Privatisation stalking-horses on the hoof
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2:30 pm, January 17th, 2011 - 15 comments
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A typical stalking-horse article for privatisation of assets:
Partial listing of some state-owned enterprises deserves a closer look.
Potential benefits include better performance – it is thus an opportunity to improve New Zealand’s lacklustre growth and productivity.
Potential benefits of stabbing my hand with a pen include a leprechaun wanting trade my blood for rubies, doesn’t mean it’s going to happen. Where is the evidence that partial privatisation would improve performance? And what do we mean by ‘improved performance’? Is it just higher prices for the consumers (us)?
Treasury advised in 2008 that the performance of SOEs has “eroded over time” and that the model, while sound “needs to be reinvigorated”.
Treasury also advised that we should sell SOEs back in the 1980s and 1990s and that worked out just great didn’t it? Billions have flowed offshore in profits, private monopolies were created, and we’ve spent billions undoing the damage of asset-stripping.
First, partial listing of some non-essential SOEs could increase their value.
Not if the government just takes the capital raised by way of a special dividend which it uses to fund tax cuts for the rich, like it is about to force Meridian to do.
The scrutiny of the market would lead to improved monitoring of their performance. A market share price is a transparent measure of performance and value that currently does not exist for SOEs.
Yeah stock-markets are fantastic, eh? They never have bubbles or crashes, they’re just these amazing clockwork value deciders, which is really good to have for some reason.
The New Zealand share-market would benefit. At a time where there is a dearth of new listings, deepening and broadening the market by the partial listing of SOEs would clearly be welcome.
Why is that a good thing? I can see it’s good for people buying stocks to have more to buy, but why is it good for the country?
Few would disagree that the capital market in New Zealand offers limited investment options. Do we want another generation attempting to grow wealth through dubious investments or through continued reliance on bricks and mortar?
Is the alternative for us to take companies we already collectively own and sell them to stockmarket players? How does that increase New Zealand’s wealth at all? Why aren’t the vaunted ‘wealth creators’ up to creating their own companies worth investing in? Why is it that the largest company on the NZX is an ex-SOE?
I agree there needs to be more investment in New Zealand in productive assets but selling off existing assets to the rich isn’t the way. We need a New Zealand Future Fund combining Kiwisaver, the SOEs, the Cullen Fund, and private savings deposits with a mandate to invest in New Zealand innovation, economic sovereignty, and strategic assets.
Third, considering partial listing would force us to identify those businesses Government owns more through inadvertence and inertia than intention. It is the former group that could be partially listed. Examples that could be considered include Quotable Value, and Learning Media, an educational publishing business. Is either core government business? How many New Zealanders know that there is an SOE – Asure New Zealand – that provides an export red meat inspection service? The acid test may be to ask if we think the Government should buy these businesses if it did not already own them.
Quotable value provides the only non-commercial valuation of New Zealand homes, which means people can rely on its impartiality. It is utterly vital that it not fall into the hands of people with a profit motive. The Americans are already threatening to ban our meat exports because freezing companies want to do their own inspections, how do you think export markets would react to us selling of Asure?
There may be sound strategic reasons for government to hold stakes in commercial enterprises. Air New Zealand is an example: there is good evidence that national airlines provide more direct flights to their home market and invest in promoting their home country, which is important for our prosperity as a small, remote country with a large tourism sector.
And, New Zealand is enjoying those strategic benefits while holding less than a 100 per cent share in Air NZ.
Air NZ should never have been sold in the first place. Labour was forced to step in and save it when the private buyers screwed up. Hardly a poster child for asset sales.
Is the reason we hold 100 per cent of Meridian Energy – valued by its board at about $6.7 billion – security of energy supply or to subsidise consumers or for financial return or other reasons? Do any or all of these objectives require a 100 per cent stake? Clarifying what these SOEs are supposed to deliver is a prerequisite to holding them accountable for delivering it.
Just what we need, more privatisation in the energy sector – can we rename the partially privatised Meridian as Enron and save the time?
One objection even to partial privatisation of SOEs is that all New Zealanders already “invest” in SOEs through their government ownership, and that the share of SOEs partially privatised would be scooped up either by a few wealthy interests or by overseas investors.
Pretty strong objection.
