web analytics
The Standard
Advertising

Government in trouble over Meridian Float

Written By: - Date published: 8:33 pm, October 23rd, 2013 - 34 comments
Categories: bill english, john key, Privatisation, same old national - Tags:

emerson-privatisation

The results of the Meridian share float have been announced and they pose a whole lot of problems for the Government.

Meridian is a company which was valued at $6 billion in 2011.  The sale of 49% of its shares at $1.50, at the low end of estimates, gives the company a market value of $3.84 billion.

The Government thought that it would have 250,000 mum and dad investors in each of the planned floats.  Mighty River Power had 116,000 and Meridian is down to 62,000.

And 13% of its shares will be owned by overseas interests, not Kiwi mum and dad investors.  And they will be financed into the transaction.

As a sign of how bad things are Bill English was sent out to make the announcement.  John Key was no where to be seen.

If you ever needed to be persuaded that selling what are long term strategically vital assets for peanuts is a bad idea then this should provide it.

Update:

Thanks Pascal’s bookie for this comment from local mike:

“Cosgrove’s statement here:

http://www.voxy.co.nz/politics/meridian-sale-failure-cosgrove/5/171716?utm_source=twitterfeed&utm_medium=twitter

“I don’t know how John Key and Bill English can look the taxpayers of New Zealand in the face. They have they sold half of a valuable long term asset for $1.2 billion less than they told the public they would sell it for in 2011. And just 62,000 retail investors, including institutions, bought shares.

“John Key and Bill English threw everything they could at making this sale a success, even offering a Suzanne Paul-style buy now – pay later scheme. Despite offering everything but a free set of steak knives just 62,000 people wanted to buy in.

“The number of investors in Meridian is half that of Mighty River, which was half that of Contact Energy when the National Government sold it in 1999. At this rate of success they will be paying people to buy Genesis Energy shares.

Greens here:

http://www.voxy.co.nz/politics/meridian-another-failure-national%E2%80%99s-asset-sales-greens/5/171717?utm_source=twitterfeed&utm_medium=twitter

Only 62,000 retail shareholders have bought shares in Meridian Energy. That compares to 113,000 who bought shares in Mighty River Power and an expected take-up of 250,000 buyers per sale when the asset sales were being planned. 62,000 equates to just 1.4% of the New Zealand population.

Buyers will reap the benefit of paying only $1 per share up front and the remaining 50 cents in 18 months’ time – the total cost to the Crown of these interest free loans will be $50 million. Overseas investors bought 28% of the shares sold (13.5% of the company), meaning the New Zealand taxpayer is paying $14 million to incentivise foreign institutions to buy our electricity company.

“The Meridian flop confirms that National’s asset sales are a failure and a huge waste money,” said Dr Norman.

“Only 1% of Kiwis bought shares in Meridian. The other 99% of us have lost the profits from a strategic asset and can now look forward to higher power prices.

“The Meridian sale cost around $90 million. We know the ‘buy now, pay later’ scheme alone will set taxpayers back $50 million while the fees for brokers, lawyers, and ad-men will add around $40 million to the bill. That’s on top of the $173 million that National’s asset sales have already cost the taxpayer.

“Mr Key has just cost the New Zealand taxpayer $14 million to subsidise overseas buyers as they swoop in to take a chunk of Meridian and its profits.”

34 comments on “Government in trouble over Meridian Float”

  1. Bunji 1

    In 2011 they said that the sales would raise as much as $10 billion – now they’re not going to get anywhere near half that.

    Even if you agreed with the principle of selling off important strategic assets; even if the fact that they have a higher rate of return that the govt cost of borrowing didn’t turn your head; the sheer incompetence of giving away these assets for so little to so few people – the 1.4% – should surely make you wonder about this government’s desperation to sell when they can’t get a decent price.

    • Bunji 1.1

      This is a MAJOR hole in National’s books. They’re relying on this to be the bulk of their “$5-$7 billion” guesstimate that they’re running our economy on.
      So Mighty River $1.7 billion, Meridian $1.88 billion, they can get $300 million for Air NZ if they don’t release the shares all in one go and flood the market (although given their current form…), plus what for Genesis? $600 million topside? But the number of investors available is diminishing, and the appetite for energy companies further ruining the balance of your share portfolio is diminishing…

      There’s no chance they’re going to get more than $4.5 billion total out of these sales.

