Cullen says no to fund

Mayors from the main cities, as well as government allies United Future and the Greens, have called on the government to invest some of the money in projects ranging from buying back the railways, wood processing, and roading projects.

"They should make their case to the board [of the Guardians of the fund]," Cullen says.

"The whole structure of this fund is based around the idea that the Minister of Finance doesn’t direct its investments. I think it would be quite improper of me to try to influence the fund. I can ask why certain things are being done, but if I get into the position of saying, or even seeming to say, that they should be investing in certain areas, that is over the line.