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

 


Govt tricky on real cost of asset sales

Govt tricky on real cost of asset sales

The true costs of the Government’s asset sales are over $640 million, more than five times the $120.6 million National is claiming today, Green Party Co-leader Russel Norman said.

“The Government is being extremely tricky when it says Treasury’s cost for the asset sales was just $85.5 million plus the $35.1 million paid by the companies themselves,” said Dr Norman.

Among the other costs to get the sales away were:

• The cost of bonus shares and incentives paid for the sale of Genesis, Mighty River Power, and Meridian - $80 million

• A $145 million difference in the cost of foregone dividends and reduced interest costs

• $30 million paid by the government to stop Rio Tino closing the Tiwai Point aluminum smelter

• Over $378 million net loss of assets against book value

• Asset sales referendum $9 million

• Bonus payment paid to CEOs of SOE’s $1 million

“The asset sales were projected to bring in between $5 billion to $7 billion. Instead they realised $4.7 billion in gross terms and under $4 billion when all the costs are account for,” Dr Norman said.

“The interest received from sales is less than the foregone dividends – that’s plain bad economics.

“Over a million people voted against the assets sales in the referendum. Nearly everyone understood it was a bad idea. That National is not going into this election with an asset sales programme shows that even they understand it has been a failure.

"New Zealanders will pay for these costs through higher power prices and the loss of services the dividend payments could have paid for,” said Dr Norman.


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Aftermath Of The Greenwald/Snowden Revelations

The credibility issues have come down to two main ones:

1 The email This has to do with whether Key knowingly agreed to use our immigration rules as a tool to ensnare and ultimately extradite Kim Dotcom, and do so largely at the behest of Hollywood’s leading corporates and their best friend in the White House, vice-President Joseph Biden. Some of the debate in the last few days has turned on the reliability of a Warners email that seems to set out this plan in black and white. IMO, the email is just the icing on the cake...

2. Mass surveillance Earlier to day I was going to try to explain the difference between what Edward Snowden/Glenn Greenwald were talking about (ie mass surveillance via the the cable-accessing SPEARGUN programme and the Xkeyscore analytical programme) and what Key has chosen to talk about instead in order to deliberately distract and confuse the public. Then I found that Keith Ng had not only beaten me to it, but had done so with beautiful lucidity. More>>

Out-Link - "Project SPEARGUN underway" • OnPoint • Public Address

Statement From The Inspector-General of Intelligence and Security

“I am only able to comment on specific GCSB activities through my annual and inquiry reports. However, I can advise that I have not identified any indiscriminate interception of New Zealanders’ data in my work to date. I will continue to monitor these issues.” More>>

 
 

Parliament Today:

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:

Not-Especially New Plans: All Prisons To Become Working Prisons Under National

All public prisons in New Zealand will become full working prisons by 2017, and ex-prisoners will receive post-release drug addiction treatment if National is returned to government, says Corrections Spokesperson Anne Tolley. More>>

ALSO:

Māngere: "False Claim Of Matai Title" - Labour

National must explain why its candidate for Māngere Misa Fia Turner appears to be using a Matai title she is not entitled to, Labour’s MP for Māngere and Pacific Islands Affairs spokesperson Su’a William Sio says. A Matai title is a legally-recognised ... More>>

ALSO:

CPAG Report: No New Zealand Child Should Grow Up In Poverty

Child Poverty Action Group's flagship policy publication Our Children, Our Choice: Priorities for Policy calls for cross party political agreement to underpin an action plan to eliminate child poverty in New Zealand. More>>

ALSO:

Gordon Campbell:
On National’s Phantom Tax Cut Package

Hmmm. So National’s tax cuts package turns out to be one of those television advertisements that screams a headline promise – perfect skin! a youth tonic that works! – while in very small print there’s an out clause: special conditions may apply. More>>

ALSO:

Water: New Marine Reserves On West Coast Opened

Five new marine reserves were officially opened by Conservation Minister Dr Nick Smith on the West Coast of the South Island to protect a range of marine ecosystems for conservation, science and recreation. More>>

ALSO:

Perception: Study Looks At Trustworthiness And Support Of Politicians

A University of Canterbury marketing study has looked at what impact the Thatcher Effect has on perceptions of trustworthiness and liking of New Zealand politicians leading up to the 2014 general election. More>>

ALSO:

History Lessons: Jamie Whyte At ACT Campaign Opening

It is nearly 20 years since the ACT party was born. Many people no longer remember why it was named ACT. They may imagine that it was on account of our determination to actually do things in parliament rather than simply occupy the seats and collect the salaries. That’s true but it isn’t the right answer... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news