      We’ve been ripped off as owners of these assets. We didn’t want to sell, and our agents have got us an horrendous price.

      • mickysavage 1.1.1

        Yep the next question is could the Government cancel the float after seeing the offers (which I am sure they could do) and if so then why didn’t they do it?

        They are selling strategically vital assets for peanuts.

        • Draco T Bastard 1.1.1.1

          They’re selling them on ideology (their belief that rich people should own everything as was true under feudalism) and because of that there’s no way that they would stop the sales.

          • thatguynz 1.1.1.1.1

            Or is it more that those that they truly represent told them to?

            • Tigger 1.1.1.1.1.1

              They have to sell them. This has been Key’s plan ever since those Hollow Man days when he was installed to turn National into NACTional.

  2. Lanthanide 2

    There was an apparently baseless story on stuff a few days ago saying that the offer was likely to be oversubscribed and allocations would be scaled back from what was requested. A few days before that there was a story about how the price would be towards the upper end of the $1.50-1.80 range.

  3. Pascal's bookie 3

    Norman’s final zinger in that release is a pretty funny:

    “It’s hard to do a belly flop while simultaneously giving 99% of New Zealanders the fingers, but John Key has shown that it is possible”

    And Key can’t really take a shot back coz his MOM sux and he’ll look like a fool. Just has to take it.

  4. appleboy 4

    What a bunch of crooks. This is a total failure and should be screamed out loud by Labour and the Greens at every opportunity until the next election where kiwis hopefully will have seen this bunch of wankers for the lying thieving scum they are, and vote them out.

    • Anne 4.1

      There’s one word to sum it up from start to finish, and from the top of the political tree to the bottom – 3 times for impact:

      GREED… GREED… GREED.

      • Draco T Bastard 4.1.1

        That and control because once all the commons is sold off to the rich everyone else will have to do what they say.

  5. newsense 5

    What does Key care?

    He’s about done his dash surely, sent most of the things that he was able to tits up, transferred as much wealth and privilege as possible and now, especially if the polls get much worse, is about to swan off to Hawaii before some diplomatic post in Hollywood leaving the rest of the Nats to the fighting and the mess behind him…

    • Mike S 5.1

      Yep, and I’m sure his ‘blind’ trust will have snapped up plenty of shares, I can picture him sitting in a corner snorting and sniveling and rubbing his hands in glee..

  6. bad12 6

    A convenient announcement from National on a Wednesday night knowing that Slippery the Prime Minister wont be in the House tomorrow to answer any questions,

    Are these people really attached to planet earth by anything other than an over-supply of weighty excrement which stops them all floating off someplace else,

    Trying to micro-manage this FLOP of a sale of what we all already own as far as the bad news goes for National is going to look something like lighting a match in an Australian bushfire, probably not what would be seen as the brightest of ideas but will anyone notice as the fucking lot of them are incinerated by the roaring public wrath that will be the inevitable consequences of what is in essence the final dance at the ball of the village idiots,

    If anyone doubted it, think again, this will finish National and as the roaring for blood escalates watch those bastards tear each other apart like a pack of rabid dogs….

  7. Colonial Viper 7

    We’re selling valuable strategic energy assets in exchange for currency which is generated out of thin air by the billions via a few computer key strokes.

    Have a think about how wrong that is.

  8. Steve 8

    This is a cock up of epic proportions and I wonder how many Meridian prospectuses they printed? No doubt there will be an OIA request being filed on that one.
    I really don’t think Key could bear the thought of making a concession speech at the next election. If the polls continue to show National’s slide I expect him to cut loose early next year pushing aside women and children as he scrambles for the exit.

  9. Lionel 9

    Key is corrupt he will bail for sure don’t put it past the piece of s#*# to try and organise a knighthood for himself watched him in the house today as Meterei Turei tried to nail him down would’nt answer questions and resorted to smart arse answers which included a insincere retraction and apology asked from by the speaker who was reluctant to stick that on him
    he’s hardly partial is David Carter

  10. ScottGN 10

    Bill English is blaming the low interest and low price for the the shares on the Labour and Green power policy. So he’s basically saying that investors were scared off because they have factored in a likely change of government next year? Great news Bill!

