The Taxpayers’ Union representatives choked on Treasury’s budget lock up sausage rolls when they discovered Stuart Nash’s announcement that he’s launching an investment bank for business rejected by the banking sector and to appoint government workers as directors of SMEs.
Jordan Williams, spokesman for the Taxpayers’ Union, said: “$100 million for an investment bank, run by politicians and bureaucrats, to take equity and even board seats in businesses that can’t borrow from the banking sector. What could possibly go wrong?”
“According to Minister Nash, a feature of the fund is to exclude equity financers who ‘push for aggressive growth plans, and short term results’. He says the fund will have ‘more modest return expectations and no hard exit deadlines. No kidding.”
“Coming from the Minister who back in 2014 wrote a foreword to the outstanding Taxpayers’ Union corporate welfare report, Monopoly Money, it seems Mr Nash has lost his mind.”
“Mr Nash claims these funds are common overseas. What he fails to mention is that they are not led by Government officials.”
“If Mr Nash wants to play investment banker, he should do a Simon Power and play banker with Westpac’s money, not ours.”