MEDIA RELEASE

Green Bank – What Could Possibly Go Wrong?

13 MAY 2014
FOR IMMEDIATE RELEASE

The Taxpayers’ Union is disappointed that the Green Party have announced plans to risk $120 million of taxpayers’ money on a so called ‘green investment bank’.

“Despite successive failure, why do politicians think that they can manage a bank better than the experts?” asks Jordan Williams, Executive Director of the Taxpayers’ Union. "The Green Party claims that their bank will be ‘for profit’ but if green technologies were so profitable, what’s stopped commercial banks getting in on the action?”

"The Green Party have a history of incorrectly forecasting high returns in green technologies. In 2001 the Party trumpeted its superannuation fund investing in a wind farm company. Since then, the shares have lost 96% of their value."

“Does Russel Norman really think that bureaucrats will make profitable decisions with $120 million of taxpayer money, when the Green’s can’t even get it right with their own?"

"We all support developing green energy, but people should pick winners with their own money not be forced to risk nearly $70 per household taken via the tax system."

ENDS

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