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Big Shift For Kiwibank Reflects ACT's Long-standing Position
Welcoming the Government’s decision to open Kiwibank to up to $500 million of private investment, ACT Finance spokesperson Todd Stephenson says:
"The Finance Minister is singing a song based on a tune once hummed by David Seymour. ACT has previously campaigned to open up Kiwibank to private investment, and now New Zealand is finally moving past squeamishness around privatisation.
"A partial sale sets Kiwibank on a path to compete more effectively – and more competition in banking means lower banking costs for firms, farms, and families.
"Private shareholders will also demand a level of accountability and discipline that will drive stronger performance at Kiwibank. This is good news for the taxpayers who own it.
"We could extend this approach to other state-owned enterprises. ACT's 2023 alternative budget proposed listing 49% of the shares in AsureQuality, New Zealand Post, KiwiRail (and the Railways Corporation), Transpower, and Kordia. This would unlock capital for growth, and drive efficiency and innovation."
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