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

 


Rio Tinto profit shows Key’s hand-out unjustified

Rio Tinto profit shows Key’s hand-out unjustified

The $3.7 billion profit posted by Rio Tinto yesterday shows that the $30 million taxpayer hand-out that National gifted to the owners of the Tiwai smelter last year was unjustified, Green Party Co-leader Dr Russel Norman said today.

Multi-national Rio Tinto yesterday announced a profit of $3.7 billion in the past year, the same time period in which National made a deal with Rio Tinto to hand over $30 million in taxpayers’ money to Rio Tinto subsidiary Pacific Aluminium in return for a promise to keep the Tiwai Smelter open until January 2017. The deal came during the lead-up to National’s sale of shares in Meridian, the electricity company that owns the Manapouri dam that powers the smelter.

“National gave a $30 million hand-out of taxpayer money to Rio Tinto last year. Now that company has posted a $3.7 billion profit, John Key should be asking for our money back,” said Dr Norman.

“Rio Tinto took advantage of Mr Key’s obsession with asset sales by threatening to derail the sale of Meridian by closing the Tiwai smelter, so Mr Key gave them $30 million of public money.

“This isn’t the first time that Mr Key has been out-foxed and backed into a corner by multi-national corporations in search of a taxpayer hand-out. Time and again, they have applied pressure to his political agenda and he has folded, leaving the taxpayer to pick up the bill.

“New Zealanders deserve better. Now that Rio Tinto has posted this enormous profit, Mr Key needs to step up for New Zealand taxpayers and try to get our money back. I doubt he will though.

“Mr Key seems more than content to write cheques with the public’s money to any corporate that comes knocking on his door,” said Dr Norman.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Housing Plans: Labour- Abolish Auckland Urban Boundary
The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis. More>>
Greens - State House Solution
The Homes Not Cars policy allows Housing New Zealand to retain its dividend and, in addition, would refund its tax, to spend on the emergency building of around 450 new state houses. More>>

ALSO:

Houses And Taxes: Post-Cabinet, Pre-Budget Press Conference

The Prime Minister said that the pre-budget announcements showed that his Government is “investing in a growing economy”. He re-affirmed the National Government’s commitment to lowering personal tax rates but that any such change must fit with the fiscal reality of the time. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news