National is committing to continuing government contributions to the NZ Super Fund, should it be elected to govern following the October election.

The party’s deputy leader and finance spokesperson Nicola Willis told Q + A with Jack Tame she would rule out stopping contributions to the $61 billion fund, designed to help pay for the rising cost of providing New Zealanders’ superannuation.

The former National-led government halted contributions to the fund in the wake of the Global Finance Crisis, between 2009 and 2017.

National, ahead of the 2020 election, campaigned on again stopping contributions. Its finance spokesperson at the time, Paul Goldsmith, said: “We just take the view that at a time when we’re borrowing colossally, it’s better to be spending that money on New Zealand and on improving the infrastructure of New Zealand rather than putting it on global stock markets for use in 20 or 30 years’ time.”

By April 2022, National became more open to the idea, but remained non-committal. Willis told interest.co.nz she was “broadly supportive” of making contributions “when fiscal conditions allow”.

On Sunday morning, she was more definitive, saying on the Q + A programme: “I do think it’s prudent and responsible to always be looking at – is that the best place to be putting our dollars now? But my intention is that we would continue contributions.”

When asked by Tame whether she’d rule out stopping contributions, Willis said she would rule this out.

The Super Fund was created by the Labour-led government in 2001 to smooth the cost of superannuation between today’s taxpayers and future generations. It sees government contributions invested in a global portfolio of shares, property, infrastructure, rural and timber assets, debt securities and private equity.

The Government is expected to start withdrawing money from the fund in 2035/36.

Analysis done a year ago, using a Treasury model, suggested pausing contributions in 2024/25, 2025/26, and 2026/27 would save the government $5.4 billion.

However, the Super Fund’s balance would be $5.7b smaller by the end of this period, and $7.0b smaller by 2036/37, than it would’ve been if contributions were maintained.

The estimates were dependent on several variables, including a projection the Super Fund would deliver annual returns of 7.9 per cent in the three years to 2026/27.