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No need to sell assets to return to surplus

5 September 2012

No need to sell assets to return to surplus

The Government’s target of returning to surplus by 2014/15 will be easier to achieve if the asset sales don’t go ahead, Green Party Co-leader Dr Russel Norman said today.

Adjusting the track to surplus in Budget 2012 to reflect the impact of the asset sales not proceeding shows that surplus will still be achieved in 2014/15 and will actually be larger than if the sales happen.

“The Government’s own numbers show the Budget will be back in surplus in 2014/15 with or without asset sales,” said Dr Norman.

“In fact, the surplus will be larger without asset sales, according to Treasury’s numbers.

“The operating balance would be $100 million a year worse off if the assets are sold because of the foregone dividends.

“On top of that, there are hundreds of millions of dollars in budgeted and unbudgeted sales costs that will be avoided if the asset sales are dropped.

“National is running out of excuses for pursuing its economically-flawed, ideologically-driven asset sales agenda.

“It is time for the Government to end this unpopular blunder-ridden mess and call a stop to the asset sales programme,” said Dr Norman.

Additional information:

OBEGAL (million $)20092010201120122013201420152016
With asset sales-3,893-6,315-18,396-8,441-7,897-2,0131972,102
Impact of asset sales on OBEGAL    -35-89-97-104
Without asset sales-3,893-6,315-18,396-8,441-7,862-1,9242942,206
sources: Treasury - BEFU 2012 p131, FSR 2012 p7

ENDS

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