On ACC - the political claims and the reality.

Brian Edwards Blog on the subject make fascinating reading.

"Oram assumes that some of these factors (he implies most of them) will resolve themselves. His reasoning is suspect - simply because the rate of increase in liabilities has been fairly constant over the past three years. This implies a deep-seated structural problem. 2005-6, for instance, was a boom year in which investments made massive gains, and yet ACC still increased its liabilities by $2.6 billion. Is Oram truly trying to suggest that these were merely accounting adjustments? In that case, we may as well ignore all ACC accounting reports because they are utterly meaningless."