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

 


National gives away a further $130 million on Genesis sale

17 April 2014

National gives away a further $130 million on Genesis sale

National have sold New Zealanders short by significantly under-pricing Genesis Energy, Green Party Co-leader Dr Russel Norman said today.

Genesis Energy shares immediately went up $0.26 (or 17 percent) on listing today, showing the market valued the company significantly higher than the Government’s selling price.

“New Zealand tax payers have missed out on an additional $130 million of revenue by the National Government mispricing Genesis Energy,” Dr Norman said.

“John Key promised up to $10 billion of proceeds from his asset sale programme. Total gross revenue is now less than half that at $4.68 billion.

“National's cornerstone economic policy – asset sales – has been a complete failure.

“National should have listened to the people of New Zealand and stopped selling the last of our remaining assets.

“One of John Key's legacies as a Prime Minister will be that he ignored overwhelming public opposition to pursue his economically reckless policy of selling our assets.”

The costs of selling 49% of Meridian Energy, Mighty River Power, Genesis, and Air New Zealand have been $550 million to date.

“National predicted 250,000 'mum and dad' investors for each sale, but New Zealanders refused to buy what they already own and most of the retail shares went to a wealthy few,” Dr Norman said.

“National said that asset sales would improve competition in the electricity sector; in reality, power prices have continued to rise even as demand has fallen.

“National promised we’d be better off as a result of the sales, however the lost dividends from our assets will leave a $150 million-a-year hole in the government's accounts forever.

“The truth is, National is bad with managing our money,” said Dr Norman.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On War Crimes And The Afghan Insurgency

Truly, with friends like former defence Minster Wayne Mapp, the SAS does not need enemies. At the very least, the Hit and Run book has raised the possibility that the New Zealand SAS committed war crimes in the attack they led in Afghnistan upon the villages of Naik and Khak Khuday Dad...

Mapp’s attempted defence of the SAS on RNZ this morning unintentionally indicated that collective punishment was baked into the planning exercise for the raid, and also into how the raid proceeded on the ground. More>>

 
 

Little Heading For Court: Apology Over Donation/Hotel Contract Claims Not Accepted

Today I want to publicly apologise unreservedly to Mr Hagaman for any hurt, embarrassment or adverse reflection on his reputation which may have resulted from my various media statements. I have offered that apology to the Hagamans. More>>

ALSO:

Biscuit Tin Of Democracy: World Heritage Site Protection, Ombudsman and Equal Pay Bills Drawn

On Thursday, 23 March 2017 three places are available on the Order Paper for the first reading of a Member’s bill. The ballot was held, and resulted in the following bills being drawn... More>>

ALSO:

Emissions Plan: NZ Needs More Science, More Trees, Fewer Beasts

A combination of technology breakthroughs, much more plantation forestry, and a big switch away from pastoral, particularly dairy farming, are identified as the key elements of any approach New Zealand takes to reducing its carbon emissions to a net zero level, according to a new report sponsored by the New Zealand chapter of GLOBE, a multi-party, global parliamentary grouping. More>>

ALSO:

"Backed To Win Seats": Labour Māori Seat MPs Won't Stand On List

The Labour Party is backing a request from its Māori seat MPs to stand as electorate MPs only, says Labour Leader Andrew Little. More>>

OutsKey: John Key's Valedictory Speech

I rise to address this House for the very last time. It has been a huge privilege to have served the people of Helensville as their member of Parliament, and, of course, the people of New Zealand as their Prime Minister. More>>

ALSO:

Productivity Commission: New Models Of Tertiary Education Are Coming

The report is a broad-ranging inquiry into how well New Zealand’s tertiary education system is set up to respond to emerging trends in technology and the internationalisation of education, and changes in the structure of the population, and the skills needed in the economy and society... More>>

ALSO:

PM's Press Conference: Water Everywhere

Monday's Post-Cabinet press conference focused on water, with the Prime Minister fielding questions about the possibility pricing water taken for export. Mr English said the government was directing their water allocation technical advisory group to include export water in considerations. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news