Bernard's Picks 'n' Mixes for Wednesday, May 14

Willis sends NZ Super Fund money to Elevate & brings forward fund payouts to Govt by 3 years to 2027/28; Quarter of FamilyBoost spent on admin; Hipkins says Willis 'hyperbolic' on debt costs

Briefly in the news from Aotearoa’s political economy around housing, climate and poverty on Wednesday, May 14:

• The Government is diverting its NZ Superannuation Fund (NZSF) contribution for 2025/26 of $39 $61 million to the NZSF-managed venture capital fund Elevate. Nicola Willis says NZSF will start sending money back to the Government to help pay for NZ Superannuation three years early in 2027/28.

• Nearly a quarter of FamilyBoost money has been spent on administration.

• Chris Hipkins accused Willis yesterday of ‘absolute hyperbole’ about comments she made that New Zealand faced a ‘debt and interest cost spiral’.

• Youth mental health services in Rotorua have been cut 90%.

• A private hospital in Auckland is planning a $150 million expansion after reassurances of a lot more public hospital outsourcing of simple operations.

• Overseas, overnight: the United States cut its ‘de-minimis’ tariff on parcels imported from China of up to US$800 to 54% from 120%, although a flat fee of US$100 per parcel remains.

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The big six news items this morning