Asset sales will be a bonanza for bankers

Bankers will be the only winners in the asset sales rip-off, says Labour Leader Phil Goff.

"Bankers are already lining up for a fat pay-out," Phil Goff said. "But while bankers anticipate a bonanza from the sell-off of assets Kiwis own, taxpayers will draw the short straw again."

Phil Goff was commenting on confirmation that brokerage fees and other expenses are likely to cost up to $100 million and further erode the returns from selling our state-owned assets.

"The $100 million is money that could be spent on the health and education of our children.

"Instead, our hard-earned cash is going to line the pockets of banks and foreign corporate brokers," Phil Goff said.

Treasury has already appointed the Australian arm of international investment bank Lazard to act as an independent adviser on asset sales, Phil Goff said.

"This is high stakes, and is rapidly becoming a lose-lose situation for New Zealanders.

"Kiwis are becoming increasingly anxious," Phil Goff said.

"At the weekend Bill English admitted that he can't guarantee what return New Zealand will get from the sale because of the uncertain international climate, and all the while John Key is making announcements that National's so-called Future Investment Fund will be used to fund everything from a school paint job to a dairy farmer's irrigation scheme.

"Not to worry, international bankers and brokers will do well.

"The only way we can keep our precious assets in Kiwi hands --- and the long-term dividends they provide --- is to vote for Labour at the election. Anything else means selling out our future."

Authorised by Hon Phil Goff MP, Parliament Buildings, Wellington

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