A response to this objection is that if done right, partial listing of SOEs could lead to an increase in asset value of the entities – increasing the size of the pie. Some have proposed that the money raised by SOE floats could be used to inject fresh capital into other SOEs, or to fund the acquisition of stakes in new, internationalising Kiwi ventures. All New Zealanders would continue to own a share of that pie through the Government’s continued holding.
But we all know from experience that the government just uses the new capital to fund tax cuts for the rich. If there are private investors wanting to invest in growing an SOE’s business, let them crate a jointly-owned subsidiary for specific projects – this already happens.
Many New Zealanders may also end up holding stakes in these companies through their KiwiSaver scheme or through investment by the New Zealand Superannuation Fund.
But most of us wouldn’t and most of the profit stream would flow to a wealthy few.
Look forward to more of these stalking-horse pieces on privatistion. National has a few objectives in government: keep Labour out (that’s why it was created), reduce wage costs and other business ‘costs’ like regulation, lower taxes for the rich, fund that by cutting spending and selling assets, and divvy up the public wealth among the wealthy elite. Privatisation is a core part of its agenda and it will have to push for it in some form at the 2011 election. Articles like this one are all about softening us up for that campaign.
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- TIKANGA IS NOT LAW. IT IS CULTURAL INDOCTRINATION.A senior, highly respected King’s Counsel with decades of experience in our law courts, Gary Judd KC, has filed a complaint about compulsory tikanga Māori studies for law students - highlighting the utter depths of absurdity this woke cultural madness has taken our society. The tikanga regulations will compel law ...3 days ago
- Release: National won’t commit to full Nelson Hospital upgradeThe Government needs to be clear with the people of the Nelson Marlborough region about the changes it is considering for the Nelson Hospital rebuild, Labour health spokesperson Ayesha Verrall said. ...4 days ago
- Release: Labour calls for fast track list to be releasedMinisters must front up about which projects it will push through under its Fast Track Approvals legislation, Labour environment spokesperson Rachel Brooking said today. ...5 days ago
- Release: National gaslights women fighting for equal payNational has scrapped the pay equity taskforce that fights for equal pay for women and looks at ethnic pay gaps. ...1 week ago
- Release: More job cuts, fewer houses under NationalThe Government is again adding to New Zealand’s growing unemployment, this time cutting jobs at the agencies responsible for urban development and growing much needed housing stock. ...1 week ago
- Release: Children fall deeper through the cracks in Govt cutsWith Minister Karen Chhour indicating in the House today that she either doesn’t know or care about the frontline cuts she’s making to Oranga Tamariki, we risk seeing more and more of our children falling through the cracks. ...1 week ago
- Release: Labour honours memory of Sir Robert MartinThe Labour Party is saddened to learn of the death of Sir Robert Martin, a globally renowned disability advocate who led the way for disability rights both in New Zealand and internationally. ...1 week ago
- Release: 130,000 cattle saved from live exportLabour is calling for the Government to urgently rethink its coalition commitment to restart live animal exports, Labour animal welfare spokesperson Rachel Boyack said. ...1 week ago
- Central Bank makes clear Government is pouring fuel on housing crisis fireToday’s Financial Stability Report has once again highlighted that poverty and deep inequality are political choices - and this Government is choosing to make them worse. ...1 week ago
- New unemployment figures paint bleak pictureThe Green Party is calling on the Government to do more for our households in most need as unemployment rises and the cost of living crisis endures. ...1 week ago
- Release: National’s job cuts already starting to bite as unemployment risesUnemployment is on the rise and it’s only going to get worse under this Government, Labour finance spokesperson Barbara Edmonds said. Stats NZ figures show the unemployment rate grew to 4.3 percent in the March quarter from 4 percent in the December quarter. “This is the second rise in unemployment ...1 week ago
- Release: National hiking transport costs for families and young New ZealandersWeekly expenses will grow for more than 1.6 million New Zealanders as the Government ends free and half price public transport fares tomorrow. ...1 week ago
- Release: Labour welcomes EU free trade agreementThe New Zealand Labour Party welcomes the entering into force of the European Union and New Zealand free trade agreement. This agreement opens the door for a huge increase in trade opportunities with a market of 450 million people who are high value discerning consumers of New Zealand goods and ...2 weeks ago
