Ministerial Inquiry into ACC blowout

John Key has announced a ministerial inquiry into the previous Government’s underfunding of ACC. It seems that the non-earners account is going to run out of money by March, and overall is underfunded for the next three years by around a billion dollars.

Not quite as bad as the BNZ bailout, but you do wonder what other timebombs have Labour left behind?

What is especially bad is that even though a bailout is inevitable, Cabinet refused to make a decision, as by not making a decision, the shortfall would not show up in the pre-election accounts – PREFU.