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

 

PARLIAMENT TODAY:

Labour: New Figures Show Speculators Rampant

New figures released by the Reserve Bank show there’s been an explosion in mortgage lending with most of the growth going to property investors, Labour’s Housing spokesperson Phil Twyford says. More>>

ALSO:

False Official Information Response: English's Apology Accepted

Finance Minister Bill English is being thanked for his apology to New Zealand First Leader and Member of Parliament for Northland Rt Hon Winston Peters... Mr English says his staff and the Treasury have searched again, and they found the document that they denied having. More>>

ALSO:

Midwives On Pay Equity: Historic Bill Of Rights Case For High Court

“We have been left with no choice.” That from Karen Guilliland, the Chief Executive of the New Zealand College of Midwives, as the organisation prepares to file a pay parity discrimination case on the basis of gender under the NZ Bill of Rights Act in the High Court. More>>

ALSO:

Gordon Campbell: On The Children’s Commission Report On CYF

Accusing the overworked and underfunded staff at Child, Youth and Family of a “dump and run culture of neglect” is the kind of luxury that a Children’s Commissioner can afford to indulge in from his own comfy perch in the bureaucracy. More>>

ALSO:

Mt Eden Prison: Serco Inquiry Extended

A two month delay to the Government investigation into prison fight clubs shows the extent of problems within the Serco circus, says Labour’s Corrections spokesperson Kelvin Davis. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news