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


National gives up on its ‘mum and dad’ investor ruse

26 March 2014

National gives up on its ‘mum and dad’ investor ruse

The National Government has given up on the myth that it is selling shares in the electricity companies to ‘mum and dad’ investors, with just 9% of Genesis to be reserved for New Zealand retail investors, Green Party Co-leader Dr Russel Norman said today.

The Government has today announced that it will sell up to 49% of Genesis Energy with 40% going to institutions and just 9% to retail investors. In the previous asset sales around a quarter of the companies went to retail investors. The bonus shares offer of the Genesis sale will cost up to $9 million.

“National is not even pretending that everyday Kiwis are going to buy these shares,” said Dr Norman.

“The truth is that under National the cost of living has outstripped wages. Kiwi families simply don’t have the spare cash to invest in buying assets that already belong to the New Zealand public.

“Despite National selling Genesis on the cheap and spending millions on bonus shares, only a fraction of the population will buy shares.

“Only the wealthiest New Zealanders will be able to profit from National’s fire-sale of our assets. This is government by the 1% for the 1%.

“The asset sales have now cost the taxpayer $550 million so far. The sale of Genesis will add tens of millions to that cost.

“John Key should have listened to New Zealanders when they said they didn’t want our assets sold. Instead, he has rammed through this unpopular and economically irresponsible policy, which has been a failure by every measure,” said Dr Norman.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Environment And Conservation: Changes To Our Oceans Pose Serious Concerns

New Zealand’s oceans, coasts, and marine wildlife are under growing pressure, according to the first national report from the Ministry for the Environment and Statistics New Zealand about the marine environment. More>>


Police Authority: Use Of Taser Was Disproportionate And Unjustified

The Independent Police Conduct Authority has found that an officer’s second use of a Taser on a mentally unwell Hokitika man was disproportionate and unjustified. More>>


Gordon Campbell: On Holidays, Hekia Parata And Badlands

Hekia Parata, adieu. Reportedly, she’s been ‘passionate’ about education. She has “bravely’ led the charge on the government’s education reforms. In the past week , many of the postscripts to Hekia Parata’s career as Education Minister have sounded like a schoolteacher desperately trying to find some reason why a D student can be marked up to C minus. More>>


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news