  11. phil 11

    The good news is that there has been a huge transfer of wealth here, speeding up the downfall of a desperate and traitorous government. If Labour, in Govt, had the smarts they should freeze the price and renationalize the electricity sector. Where is Max Bradford, and his tory mates began this festering mess. How do you put Humpty Dumpty back together again? You hatch a new egg.

  12. Tracey 12

    Where are all the folks lauding mr keys trading skills and nouse?

  13. Ant 13

    So what’s going to give now so Key/English can make their feel good election year surplus? Interest free student loans?

  14. Crunchtime 14

    Those numbers are especially damning… There’s been a lot of talk of the 1% who control most of the resources of the world. Here in NZ we have the 1% who own shares in our power company. The other 99% are less than impressed.

  15. blue leopard (Get Lost GCSB Bill) 15

    Compare the numbers in this article to the approx 51% of voters (or by my rough calculations: 1, 139,901 people) who voted for parties that opposed asset sales and one can see another good reason for politicians to listen to what the electorate tells them.

    http://www.electionresults.govt.nz/electionresults_2011/partystatus.html

    What an incompetent government we have.

  16. Steve Bradley 16

    Steven Joyce is describing members of Parliament who oppose the government’s policy on asset sales as ‘communists’ and their actions as ‘sabotage’. This is extreme language – trying to demonise another group of loyal dissidents. I feel sorry for S. Joyce and I am worried about his physical health: up close he doesn’t look well, distinctly seedy even. Perhaps he needs an extended vacation.

    Now, the extremity of his language raises concerns about his mental health. ‘Sabotage’ is a capital crime and once was punished by hanging, or at least 14 years transportation to Sydney Town. This is a serious allegation to make – trying a cunning twist to turn a policy dispute into a crime against the State. We’ve heard all this before in the Twentieth Century from leaders with no sense of democratic accountability.

    The National government is quite happy to loot the patrimony of Aotearoa but extremely reluctant to use the power of the state to help the struggling residents of this state.

    Labour’s promises to workers about the minimum and living wages is chundered on by Joyce saying on TV, “you can’t raise wages by fiat.” Of course you can. You just need a simple majority in Parliament. Roll on the General Election.

    • Tat Loo 16.1

      Labour’s promises to workers about the minimum and living wages is chundered on by Joyce saying on TV, “you can’t raise wages by fiat.” Of course you can. You just need a simple majority in Parliament.

      Apparently the Remuneration Authority is going to raise the wages of Parliamentarians by fiat.

      Joyce doesn’t seem to have any problem with that, though.

  17. tricledrown 17

    Phil the new egg could be just building a few more wind farms to put downward pressure on clean energy .
    Cheaper than buying back.

