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

Pre-Caucus Audio:
David Cunliffe And
The Future Of The
Labour Party

David Cunliffe met with the press today after Saturday’s disappointing election result for The Labour Party.

“We are all deeply concerned by the result of our party vote. I want to be clear that I, as leader, am responsible for that result” Cunliffe said. Although he called the results “deeply disappointing” Cunliffe said “the voters are always right”.

He felt that Labour needed to make improvements and take action: “We don’t need months to get feedback from members of the public, we've had a lot over the past 48 hours”. More>>

Update: After a seven hour caucus meeting David Cunliffe has announced Chris Hipkins and Carmel Sepuloni as new party whips and said the Labour council will hold an independent review into the election result. He did not comment on any leadership vote.

 

Gordon Campbell: On Labour’s Very Bad Year

While Labour leader David Cunliffe still appears to be in denial about the extent of Saturday night’s debacle, there was hardly a single redeeming feature about the election results for the centre-left... More>>

ALSO:

General Election NZ: National Win

Election Night: With almost all votes counted National and John Key have won a third term and are close to being able to govern alone if they so choose. Key has indicated he will still reach out to form a Government with ACT, United Future and Maori Party. More>>

ALSO:

Perfectly-Timed Anniversaries: Suffrage Day Is Last Chance To Enrol

“The last chance to enrol is Friday 19 September. You can’t enrol on election day.” More>>

ALSO:

Gordon Campbell: On First Time Voting (Greens)

For the last two days, I’ve turned my column over to a couple of guest columnists who are first time voters… Today’s guest columnist is Ana Avia-O’Connor, who will be casting her first time vote on Saturday for the Greens. More>>

ALSO:

Meddling: Aussie Liberals Embroiled In Key Campaign

John Key needs to explain why Australia’s Liberal Party is interfering in New Zealand domestic politics and is encouraging Kiwi voters across the ditch to vote for National just days out from the election, Labour’s campaign spokesperson Annette King says. More>>

ALSO:

SURVEILLANCE:

Election Ad Soundtrack: Rapper Eminem Sues National Party Over Copyright Breach

US rapper Eminem is suing the New Zealand National Party for alleged copyright infringement over unauthorised use of the rapper’s ‘Lose Yourself’ song in an election campaign advertisement. More>>

ALSO:

Big March: Call For An End To Domestic Violence

Hundreds of protesters marched down Lambton Quay to Parliament Monday calling for an end to domestic violence. Wearing white facemasks, waving banners and calling for “safety” for the women and children of New Zealand.. More>>

ALSO:

Pre-Election Chartering: Four New Partnership Schools To Open

Education Minister Hekia Parata today announced the Government has signed contracts to open four new Partnership Schools in 2015. More>>

ALSO:

Werewolf 50 Out Now - The Election Issue: Loss Leaders

Gordon Campbell: A third term requires a mature decision, with eyes wide open. It calls for a conscious vote of confidence… Without trying hard here are about 19 reasons, in no particular order, for not ticking ‘party vote’ National. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news