Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Peters Wants to Use Kiwisaver to Buy Back Mighty River

Peters Wants to Use Kiwisaver to Buy Back Mighty River

New Zealand First is proposing the Cullen Fund and Kiwisaver funds be used to re-nationalise Mighty River Power and possibly Contact Energy.

Treasury estimates suggest the Mighty River Power share float could value the company at as much as $1.6 billion.

And current estimates would suggest Contact Energy’s market capitalisation was around $4 billion.

But speaking on TV3’s “The Nation”, Mr Peters said the Government had the ability to access the Cullen Fund. 

“You’ve got the ability to access Kiwi Saver in the short term,” he said.

He said buying back Mighty Rover Power would be bottom line for NZ First support for any Government.

  You’ve also got the ability to internationally access the market and borrow, which as you know according to Treasury, because this is a high yielding asset, that makes economic sense to do that.

Mr Peters said to use kiwi saver funds the Government would need to change the investment rules.

“You could quite easily do that in the short term so that Kiwi Saver is advantaged, whilst you over time recompense Kiwi Saver and the Cullen Fund with respect to this asset,” he said.

“The market needs to know, anyone advising them on their investment capacity should be telling them about the political environment.”

But though Mr Peters said the re-nationalisation would be a bottom line for NZ First support for any Government after the next election, he conceded that party might end up not supporting anyone.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“I well know that there are politicians who will crawl over cut glass to get to power,” he said.

“I don’t happen to be one of them and my record proves it despite what you people say. 

“I've given up offers on matters of principle in the past a number of times, so I just know what they're prepared to do

“We don’t go into negotiations in a blind way, we go in knowing what our supporters want, why they voted for us, and intend to deliver to them. 

“That’s why we will walk in fully aware of what is the price of our support, and it may be that we don’t go into government, are prepared to sit on the cross benches and keep them honest. 

We're not making up our mind on that, but what we are saying is, that if you see the slide in this country's economic and social performance this last 30 years, there are dramatic changes that are required, and we're happy to even stay on the cross benches, but insist that the government follow sound policies, which they haven't been doing for a long time.”

 ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The US Opposition To Mortgage Interest Deductibility For Landlords


Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don't think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of political capital by giving landlords a huge $2.9 billion tax break via interest deductibility, while still preaching the need for austerity to the disabled, and to everyone else...
More


 
 

Government: Concerns Conveyed To China Over Cyber Activity
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity... More

ALSO:


Government: GDP Decline Reinforces Government’s Fiscal Plan

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says... More

ALSO:


Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.