Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Moody’s affirms rating; says Nats pro-privatisatn

Hon Dr Michael Cullen
Minister of Finance

18 June 2008 Media Statement

Moody’s re-affirms rating; says Nats pro-privatisation

Moody’s Investors Service’s re-affirmation of New Zealand’s sovereign credit rating is a vote of confidence in New Zealanders and in the government’s policies, Finance Minister Michael Cullen said today.

“In its report released yesterday Moody’s says New Zealand is among the strongest Aaa-rated countries in terms of the state of government finances,” Dr Cullen said.

“The re-affirmation of our credit rating is a vote of confidence in the government’s social, investment and tax reduction policies and it is a stark contrast to what happened under National,” Dr Cullen said.

Moody’s New Zealand sovereign credit rating was put on negative outlook and then downgraded in the late 1990s, the period when Bill English was a finance minister in a government that carried higher Crown debt levels than today, borrowed offshore to fund tax cuts and tried to cover its tracks by selling State Owned Enterprises, under-investing in infrastructure and cutting the floor of NZ Superannuation.

“It is unclear what National’s economic policies in 2008 actually are, although it is a worry that Moody’s says in its report that the National Party is likely to be more favourable to selling off State assets,” Dr Cullen said.

“National needs to be honest about whether they are telling the public one thing and international credit rating agencies something different when it comes to asset sales because most New Zealanders reject National’s pro-asset sales intentions,” Dr Cullen said.

The last National government which had Bill English as a finance minister spent over $47 million in just one financial year on consultants to help sell State assets, with about $5 million of this going to Merrill Lynch alone to help sell the Crown’s shares in Auckland International Airport.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>




Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>


Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>


Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>


Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>


Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>


(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>






Featured InfoPages

Opening the Election