Labour proposes a state investment fund that would sit alongside, but separate from, the New Zealand Super Fund. It would be seeded with a small number of Crown-owned assets plus an initial capital contribution, run by the Guardians of the Super Fund with the Minister of Finance as sole shareholder, and invest in infrastructure and New Zealand businesses. The assets it is seeded with would be barred from sale by law.
The fund would sit alongside the New Zealand Super Fund rather than inside it, and be governed by the Guardians of the Super Fund — the existing body that runs it. The Minister of Finance would be sole shareholder.
The document describes a foundation of existing government assets plus an initial capital contribution. The assets would be a small number of Crown-owned ones with both a commercial and a public good purpose, giving the fund dividend income, a base to borrow against, and something to invest from.
Those assets would be protected in legislation so they cannot be sold and stay in public ownership. Assets the fund acquires later would need explicit Ministerial approval before any sale.
The fund would operate under legislation and a public policy statement. The Minister of Finance would set broad objectives through a letter of expectation but would have no power to direct individual investments — the same arm’s-length arrangement the Super Fund uses.
The document is explicit that some investments may not deliver the returns of global markets, and argues they would create national value instead — stronger communities, lower costs, more resilient industries, and keeping talent and ideas in New Zealand.
The case is made against three reference points, all figures from the document itself.
“It will be independently governed by the Guardians of the Super Fund, with the Minister of Finance as sole shareholder.”
“The Minister of Finance will set broad objectives through a letter of expectation, but will have no power to direct individual investments.”
“The Future Fund will have the authority to invest and borrow, but any sale of seeded assets will be prevented in legislation.”
Points the document defers or leaves undefined. These are gaps in the document, not criticisms of the policy.
Which party holds a published position on which topic.
Swipe across to see all 11 topics — the party column stays put.
| Party | Economy | Housing | Health | Education | Climate | Environment | Crime & Justice | Treaty & Māori Affairs | Immigration | Foreign Policy | Democracy & Government |
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| National |
| ∅ |
| Labour | ∅ | ∅ | ∅ | ∅ | ∅ | ∅ |
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| NZ Loyal | ∅ | ||||||||||
| Te Tai Tokerau | ∅ | ||||||||||