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


English all at sea on SOEs

Finance Spokesperson

English all at sea on SOEs

Finance Minister Bill English must come clean on the true price of selling our state-owned assets, says Labour’s Finance spokesperson David Cunliffe.

“In Parliament today Bill English admitted that Budget 2011 does not account for the loss of dividends resulting from the proposed and un-mandated asset sales --- but does book the revenue from those sales,” David Cunliffe said.

“His figures are sadly unreliable. Yesterday he asserted that SOEs had paid the government $350 million in dividends last year. In fact, the figure was $831 million, and Bill English can’t explain the half billion dollar discrepancy between his spin and the facts

“Nor can he explain why his Investment Statement predicts that selling assets will cost $200 million a year in lost dividends when, in fact, the assets National wants to sell have paid an inflation-adjusted average of $312 million a year over the past five years,” David Cunliffe said.

“In short, Mr English has booked the full value of selling assets he has no mandate to sell while failing to properly account for the cost of those sales in lost dividends, and he has no excuse for this.

“This is another dent in the credibility of National’s Budget, which also relies on $1 billion of savings from unspecified public service cuts, Treasury projections of tax revenue that are $4 billion higher than IRD’s projections, and rosy growth forecasts like those he made in his past two budgets, and which failed to eventuate.

“No wonder credit ratings agency Standard and Poors has kept the government on negative credit outlook,” David Cunliffe said.

“Labour will not be selling our state-owned assets, but we will present a responsible vision for growing our economy and jobs and owning our future.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Supermarket Scam, And On Tunisia’s Scrapping Of Democracy

Are we paying too much for our groceries? Hmm. Is the Pope a Catholic? Given that the two Australian supermarket chains that dominate our grocery industry routinely rack up profits in the order of $22 billion annually, that’s a no-brainer. Yet as with New Zealand’s other socio-economic problems created by our 1980s reforms, the practical solutions seem pretty thin on the ground... More>>


Government: Welcomes Draft Report On The Retail Grocery Sector

The Commerce Commission’s draft report into the retail grocery sector is being welcomed by Government as a major milestone. “I asked the Commerce Commission to look at whether this sector is as competitive as it could be and today it has released its draft report for consultation,” Commerce and Consumer Affairs Minister, David Clark said... More>>


Child Poverty Action Group: Poverty Burden For Children Increased Due To Government Neglect - New Report

Poverty, inequity, homelessness and food insecurity are among the burdens which increased for tamariki Māori and other children in the first year of Covid-19 - partially due to Government neglect... More>>

Government: Cabinet Accepts Turkish Authorities’ Request For The Managed Return Of Three NZ Citizens

Cabinet has agreed to the managed return of a New Zealand citizen and her two young children from Turkey, Prime Minister Jacinda Ardern announced today. The three have been in immigration detention in Turkey since crossing the border from Syria earlier this year... More>>


NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>

Social Development: Government Initiatives Contribute To Fall In Benefit Numbers

Minister for Social Development Carmel Sepuloni has welcomed the release of the June quarter Benefit Statistics which show a continuing fall in the number of people receiving a Main Benefit... More>>




InfoPages News Channels