Important links

Recent Comments

Recent Posts

  • March Madness 2014 results
    We already knew that rail set a new record in March by rising above 11 million passengers for the first time. What we didn’t know is just by how much it had passed and how the other PT modes fared. We...
    Transport Blog | 24-04
  • A sacred day
    There will be no politicking on this site on Anzac morning, even if John Key is an evil monster who must be stopped at all costs....
    Imperator Fish | 24-04
  • Fatah and Hamas – a marriage made in peace hell
    Rival Palestinian factions Fatah and Hamas want to have another go at marriage.They can’t promise anything, but are willing to have a try in order to reinstate the dwindling legitimacy they are both suffering from their respective enclaves....
    Pundit | 24-04
  • Know your Tory fellow travellers and ideologues: John Bishop, Taxpayers Uni...
    . . On 19 March, I reported on the Board members of the so-called “Taxpayers Union”. With one exception, every single member of the Taxpayers Union Board was a current (or recent) card-carrying member or supporter of the National and/or...
    Frankly Speaking | 24-04
  • Three Songs For ANZAC Day
     Eric Bogle:  And The Band Played Waltzing Matilda  Eric Bogle: No Man's Land (The Green Fields Of France)  Redgum: I Was Only Nineteen They tell us that at Gallipoli New Zealand came of age as a nation. Well, if that's true, why is...
    Bowalley Road | 24-04
  • Labels for climate data
    “These results are quite strange”, my colleague told me. He analysed some of the recent climate model results from an experiment known by the cryptic name ‘CMIP5‘. It turned out that the results were ok, but we had made an...
    Real Climate | 24-04
  • Solemn Falsehoods: ANZAC Day, 2014
    Worthy Sons? Every ANZAC Day we tell ourselves that the blood sacrifice of Gallipoli marked the birth of New Zealand nationhood. But as the above poster attests, it was not our independence that George, the King Emperor, acknowledged but our...
    Bowalley Road | 24-04
  • Shane Jones’ new job raises Ministerial interference questions
    The Public Service Association says the announcement that Labour MP Shane Jones is to move to a new ‘ambassador-level’ role...
    PSA | 24-04
  • Evidence lacking for Northland council amalgamation
    The Public Service Association has told a Local Government Commission hearing in Kaikohe that there is a lack of evidence supporting...
    PSA | 24-04
  • World News Brief, Thursday April 24
    Top of the AgendaObama Navigates Asia-Pacific Security Challenges...
    Pundit | 24-04
  • This is treason, sirs!
    A guest post by Captain Horace Cockwood, RN, on the problems besetting the Labour Party...
    Imperator Fish | 24-04
  • The Beatification of St Jonesy
    This has been even stupider than I thought it would be. The majority of the media commentary regarding Jones has been – as Malcolm Tucker would put it – borderline homoerotic. Morning Report featured Damien O’Connor, Clayton Cosgrove, John Tamihere, Chris...
    DimPost | 24-04
  • Photo of the day – ANZAC
    I don’t know if they’ve done it again this year but this from 2012 was one of my favourite things to happen in Takutai Square Photo are credited to oh.yes.melbourne...
    Transport Blog | 24-04
  • How to become a climate change denier (in 4 easy steps)
    Cartoon drawn by Joshua Cakeburger Drummond as a contribution to the High Water Project, and rooted in bitter experience, I suspect…...
    Hot Topic | 24-04
  • TV3′s The Nation: Antarctica and public understanding of climate change
    A few days have passed since Lisa Owen’s interview with Antarctic scientists Chuck Kennicutt of the US and Gary Wilson of New Zealand on TV3’s The Nation but I hope it’s still worth drawing attention to. Programmes like The Nation...
    Hot Topic | 24-04
  • Shane Gones
    So, Shane Jones is quitting politics.  The reasons given, according to Polity, are because he wants the Labour Party to embrace a wide range of opinions, and that that too many people have opinions he doesn't agree with, like forming...
    Left hand palm | 24-04
  • Australia welches on open government
    Last year, Australia announced that it was joining the Open Government Partnership. But now that Tony Abbott is in charge, they're backing out:THE Abbott government is reconsidering Labor’s pledge to sign Australia up for a major international transparency and citizen...
    No Right Turn | 24-04
  • A counterproductive waste of money
    That's the quick assessment of Britain's participation in the "war on terror":Britain's military operations since the end of the cold war have cost £34.7bn and a further £30bn may have to be spent on long-term veteran care, according to an...
    No Right Turn | 24-04
  • Shane Jones Nationalised
