The Finance Minister Bill English is rejecting suggestions by Labour that he has been short-sighted deferring Government contributions to the Superannuation Fund.

The criticism comes after the Government's financial statements revealed that investment returns from the fund were $1.4 billion higher than forecast.

Mr English believes the Government was right to suspend payments to the fund.

"The New Zealand Super Fund is a long-term fund. It's going to have its ups and its downs. The reason we're not contributing is because at the moment we have a $10 billion cash deficit so we don't have any surplus cash to put into it."

Mr English says when the government does have the money it will resume contributions.

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Westpac CEO George Frazis says bad debt charges and a massive tax bill on the New Zealand side of the business is behind the bank's disappointing result.

The Australian-owned bank has reported September-year cash earnings of $236 million, down 40 percent on a year ago.

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Qantas is unhappy about a decision by the New Zealand Government to impose a Civil Aviation Authority levy on passengers flying with budget subsidiary Jetstar.

The charge will correct an anomaly that allowed Jetstar to fly domestic sectors exempted from a charge of $1.66 a head according to Transport Minister Steven Joyce.

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On the markets, the NZX50 is eight points higher on 3,167.

On Wall Street, the Dow Jones Industrial Average is up 123 points to 9,894.

The New Zealand dollar is trading at 72.47 US cents, 79.75 Australian cents, 48.83 euro cents, 65.91 yen and 43.72 pence.

The 90 day bank bill rate is 2.84 percent and the TWI is 65.15.