- Surprise: Landlord tax cuts don’t trickle downThe Green Party is renewing its call for rent controls following reports of rental prices hitting an all-time high. ...2 weeks ago
- Release: $1.7b for no increase in access to medicineThe National-led Government continues its fiscal jiggery pokery with its Pharmac announcement today, Labour Health spokesperson Ayesha Verrall says. “The government has increased Pharmac funding but conceded it will only make minimal increases in access to medicine”, said Ayesha Verrall “This is far from the bold promises made to fund ...2 weeks ago
- Release: National should heed Tribunal warning and scrap coalition commitment with ACTThis afternoon’s interim Waitangi Tribunal report must be taken seriously as it affects our most vulnerable children, Labour children’s spokesperson Willow-Jean Prime. ...2 weeks ago
- Release: More accountability for preventable workplace deaths this Workers’ Memorial DayLabour is calling for more accountability for preventable workplace deaths because everybody who goes to work deserves to come home safely. ...2 weeks ago
- Gaza: Aotearoa Must Support Independent Investigation into Mass GravesTe Pāti Māori are demanding the New Zealand Government support an international independent investigation into mass graves that have been uncovered at two hospitals on the Gaza strip, following weeks of assault by Israeli troops. Among the 392 bodies that have been recovered, are children and elderly civilians. Many of ...2 weeks ago
- Release: Working together on consistent support for veterans this Anzac DayOur two-tiered system for veterans’ support is out of step with our closest partners, and all parties in Parliament should work together to fix it, Labour veterans’ affairs spokesperson Greg O’Connor said. ...2 weeks ago
- Release: Penny drops – but what about Seymour and Peters?Stripping two Ministers of their portfolios just six months into the job shows Christopher Luxon’s management style is lacking, Labour Leader Chris Hipkins said. ...2 weeks ago
- Another ‘Stolen Generation’ enabled by court ruling on Waitangi Tribunal summonsTonight’s court decision to overturn the summons of the Children’s Minister has enabled the Crown to continue making decisions about Māori without evidence, says Te Pāti Māori spokesperson for Children, Mariameno Kapa-Kingi. “The judicial system has this evening told the nation that this government can do whatever they want when ...2 weeks ago
- Release: Budget blunder shows Nicola Willis could cut recovery fundingIt appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...2 weeks ago
- Further environmental mismanagement on the cardsThe Government’s resource management reforms will add to the heavy and ever-growing burden this Government is loading on to our environment. ...3 weeks ago
- Release: RMA changes will be a disaster for environmentThe Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...3 weeks ago
- Release: Labour supports urgent changes to emergency management systemLabour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...3 weeks ago
- Release: Labour calls for New Zealand to recognise PalestineThe Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...3 weeks ago
- Release: Three strikes law political posturing of worst kindThe Government is bringing back a law that has little evidential backing just to look tough, Labour justice spokesperson Duncan Webb said. ...3 weeks ago
- Release: Government cuts unbelievably target child exploitation, violent extremism, ports and airpor...Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...3 weeks ago
- Three strikes has failed before and will fail againResurrecting the archaic three-strikes legislation is an unwelcome return to a failed American-style approach to justice. ...3 weeks ago
- Release: Environmental protection vital, not ‘onerous’The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...3 weeks ago
- Speech to the 2024 Infrastructure Symposium
Introduction Good morning. It’s a great privilege to be here at the 2024 Infrastructure Symposium. I was extremely happy when the Prime Minister asked me to be his Minister for Infrastructure. It is one of the great barriers holding the New Zealand economy back from achieving its potential. Building high ...11 hours ago - $571 million for Defence pay and projectsDefence Minister Judith Collins today announced the upcoming Budget will include new funding of $571 million for Defence Force pay and projects. “Our servicemen and women do New Zealand proud throughout the world and this funding will help ensure we retain their services and expertise as we navigate an increasingly ...16 hours ago
- Climate change – mitigating the risks and costsNew Zealand’s ability to cope with climate change will be strengthened as part of the Government’s focus to build resilience as we rebuild the economy, Climate Change Minister Simon Watts says. “An enduring and long-term approach is needed to provide New Zealanders and the economy with certainty as the climate ...16 hours ago
