Parliament

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

Another Leader Exiting: Statement From Peter Dunne

I have concluded, based on recent polling, and other soundings I have been taking over the last few weeks, that, the volatility and uncertainty notwithstanding, there is now a mood amongst Ōhāriu voters for a change of MP, which is unlikely to alter...

“I have therefore decided that it is time for me to stand aside, so the people of Ōhāriu can elect a new electorate MP. More>>

 

Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>

ALSO:

Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>

ALSO:

Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>

ALSO:

Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election