He used only a small and selective part of Treasury's report as the basis of his attack.
Continuing strong investment performances by the New Zealand Superannuation Fund and ACC proved yet again how short-sighted Government policies were, Mr Cunliffe said.
Mr English's "folly" in deferring Government contributions to the super fund for a decade and in casting doubt on the future viability of ACC was shown in sharp relief by the release of the statements for the four months ended October 31.
"The financial statements show that both the super fund and ACC reported higher-than-forecast investment returns."
The super fund's return was $1.3 billion higher than expected and ACC's investments returned $600,000 more than expected.
Mr Cunliffe said those gains highlighted the flaws in Mr English's repeated attempts to undermine confidence in the fund and ACC.
The Government's books would be in far worse shape if it was not for those strong performances and it was a mystery why Mr English refused to shift his position, Mr Cunliffe said.
"Bill English is still preaching the false message that National inherited government books that were in trouble. Nothing is more wrong. He inherited net debt at zero and gross debt halved."