- Getting new job seekers on the pathway to workJobseeker beneficiaries who have work obligations must now meet with MSD within two weeks of their benefit starting to determine their next step towards finding a job, Social Development and Employment Minister Louise Upston says. “A key part of the coalition Government’s plan to have 50,000 fewer people on Jobseeker ...2 days ago
- Accelerating Social InvestmentA new standalone Social Investment Agency will power-up the social investment approach, driving positive change for our most vulnerable New Zealanders, Social Investment Minister Nicola Willis says. “Despite the Government currently investing more than $70 billion every year into social services, we are not seeing the outcomes we want for ...2 days ago
- Getting Back on TrackCheck against delivery Good morning. It is a pleasure to be with you to outline the Coalition Government’s approach to our first Budget. Thank you Mark Skelly, President of the Hutt Valley Chamber of Commerce, together with your Board and team, for hosting me. I’d like to acknowledge His Worship ...2 days ago
- NZ – European Union ties more critical than everYour Excellency Ambassador Meredith, Members of the Diplomatic Corps and Ambassadors from European Union Member States, Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us. Ladies and gentlemen - In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations. ...2 days ago
- Therapeutic Products Act to be repealedThe Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...2 days ago
- Decisions on Wellington City Council’s District PlanThe Minister Responsible for RMA Reform, Chris Bishop, today released his decision on twenty recommendations referred to him by the Wellington City Council relating to its Intensification Planning Instrument, after the Council rejected those recommendations of the Independent Hearings Panel and made alternative recommendations. “Wellington notified its District Plan on ...3 days ago
- Rape Awareness Week: Government committed to action on sexual violenceRape Awareness Week (6-10 May) is an important opportunity to acknowledge the continued effort required by government and communities to ensure that all New Zealanders can live free from violence, say Ministers Karen Chhour and Louise Upston. “With 1 in 3 women and 1 in 8 men experiencing sexual violence ...3 days ago
- Smarter lunch programme feeds more, costs lessAssociate Education Minister David Seymour has today announced that the Government will be delivering a more efficient Healthy School Lunches Programme, saving taxpayers approximately $107 million a year compared to how Labour funded it, by embracing innovation and commercial expertise. “We are delivering on our commitment to treat taxpayers’ money ...3 days ago
- Report provides insights into marine recoveryNew research on the impacts of extreme weather on coastal marine habitats in Tairāwhiti and Hawke’s Bay will help fishery managers plan for and respond to any future events, Oceans and Fisheries Minister Shane Jones says. A report released today on research by Niwa on behalf of Fisheries New Zealand ...3 days ago
- NZ to send political delegation to the PacificDeputy Prime Minister and Foreign Minister Winston Peters will lead a broad political delegation on a five-stop Pacific tour next week to strengthen New Zealand’s engagement with the region. The delegation will visit Solomon Islands, Papua New Guinea, Vanuatu, New Caledonia, and Tuvalu. “New Zealand has deep and ...3 days ago
- Low gas production threatens energy securityThere has been a material decline in gas production according to figures released today by the Gas Industry Co. Figures released by the Gas Industry Company show that there was a 12.5 per cent reduction in gas production during 2023, and a 27.8 per cent reduction in gas production in the ...3 days ago
- Defence industry talent, commitment recognisedDefence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...3 days ago
- Speech to the Minister of Defence Awards of Excellence for IndustryWelcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...3 days ago
- Speech to the Sixth Annual New Zealand Government Data SummitIt is a pleasure to be speaking to you as the Minister for Digitising Government. I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...3 days ago
- Ceasefire agreement needed now: PetersNew Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says. “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...4 days ago
- Daily school attendance data now availableA new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour. The interactive dashboard will be updated once a week to show a national average of how ...4 days ago
- Ambassador to United States appointedForeign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America. “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says. “New Zealand and the United States have a ...4 days ago
- New permit proposed for recreational gold miningThe Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...4 days ago
