Falling interest rates push ACC deficit to $5.95 billion

Falling interest rates push ACC deficit to $5.95 billion
Jenny Ruth
Accident Compensation Corp reported a net deficit of $5.95 billion for the year ended June, largely because the impact of falling interest rates on its future liabilities was too much for another strong investment performance to overcome.The net deficit this year compares with last year's $8.66 billion net deficit, which was also due to falling interest rates.ACC's outstanding claims liability jumped to $61 billion at June 30 from $53 billion a year earlier and from $30 billion in June 2015. The accident insurer's outstanding c...

More Finance

ANZ admits 'unacceptable failure' as bond probe continues
Finance

ANZ admits 'unacceptable failure' as bond probe continues

Regulator is investigating the bank over its bond turnover data.

AAP 25 Jul 2024
ComCom will try to bring down PayWave, credit card surcharges
Finance

ComCom will try to bring down PayWave, credit card surcharges

Card industry tried to regulate itself, Govt has tried, now it is ComCom's turn.

Staff reporters 23 Jul 2024
Massive cyber outage cripples banks and other organisations worldwide
Finance

Massive cyber outage cripples banks and other organisations worldwide

A major cybersecurity outage has taken out computer-reliant services

Dileepa Fonseka 19 Jul 2024