Green Party Co-leader Rod Donald today outlined the party's superannuation policy in a speech to a Grey Power meeting in Waikanae, north of Wellington.

The Green Party supports the universal provision of superannuation to everyone aged 65 and over, paid to couples at not less than 65% of the average wage and 60% to single people.

"We believe super funding from general taxation is sustainable and affordable and there is no need for the radical changes needed to create a dedicated super fund," Rod Donald says.

"Rather than putting all our eggs, including Dr Cullen's borrowed ones, in one superannuation basket, the Greens would allocate the eggs we own to a number of key areas, including: debt repayment, eliminating child poverty, education and training, employment creation, positive ageing, health and housing.

"These are prudent strategies compared to investing up to half the fund in international stock markets. "Imagine if Dr Cullen had invested any of the Super Fund in Worldcom or Enron? When Enron began unravelling in October its shares were trading at US$37 each. Two weeks later they were worth 26 cents each.

"The Government's super fund is appealing at first glance but we believe that we will be better able to afford the future costs of superannuation by building a stronger, more confident nation than by depending on a fund which is largely invested in the economies of other countries."

Read Donald's full speech here