- NZ and the UAE launch FTA negotiationsMinister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...4 days ago
- New Zealand Sign Language Week an opportunity for anyone to signNew Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...4 days ago
- Next stop NASA for New Zealand studentsSix tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...4 days ago
- $1.9 billion investment to keep NZ safe from crimeNew Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...4 days ago
- OECD reinforces need to control spendingThe OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli. ...4 days ago
- Agreement delivers Local Water Done Well for AucklandThe Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...6 days ago
- Gaza and the Pacific on the agenda with GermanyForeign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...7 days ago
- Decision allows for housing growth in Western Bay of PlentyThe Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...1 week ago
- Speech to New Zealand China CouncilThank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...1 week ago
- Modern insurance law will protect Kiwi householdsThe Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...1 week ago
- Government recommits to equal payThe coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...1 week ago
- Transforming how our children learn to readStructured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...1 week ago
- NZ not backing down in Canada dairy disputeTrade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...1 week ago
- Stronger oversight for our most vulnerable childrenThe rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...1 week ago
- Streamlining Building Consent ChangesThe Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...1 week ago
- Minister acknowledges passing of Sir Robert Martin (KNZM)New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...1 week ago
- Speech to New Zealand Institute of International Affairs, Parliament – Annual Lecture: Challenges ...Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...1 week ago
- Accelerating airport security linesFrom today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...1 week ago
- Community hui to talk about kina barrensPeople with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...1 week ago
- TVNZ Pacific correspondent Barbara Dreaver awarded ONZM for investigative journalism
Pacific Media Watch Television New Zealand Pacific correspondent Barbara Dreaver has been made an Officer of the New Zealand Order of Merit for services to investigative journalism and Pacific communities in a ceremony at Government House, reports 1News. She has been the Pacific correspondent for 1News since 2002, breaking many ...32 mins ago - Budget to pledge billions more in funds and fresh effort to tackle intractable housing crisisSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Tuesday’s budget will respond to the deepening public agitation over Australia’s housing shortages by pouring new money into crisis accommodation for women and children, social housing and infrastructure. A specially-convened national cabinet late Friday ticked ...47 mins ago
- Pacific journalists are world’s ‘eyes and ears’ on climate crisis, says EU envoyBy Kaneta Naimatu in Suva Journalists in the Pacific region play an important role as the “eyes and ears on the ground” when it comes to reporting the climate crisis, says the European Union’s Pacific Ambassador Barbara Plinkert. Speaking at The University of the South Pacific (USP) on World Press ...4 hours ago
- Why the Defence Force has been calling for a Budget boost
Failing accommodation, tarmac problems and a deteriorating naval base were all laid bare before a $571 million spend-up was unveiled today. ...4 hours ago - Back in Black: Aldora’s year gets even better
Aldora Itunu is back in the Black Ferns squad after a three-year absence. The last of her 24 internationals was an underwhelming loss to France (7-29) in Castres to conclude the disastrous 2021 Northern Tour. The powerhouse prop won a Rugby World Cup in 2017 and thought she was done. ...4 hours ago - ‘Who’s actually governing this city?’The fight to control major transport policy and projects in Auckland has burst into the open again, with councillors rejecting Mayor Wayne Brown’s latest attempt to steer things more under his influence. Councillors from the left and right broke ranks on the mayor’s bid to control Auckland Transport more directly ...4 hours ago
- The return of .. Raw PoliticsExhausted by the general election campaign, horrified by the twilight zone of coalition negotiations, distracted by the silly season and waiting for the honeymoon to begin, Raw Politics has been in hibernation since October. From today, we’re back. Our weekly political video show and podcast returns for ...4 hours ago
- New Caledonia marks Armistice Day with new NZ war memorialBy Patrick Decloitre, RNZ Pacific correspondent French Pacific desk Authorities in the small town of Boulouparis have commemorated Armistice Day on May 8 with a new memorial honouring New Zealand soldiers who were stationed in New Caledonia during World War II. The ceremony took place in the township on the ...5 hours ago