    Shane Jones is on Radio Live as I type this, explaining that he quit politics because he just couldn't be arsed etc.  "No reservoir of energy to..." as he put it.  Ridiculous.  Retirement at 54.  A career beginning and ending...
    Tumeke | 24-04
  • The ICJ orders Australia to stop interfering with witnesses
    Last year, in what was clearly the actions of a guilty government, the Australian government detained a former ASIS agent who was going to testify against them over their bugging of the government of East Timor, raiding his house and...
    No Right Turn | 24-04
  • Here’s what a real bloke sounds like
    Kelvin Davis3 hrs ·...
    Pundit | 24-04
  • So long Shane, thanks for all the ‘fush’
    So Shane Jones is off. Retired from politics he says. Couldn’t give 100 percent to the cause so he did what he thought was best for the Party.Shane Jones has always been a polarising figure and never more so when...
    Greenpeace NZ blog | 24-04
  • The benefits of transparency
    Ministerial expenses were released today, and as usual, I spent an hour trawling through the credit card statements hoping to find evidence of Ministers rorting us. So what did I find? Nothing. No $1,000 a night luxury hotel rooms. No...
    No Right Turn | 24-04
  • Christchurch to use Auckland’s old trains?
    As the new electric trains roll out over the coming year or so, a question we don’t know the answer to is what will happen to the old diesel trains Auckland no longer needs. Of course we will need to...
    Transport Blog | 24-04
  • Access: Defective, deficient, deviant and delinquent
    As many NZ babies do, I developed eczema and asthma. My mother took me to various clinicians. I have vague impressions of kindly doctors with strange accents. In retrospect they were probably part of the Jewish diaspora - educated at...
    Public Address | 23-04
  • An FPP politician in an MMP world
    So, now that Shane Jones has gone, he's come clean about the reason: he didn't want to work alongside Russel Norman and the Greens. Which I think emphasises just how much of a throwback Jones was, and how unsuited he...
    No Right Turn | 23-04
  • Hard News: Friday Music: News from talented women
    As I may have noted once or twice, Janine and the Mixtape's Dark Mind EP is one of last year's overlooked local gems. Or perhaps not-so-overlooked now, given that her new video for 'Hold Me' was premiered this week on...
    Public Address | 23-04
  • Focus on housing costs, raise wages not interest rates
    "The increase in the Reserve Bank's interest rate, while expected, shows little imagination and will raise mortgage costs for home owners," says CTU economist Bill Rosenberg. “The focus should be on getting housing costs down, and raising wages to make...
    CTU | 23-04
  • One year on: progress made to prevent another Rana Plaza tragedy
    Date of Release: Thursday, April 24, 2014Body:  An official from one of the two global union bodies that negotiated the Bangladesh Accord on Fire and Building Safety, currently visiting New Zealand, says that the Accord continues to make big steps forward to ensure...
    First Union Media | 23-04
  • Update from Dr.Gevil
    We wanted to share with you a little fun....
    Gareth’s World | 23-04
  • Matauri Bay: There are certain stories that get under your skin
    There are certain stories that get under your skin, stories that no matter how many times you hear them somehow strike you in a way that you never forget, stories that become a very part of you. The story of...
    Greenpeace NZ blog | 23-04
  • Anit-fluoridation advertising deceptive
     Looks like the scientific fight-back against the misinformation coming from anti-fluoridation groups is having some success. This press release from the on-line Making Sense of Fluoride group. Anti Fluoridation Advertisements Rejected by The Advertising Complaints Authority Over the past week,...
    Open Parachute | 23-04
  • The Art of Letting Go
    via Porcupine Farm   While the big news with regard to the rebuild has been the scaling back of the Arts Precinct, this is just one part of a wider narrative that sees the grand plan unravelling. Since I wrote...
    Rebuilding Christchurch | 23-04
  • Joyce tells Otago to ship in more students
    Tertiary Update Vol 17 No 11 Tertiary education minister Steven Joyce is using threatened changes to university councils to bully the University of Otago to take more international students, says TEU national secretary Sharn...
    TEU | 23-04
  • New money for Māori innovation won’t cover cuts to Māori research
    Ngā Pae o te Māramatanga, New Zealand’s Māori centre of research excellence is welcoming the  government’s decision to invest up to $2.5 million a year over the next two years in Māori-led science and...
    TEU | 23-04
  • UCOL staff given holiday but not pay rise
