The Government Super Fund has rebounded after a couple of tough years, returning an after-tax surplus of $285 million for the year to June 30 2010.

This represents a 10.4% return on average net assets and is a big improvement from last year, when it returned an after-tax deficit of $583.3 million, representing a loss of 16.8% on average net assets.

In 2008 it posted an after-tax deficit of 6.7% on average net assets.

The New Zealand Superannuation Fund has continued to recover from its recession low, delivering a return of $358 million in December.

This represents a 2.40% return for the fund, which was set up by former Finance Minister Michael Cullen to help fund the New Zealand government’s future superannuation costs.

The total value of the fund was $15.96 billion as at December 31.

Gareth Morgan’s call for the New Zealand Superannuation Fund to be shut down is a good idea in theory but a fiendishly difficult one in practice. That's because former finance minister Michael Cullen built the thing so it couldn't be torn apart.

Mr Morgan says that in the wake of National’s decision to suspend contributions, the New Zealand Superannuation Fund should be shut down and the current $12.5 billion under management be given back to the public in the form of KiwiSaver contributions.

Looking back on the nine years of Labour in power, two things stand out.

First, it was a lucky government. Secondly, it was a government which believed, as a matter of ideological faith, in the almost holy goodness of government.

To the lucky aspect first: political parties, if they could pick a time to come into government – and a time to lose government – would pick something like the timing of the Helen Clark-Michael Cullen government.

State-owned Enterprises Minister Simon Power has announced 22 new appointments, and 20 reappointments to state sector boards.

Noteable appointments include former finance minister Michael Cullen as deputy chair of NZ Post and former Commerce Commission chairwoman Paula Rebstock as deputy chairwoman of New Zealand Railways Corporation.