NSW; State super fund down $2 billion after failed gamble
SYDNEY, Aug 25 AAP - The NSW government's superannuation fund - which pays retirednurses, teachers and police - has reportedly lost $2 billion by betting on companies,including the failed Enron.
The Sunday Telegraph reports the State Super Pooled Fund recorded a return of -7.3per cent in the 2001/2002 financial year.
The losses included $50.1 million on Enron, the US energy company that collapsed lastyear amid executive greed and rorts, the newspaper said.
The government's superannuation performance was well below most commercial super funds.
Opposition treasury spokesman George Souris said the government could lose a further$800 million by the end of the year.
However, Treasurer Michael Egan said the pooled fund had grown from $15 billion in1995 to 25.7 billion, as at June 30.
At the start of the last financial year, the fund was worth $27.7 billion.
AAP hn/ph
KEYWORD: SUPER
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