- High Court dismisses key challenge to indefinite immigration detention. What does it mean?Source: The Conversation (Au and NZ) – By Sara Dehm, Senior lecturer, international migration and refugee law, University of Technology Sydney The High Court unanimously ruled today that the Australian government can keep asylum seekers in immigration detention indefinitely in cases where they do not “voluntarily” cooperate with their own ...8 hours ago
- A brief history of found footage video art – and where Macklemore’s Hind’s Hall fits inSource: The Conversation (Au and NZ) – By Kim Munro, Lecturer, Creative Industries and Digital Media, University of South Australia Twenty-four hours after the release of Macklemore’s pro-Palestine protest song Hind’s Hall on social media on May 7, the video had already notched up over 24 million views. In ...8 hours ago
- Transmission Gully could need new bulider – Infrastructure Commission reviewFailing to anticipate the complexity of the consenting system is being cited as the the current builder's shortcomings, an Infrastructure Commission review says. ...8 hours ago
- Proposed repeal of Oranga Tamariki Act section 7AA breaches Treaty of Waitangi – TribunalThe government is planning to repeal Treaty obligations from the Oranga Tamariki Act. ...8 hours ago
- Committee Silences Majority Of Submitters On Fast-track Bill
350 Aotearoa is calling the Environment Select Committee’s decision to allow oral submissions from just 40% of individual, unique submitters who asked to speak to the committee ‘a disgraceful blight to democracy’. ...8 hours ago - Sky-high vanity: constructing the world’s tallest buildings creates high emissionsSource: The Conversation (Au and NZ) – By James Helal, Assistant Dean (Sustainability), The University of Melbourne Dubai skyline AleksandarPasaric/Pexels Since ancient times, people have built structures that reach for the skies – from the steep spires of medieval towers to the grand domes of ancient cathedrals and mosques. Today ...9 hours ago
- How can we measure the size of Australia’s illegal cannabis market – and the billions in taxes t...Source: The Conversation (Au and NZ) – By Jenny Williams, Professor of Economics, The University of Melbourne Canna Obscura/Shutterstock At the end of this month, a senate inquiry by the Legal and Constitutional Affairs Legislation Committee is due to hand down its report on a bill to legalise cannabis. ...9 hours ago
- Wearable devices can now harvest our brain data. Australia needs urgent privacy reformsSource: The Conversation (Au and NZ) – By Edward Musole, PhD Law Student, University of New England Girts Ragelis/Shutterstock Recent trends show Australians are increasingly buying wearables such as smartwatches and fitness trackers. These electronics track our body movements or vital signs to provide data throughout the day, with ...10 hours ago
- Labour Up, Greens Down But Centre-Right Remains AheadThis is the first time since February that voters have had a net positive view of the country direction. ...11 hours ago
- RNZAF Hercules, NZDF Personnel Arrive In Papua New Guinea To Help Distribute Relief SuppliesPapua New Guinea experienced a significant earthquake on 24 March in East Sepik and there has also been recent flooding there and in surrounding provinces. ...11 hours ago
- Sleep wrinkles are real. Here’s how they leave their markSource: The Conversation (Au and NZ) – By Yousuf Mohammed, Dermatology researcher, The University of Queensland Maridav/Shutterstock You wake up, stagger to the bathroom and gaze into the mirror. No, you’re not imagining it. You’ve developed face wrinkles overnight. They’re sleep wrinkles. Sleep wrinkles are temporary. But as your ...11 hours ago
- Week in Politics: Triumph and disaster, but no austerityAnalysis - A big announcement about Auckland's water woes was overshadowed by a chaotic press conference about prisons, Peter Wilson writes. ...11 hours ago
- Community Groups Furious That Government Silencing Hundreds In Fast-Track HearingsThe Environment Select Committee has just announced that 60 percent of individuals who asked to speak at the hearings will not be heard. This equates to almost 700 people who made individual submissions and more than 1000 more who made a form submission. ...12 hours ago
- Review: Swan Lake is a reminder of how much work it takes to look effortless
The Royal New Zealand Ballet is performing Swan Lake around the country. What kind of dream does the ballet sell? Before going to see the Royal New Zealand Ballet perform Swan Lake, I had about as much familiarity with the plot of this ballet as could be expected from having ...12 hours ago - The Friday Poem: ‘High Tide at Local Maxima’ by Eamonn TeeA new poem by Auckland poet Eamonn Tee. High Tide at Local Maxima It is only going to get worse. The streams will be narrow and fickle. The week will bend and buckle like a pot-bellied waist. You will make it to the weekend with one ...12 hours ago
