Mighty River’s dividends will go offshore
Spokesperson for SOEs
Mighty River’s dividends will go
Mighty River Power’s dividend of almost $70
million to taxpayers will be halved if the Government
continues to push through the sale, says Labour’s SOEs
spokesperson Clayton Cosgrove.
“Mighty River is going to
pay out $67 million to the Government, which is a real
benefit for taxpayers. Selling a profitable business is
selling out the taxpayer. Especially when borrowing costs
are so low. It’s simply a stupid business
“In his trading days if John Key had sold a
business that rakes in tens of millions to pay off part of a
3.5 per cent loan Merrill Lynch would have fired him.
“There is no way John Key would have entered into a
deal like this in the private sector. He is letting his
pride and political vanity get in the way and all Kiwis are
“Selling off state assets is always a bad
idea. Selling them when they are profitable and paying
dividends that will be sent offshore is lunacy.
370,000 New Zealanders have signed a petition to halt asset
sales. The Government needs to listen to public and economic
reason,” says Clayton Cosgrove.
© Scoop Media
Gordon Campbell: On The 2013 Budget
Among Thursday’s main talking points:
We are apparently on track for a margin-of-error $75 million surplus, now in sight for 2014/15. But this sickly creature is hobbling out of the lab on the basis of all kinds of facilitative conjuring: such as trimming by $200 million the amount of new spending next time around.
With this strictly nominal surplus in sight, the 1984-ish justification for eternal austerity will have a news talisman: namely, getting Crown debt down to 20% of GDP by 2020. More>>
Budget Report, Lockup Audio & Images: Budget Day 2013 As always and especially after the managerial mishaps of the past few weeks and months, (e.g. Aaron Gilmore, the Mighty River Power share float, the GCSB mishaps) Budget Day 2013 was always going to be a pageant of reassurance... More>>
Budget 2013 Comment: Plain Sailing, But It's No America's Cup Pattrick Smellie: Compared to the last four budgets, this year's reflects an economy moving out of recession and into calmer waters... Yet if the fastest annual growth rate we can expect over the next two years is 3 percent - with the Christchurch rebuild in full swing - then you'd have to say New Zealand's underlying low-growth problem is far from fixed. More>>
Auckland Discord: Govt’s Power Hungry Housing Approach A Threat - Labour
Last week the Government said this, ‘The Government commits not to use any proposed or existing powers ... to override the council's planning and consenting processes’. But its housing Bill says this; ‘If an accord cannot be reached in an area of severe housing unaffordability, the Government can intervene by establishing special housing areas and issuing consents for developers’. More>>
Extending Protest Ban, Relaxing Permit Rules: Govt Abuses Urgency To Extend Anadarko Amendment
The Government is trying to pass legislation under urgency which would make the Anadarko Amendment – which limits protest at sea – apply to an additional 1.7 million square kilometres, the Green Party said today. More>>