    UCOL staff got two extra days’ holiday they did not bargain for this week between Easter and Anzac Day, but what they really want is a pay rise. The polytechnic’s chief executive Paul McIlroy said...
    TEU | 23-04
  • Workers Memorial Day 2014
    Please be advised that there are three events planned to commemorate Workers Memorial Day (28 April) in Wellington. The media are invited to attend all three events.What When Photo:  ...
    CTU | 23-04
  • Shane Jones speaks out
    On 3news last night, Shane Jones gave a staged interview where he got some things off his chest. Not exactly a graceful exit, but there you go. Two of the things he said were especially interesting to me. Shane said:...
    Polity | 23-04
  • No Economic Rationale for $760m Warkworth Toll Road
    This is the fifth in a series of posts based on the Campaign for Better Transport’s submission to the Puhoi to Warkworth Board of Inquiry. The full presentation is over at bettertransport.org.nz In this post we look at the economic...
    Transport Blog | 23-04
  • iPredict Ltd 2014 Election Update #15
    Column – iPredict iPredicts 7000 registered traders continue to believe Winston Peters NZ First party will hold the balance of power after the election and allow National to govern. There has been a small gain to Act and the Conservatives...
    Its our future | 23-04
  • Photo of the day – Vulcan Lane
    Vulcan Lane alive with people Photo is credited to oh.yes.melbourne...
    Transport Blog | 23-04
  • Have your say on what Internet rights should look like
    Today I launched my Internet Rights and Freedoms Bill – NZ’s first ever bill crowdsourced by a political party. The launch happened live on Reddit, and I was joined in my office Joy Liddicoat (former Human Rights Commissioner and present...
    frogblog | 23-04
  • Michael Porter on Social Progress
    via CNN, Fareed Zakaria has a fascinating interview with Harvard's Michael Porter, architect of the Social Progress Index that was launched to great fanfare a little while back. New Zealand won the top rank in that index, and Porter's main...
    Polity | 23-04
  • Time running out to save uni councils
    There’s only a week left to have your say on the Government’s changes to university and wānanga councils. Tertiary Education Minister Steven Joyce has put forward dramatic changes to the way uni and wānanga councils are made up – removing...
    frogblog | 23-04
  • Another reason why we need an enforceable BORA
    Back in 2003, the then-Labour government, faced with the "threat" of an unpopular child-sex offender being released from prison at the end of their sentance, enacted the Parole (Extended Supervision) and Sentencing Amendment Act, allowing them to be detained for...
    No Right Turn | 23-04
  • Attack of the Return of the Revenge of the Night of Boris Johnson
    The Great White Shark is circling closer and closer ...Boris Johnson is to announce he will stand for Parliament at next year’s election – to avoid speculation on his future overshadowing the Tory campaign.Friends of the London Mayor say he...
    Left hand palm | 23-04
  • The Greens’ "internet bill of rights"
    Today the Green party released their draft Internet Rights and Freedoms Bill. The bill is a response to government interference in cyberspace via the GCSB Act, TICS, and the Skynet law, and is intended to limit government control. Interestingly, they're...
    No Right Turn | 23-04
  • Tweet FA
    It’s nothing new for politicians (and would-be politicians) to fall foul of the odd misplaced tweet, or some other social media own goal, so much that there is even a website to highlight deleted tweets. A politician speaking without thinking...
    recess monkey | 23-04
  • The two-sided density dividend: Agglomeration economies in *consumption*
    Why are people – both in NZ and around the world – increasingly choosing to live in cities? The answer usually advanced in response to this question, at least from an economic perspective, is “agglomeration economies”. In this post I...
    Transport Blog | 23-04
  • "Shoulder-tapping" vs public service values
    Another angle to the Shane Jones resignation: Mr Jones said he would leave Parliament next month after he was shoulder tapped by Foreign Minister Murray McCully for a new role as a roving economic ambassador across the Pacific. This is...
    No Right Turn | 22-04
  • Govt fails Southern Cross Forest workers
    The Government's failure to deal with problems in the wood processing industry has resulted in more needless job losses, Green Party forestry spokesperson Steffan Browning said today.Southern Cross Forest Products announcement of another sawmill closure brings the tally of closures...
    Greens | 24-04
  • Humiliation for Government in Chinese dictat
    New Zealand’s food safety systems should be respected by our trading partners, but instead the Government has been humiliated with the Chinese dictating the terms of our infant formula production, Labour’s Primary Industries spokesperson Damien O’Connor says.   “The Government...
