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


Genesis: The biggest fire sale of them all

Genesis: The biggest fire sale of them all

National has finished its asset sales with a massive bonfire of a fire sale, showing once and for all how much of a disaster this programme was, says Labour’s SOEs spokesperson Clayton Cosgrove.

“Just 68,000 Kiwis bought shares in Genesis, little more than 1 per cent of New Zealanders. This is despite massive taxpayer lolly bags to convince them to buy in.

“The Government is trying to claim 68,000 is a success but it is just 5,000 more than the failed sale of Meridian attracted.

“It’s all the more remarkable given the Government’s target was up to 250,000 investors.

“The failed asset sales programme has brought in less than $4.7 billion, over $1 billion less than the midpoint of their $5b - $7b election year promise.

“National spent hundreds of millions of dollars on lawyers, accountants, advertising agencies, financial institutions, bonus schemes and public relations. This is the most scandalous waste of money on state assets since Think Big.

“It has been overseen by the retiring Tony Ryall, who made such a mess of Solid Energy he had to take it off the auction block. He will go down as the most incompetent SOE Minister in history.

“The Government should apologise to New Zealanders for selling off their assets at the political equivalent of a garage sale,” says Clayton Cosgrove.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


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>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Gordon Campbell: On Plastic Bag Activism, And Street Harassment

Amusing to see the Act Party experiencing another outbreak of young fogey-ism. What has aroused the ire of Act Leader David Seymour this time is the introduction of a Greens private members bill to the ballot process, calling for a 15 cents levy on plastic bags to reduce pollution. More>>


Unclear Weapons: US Navy Ship Cleared To Visit NZ For Navy's 75th

United States Navy ship, the USS Sampson, has been given clearance to visit New Zealand next month by Prime Minister John Key... “The process for considering the visit by the USS Sampson is the same as that used for all ships attending the International Naval Review." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news