NZ Inc will drive clean growth and keep wealth here

The next Labour Government will establish an NZ Inc policy to drive growth, boost clean technology and protect our strategic assets to achieve our goal of a smarter, cleaner, fairer economy, Labour Leader David Cunliffe says.

“NZ Inc has three aims: to drive sustainable growth, support the transition from fossil fuels to clean technology and enshrine New Zealand ownership of our strategic assets.

“New Zealand is to be a world leader in clean technology and this will help power the economy of the future.

“There are three components of NZ Inc. A sovereign wealth fund will drive sustainable growth and invest in strategic assets. A KiwiShare programme will enshrine New Zealanders’ current asset ownership by preventing more selldowns. A review of the Crown’s commercial assets’ management will ensure they stay in public hands and drive growth.

“The NZ Inc Sovereign Wealth Fund will look to invest in strategic assets and may choose to buy back shares in already privatised assets if and when that makes commercial sense.

“It will be funded by $100 million in dividends in privatised assets and by new royalty payments from oil and gas above and beyond current projections.

“Labour will create a KiwiShare for every SOE and Mixed Ownership Model company as well as NZ Inc Sovereign Wealth Fund, equivalent to the current state ownership level of the company, which cannot be sold by any future government. This will protect our assets for future generations.

“Labour will review oil and gas revenues to bring them up to a fair level that doesn’t exceed Australia’s. This will mean New Zealanders get a fair share from their resources and provides more funds for NZ Inc Sovereign Wealth Fund.

“New Zealanders want to ensure Kiwi assets are kept in Kiwi hands and new assets are generated to drive wealth for the future. The next Labour Government will use NZ Inc to make that happen,” David Cunliffe said.

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