8 December 2008 05:32
"Reducing the SG actually improves the Government’s Budget position, because the increased wages would be taxed at a higher rate," Cole said.
"Yes, you do get a short-term reduction in the level of national savings but in the context of this crisis, that is probably an acceptable price to pay to avoid a major recession."
The full text of the economists’ open letter can be read here.
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A view that the US stock market is overvalued and equity risk premia will be lower over the long term has driven New Zealand Super to lower the return expectations for its reference portfolio following its recent five-yearly review of the benchmark.
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