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


Genesis fire sale: asset sales net under $5b

Genesis fire sale: asset sales net under $5b

The last of National’s failed asset sales is yet another fire sale – with this time the Government ruining the books of Genesis,Labour’s SOE spokesperson Clayton Cosgrove says.

“It is now official: National’s asset sales policy has failed. At the last election John Key promised Kiwis the sales would raise between $5 billion and $7 billion.

“Selling Genesis off at $1.55 a share will raise little more than $700 million, leaving John Key more than $300 million dollars short of his $5 billion to $7 billion asset sales target. That’s failure by any standards, especially given Morningstar valued 50 per cent of Genesis at $900 million.

“The brokerage, legal and PR fees run into well over $100 million.

“Asset sales were mad economics driven by political vanity. To top it off the Government has used the sales as a slush fund, linking them to every new policy while spending it on the likes of failed SOE Solid Energy, advertising materials for the sales themselves, more money for the failing UFB project and the bonus scheme for Mighty River Power.

“National promised the sales would pay for new assets. Instead they have been used to pay for the Government’s mistakes.

“National’s other broken promise was to put Mum and Dad investors at the front of the queue. Now we know that just nine per cent of shares are going to normal Kiwi families – the rest are going to institutions here and overseas.

“John Key promised the world to Kiwis from asset sales. Kiwis trusted him then – they will be much more cautious now,” Clayton Cosgrove says.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On John Key’s Trip To Iraq

In the embedded press coverage on this trip, the absence so far of any evaluation of the wider context of what New Zealand thinks it is doing at Camp Taji has been striking. More>>


Labour: Parata Puts Brakes On Charter School Appraisal

“When the Ministry of Education recommended they compare the achievements of children at charter schools to those of their counterparts at state schools, the documents show Hekia Parata specifically prohibited them from doing so." More>>


Bad Day For Universities: Gun, Bomb Threats On Three Campuses

Dunedin Police are continuing their investigation into the threat made against the University of Otago. Staff are following a number of lines of inquiry, and police are working to verify the authenticity and source of the post. More>>


Gordon Campbell: On The TPP Deal Reached In Atlanta

Yes, the TPP has helped to knock a few points off the tariffs facing our exporters. Yet some of those alleged dollar gains may well have been made regardless over time – and without the negative baggage of the concessions in the non-trade areas (intellectual property, copyright extensions, investor-state dispute mechanisms etc) that the TPP deal also brings in its wake. More>> (Cartoon by Dave Wolland)

Public Summaries:


Wellington.Scoop: Serco – First The Prisons, And Now It Wants To Run The Trains

As the government continues its inquiry into Serco’s discredited administration of Mt Eden prison in Auckland, here in Wellington there’s further scrutiny of the British outsourcing company – because it’s competing to take over the running of our commuter trains. More>>


Pre-Signing: Gordon Campbell On The TPP Countdown

To date, the Key government has been unwilling to share any information about this TPP deal until it is too late for outraged public opinion to affect the outcome... the disclosure process is likely to consist of a similarly skewed and careful exercise in spin. More>>


Australia Deportations: English Relaxed On Immigration Centre Conditions

Labour's Annette King: “There have been numerous reports from inside these detention centres on just how bad conditions are... If they were being held in any other foreign jail, I imagine Mr English would be somewhat concerned. More>>


Schools: Achievement-Based Funding Would Be A Disaster

The Education Minister’s speech to the PPTA Conference raising the spectre of achievement data driving a new funding system would be disastrous, says NZEI Te Riu Roa. More>>

  • Video Out-Link - PPTA Annual Conference 2015 on Livestream (Q+A dicussion suggests funding would be directed to less successful schools.)

  • ALSO:

    ECE Report:

    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news