    Labour | 24-04
  • Honouring our Pacific soldiers
    Labour’s Pacific Affairs spokesperson and MP for Mangere, Su’a William Sio, will pay a special tribute to the many Pacific Islanders who fought in the New Zealand Armed Forces during the First World War in a speech he is giving...
    Labour | 24-04
  • Government inaction on power and housing to blame for latest rate rise
    Green Party Co-leader Metiria Turei says today's interest rate rise, that will hit home owners and businesses, is a consequence of the government's failure to get a grip on electricity prices and the property market, particularly in Auckland."The Green Party...
    Greens | 23-04
  • Rate rise not needed if Government was doing its job
    Today’s interest rate rise wouldn’t have been necessary if the Government had been doing its job properly and targeting the sources of inflation, Labour says. “New Zealand interest rates are among the highest in the world, putting more and more...
    Labour | 23-04
  • Real independence needed in food safety
    The Green Party are calling for a truly independent body to regulate our food safety.Food safety Minister Nikki Kaye has announced the establishment of a Food Safety and Assurance Advisory Council as part of the Government's response to last year's...
    Greens | 23-04
  • Another report won’t help the East Coast
    The Government has a critical role to play in regional development on the East Coast says Gisborne-based Labour MP Moana Mackey “The release of the East Coast Regional Economic Potential Study highlights a number of areas of strength and weakness...
    Labour | 23-04
  • Another interest rate hike will punish mortgage holders
    Green Party Co-leader Metiria Turei says another interest rate hike on Thursday will cost home owners an extra $25 a month on a $250,000 mortgage, on top of the $25 dollars a month from the previous rates rise, and she...
    Greens | 23-04
  • Green Party launches Internet Rights and Freedoms Bill
    The Green Party has today launched the Internet Rights and Freedoms Bill, New Zealand's first ever Bill crowdsourced by a political party.Members of the public will be invited to shape the proposed law, which will protect ten basic rights and...
    Greens | 23-04
  • Sanil Kumar has to leave New Zealand tomorrow
    The Associate Minister of Immigration Nikki Kaye’s decision not to intervene means kidney transplant patient Sanil Kumar must leave New Zealand by tomorrow, says Labour’s Immigration spokesperson Rajen Prasad. “Kumar, a plumber and sheet metal worker, was on a work visa...
    Labour | 22-04
  • Time to do the right thing for our veterans
    A Labour government will adopt the Law Commission’s recommendation to ensure all war veterans are eligible for a Veteran’s Pension, Labour Leader David Cunliffe says. “Veterans are only eligible for the pension if they are considered ‘significantly’ disabled, or more...
    Labour | 22-04
  • Public servant is owed an apology
    Nigel Fyfe is owed an apology from the State Services Commissioner Iain Rennie and Foreign Affairs Minister Murray McCully, says Labour's State Services spokesperson, Maryan Street. “The former MFAT official has now been restored to a position in the Ministry...
    Labour | 22-04
  • Laws for enforcing not trading off
    The idea that a Government department can give a nod and a wink to traders that it won’t enforce shop trading laws and for a Government MP to then claim it as grounds for a review of the law is...
    Labour | 21-04
  • Kiwis still paying too much for ACC
    Kiwis are still paying too much for ACC so that the National Government can balance its books, Labour’s ACC spokesperson Iain Lees-Galloway says. “ACC Minister Judith Collins told Cabinet levies were too high but ACC’s proposed cuts would impact the...
    Labour | 21-04
  • Collins’ memory recovery raises further concerns
    Judith Collins sudden memory of briefing the New Zealand Ambassador to China about her dinner with a Chinese border official and her husband's fellow Oravida directors raises further concerns about exactly what was discussed, Labour MP Grant Robertson says. "This...
    Labour | 21-04
  • MP to attend progressive politics conference
    Labour MP Grant Robertson will attend the Progressive Governance conference in Amsterdam later this week. “This conference brings together Social Democratic parties from around the world to discuss how progressive politics should work in the post global financial crisis environment....
    Labour | 20-04
  • Storm fans fire service commitment
    Further damage from the huge storm that battered the West Coast was prevented by the great work of our volunteer Fire Service and locals will be extremely grateful, Labour’s MP for West Coast-Tasman Damien O’Connor says. “Our region has been...
