anniversary.
"The guardians can be very pleased with their achievements."
The Government suspended contributions to the fund in 2009 because of its budget deficits during the international financial crisis.
"It remains our intention that contributions will resume once net debt has reduced to 20 percent of GDP, which is forecast for 2020," Mr English said.