    Labour | 19-04
  • Time for Ryall to fix mistakes and help families
    Families who won a long and lengthy Court battle for financial help to support their disabled daughters and sons are now facing a new battle with health system bureaucracy and need the Health Minister's help, Labour's Disability Issues spokesperson Ruth...
    Labour | 18-04
  • Time for greater ministerial accountability
    The Green Party has today released a proposal to introduce a ministerial disclosure regime in New Zealand to improve the transparency and accountability of government.The proposal, based on the system used in the United Kingdom since 2010, would require all...
    Greens | 18-04
  • Power prices soar on the eve of winter
    On the eve of winter as New Zealanders are turning on their heaters, power prices have soared sky high, Labour’s Energy spokesperson David Shearer says. “Energy Minster Simon Bridges claimed in Parliament that prices were estimated to rise 2.4 per...
    Labour | 18-04
  • Workers can kiss goodbye to Easter Sunday off
    The Government’s decision to “reprioritise” scarce labour inspector resources by abandoning the enforcement of Easter Sunday Shop Trading laws means workers can kiss goodbye to a guaranteed day off, says Labour’s Associate Labour Issues spokesperson Darien Fenton. “The Labour Minister...
    Labour | 18-04
  • Businesses need to respect workers this Easter
    Businesses intent on flouting Easter shopping laws should face stiff penalties, Green Party industrial relations spokesperson Denise Roche said today. This Easter, at least one major garden centre chain intends to open on Good Friday despite this being in breach...
    Greens | 17-04
  • Time to deliver on 26 weeks Paid Parental Leave
    Today marks two years since Labour MP Sue Moroney's Bill extending paid parental leave to 26 weeks was drawn from the members' ballot. “It’s time the Government acted in the interests of families,” Sue Moroney says. “National has tried every...
    Labour | 17-04
  • Taxpayers robbed of $130m in Genesis sale
    Kiwi taxpayers have been robbed of $130 million by the Government in its final failed asset sale, says Labour’s SOEs spokesperson Clayton Cosgrove. “National set the price for Genesis far too low in a desperate attempt to beef up demand....
    Labour | 17-04
  • Work visa problems need monitoring
    The Government is handing out temporary work visas to migrants to work in jobs that could easily be filled by unemployed Kiwi workers in the Christchurch rebuild, says Darien Fenton, Labour’s Associate Immigration spokesperson. “In the past 12 months, temporary...
    Labour | 17-04
  • Resignation rates among cops soar
    The number of frontline officers quitting the police force is at a four-year high, with more than 350 walking off the job in the past year, Labour’s Police spokesperson Jacinda Ardern says. “Since 2009 resignation rates among sworn staff have...
    Labour | 17-04
  • Service for victims of sexual violence pushed out in cold
    The Green Party is calling on Housing New Zealand to revisit its decision to evict an essential community organisation in Christchurch with only eight weeks notice.Yesterday at the Select Committee inquiry into funding for sexual violence support services the organisation...
    Greens | 17-04
  • Legal high ban worthy of wider pick-up
    Auckland Council’s ban on using legal highs in a public place is an excellent idea that should be replicated around New Zealand, says Labour’s Associate Health Spokesperson Iain Lees-Galloway. “Auckland Council has implemented a by-law banning the use of psychoactive...
    Labour | 17-04
  • Smith sells state P-houses to first home buyers
    Nick Smith must reassure worried first home buyers that any Housing NZ houses sold under his First Home policy will be tested for P contamination after revelations that three out of seven properties sold in Wanganui tested positive for methamphetamine,...
    Labour | 17-04
  • PM’s China visit assisted Oravida, not Fonterra
    Questions must now be asked whether it was Fonterra or Oravida who really benefited from the Prime Minister’s recent visit to China, Labour’s Primary Industries spokesperson Damien O’Connor says. “Before his departure, John Key said he would wait until all...
    Labour | 16-04
  • New Zealand’s use of ozone depleting gases increases
    A new Government report highlights that the amount of ozone depleting gases New Zealand is using is increasing, the Green Party said today.The report tabled in Parliament yesterday shows that total use of ozone depleting gases in New Zealand has...
    Greens | 16-04
  • Manufacturing Upgrade
    Labour is determined to support and grow our manufacturing sector. These policies grew out of the findings of the 2013 Parliamentary Inquiry into Manufacturing.  ...
    Labour | 16-04