- The plastic-heavy drinks industry is in for a shake-upThe New Zealand entrepreneur behind beauty business Ethique is gearing up to launch a new eco-venture. This is an excerpt from our weekly environmental newsletter Future Proof. Sign up here. Our thirst for a tasty bevvy is insatiable, but it comes with a hefty plastic price for the planet: 580 billion ...12 hours ago
- The Unity Books bestseller chart for the week ending May 10The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington. AUCKLAND 1 James by Percival Everett (Mantle, $38) A retelling of The Adventures of Huckleberry Finn from ...12 hours ago
- Puna calls for Pacific ‘journalistic vigilance’ in face of climate crisisBy Kamna Kumar in Suva Pacific Islands Forum Secretary-General Henry Puna stressed the importance of media freedom and its link to the climate and environmental crisis at the 2024 World Press Freedom Day event organised by the University of the South Pacific’s journalism programme. Under the theme “A Planet for ...13 hours ago
- Downsizing Of ERO Inconsistent With Govt Priority Of Lifting Student AchievementThe PSA is concerned that Government spending cuts have forced ERO to downsize at a time when student achievement is a significant challenge. ...13 hours ago
- Education Review Office set to cut 13 jobs, union saysThe Education Review Office is set to cut 13 jobs, the Public Service Association says. ...13 hours ago
- Judith Collins announces $571 million Defence spend-upAn extra half a billion dollars is going to Defence in this year's Budget for pay and equipment upgrades, the Defence Minister has announced. ...14 hours ago
- This new TVNZ anthology is Motherhood as you’ve never seen it beforeTara Ward previews a new local TV series offering alternative visions of motherhood. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. A woman is clambering up the side of her two-story house, clinging desperately to a drainpipe. Nearby, her child is perched on the ...14 hours ago
- LGNZ Supportive Of Cross-party Approach To Climate AdaptationLocal Government New Zealand (LGNZ) is supportive of the cross-party approach to climate adaptation announced by the Minister of Climate Change today. ...14 hours ago
- SBC And CLC Welcome Bipartisan Climate Adaptation InquiryThe Sustainable Business Council (SBC) and Climate Leaders Coalition (CLC) welcome today’s announcement from Government around a bipartisan inquiry into an enduring climate adaptation framework for New Zealand. ...14 hours ago
- Another Victory For Free Speech: DIA Abandons Proposals For Online CensorshipThe Free Speech Union welcomes the decision by the Department of Internal Affairs, and Minister Brooke Van Velden, to abandon proposals to further regulate online speech. ...14 hours ago
- Confused or playing for time? 3 possible reasons NZ is taking so long to make a call on AUKUSSource: The Conversation (Au and NZ) – By Robert G. Patman, Professor of International Relations, University of Otago Getty Images New Zealand governments have been actively exploring the option of joining pillar two of AUKUS for over a year now. But according to foreign minister Winston Peters, the government ...15 hours ago
- Archives NZ says it has enough space – for nowIts new building in Wellington will not be nearly big enough for all its records, and it has also run out of money to build its new storage facility in Levin. ...15 hours ago
- Consensus WelcomedBusinessNZ is congratulating the Minister of Climate Change for his work in achieving cross-party consensus for a way forward on climate adaptation. ...15 hours ago
- How many lives is that tax cut worth?Recent research reveals the repeal of smokefree measures is not only bad for our health, but also the economy. The Government has repealed various smokefree measures to ensure it keeps collecting $1.2 billion a year in tobacco taxes, in order to pay for tax cuts already being delivered to ...15 hours ago
- How the Phoenix went from wooden spoon favourites to title contendersThe club’s surprisingly good season is built on the desire to prove a random A-League YouTuber wrong… and a few other factors. “There’s no way that Wellington Phoenix play finals this year. I can’t see it happening at all.” Those are the words of Lachlan Raeside, an Australian football content ...15 hours ago
- Ministry cuts will harm Pacific health, wellbeing – unionThe PSA is warning cuts at the Ministry for Pacific Peoples will have severe consequences for the health and wellbeing of Pasifika families. ...16 hours ago
- Power shortages: What's being done to keep the lights on?Officials are looking at better ways of choosing who gets the power during shortages amid relentlessly growing demands. ...16 hours ago
- No more bad accents, stereotypes or cringe: why the rise of multilingual TV is good news for everyon...Source: The Conversation (Au and NZ) – By César Albarrán-Torres, Senior Lecturer, Department of Media and Communication, Swinburne University of Technology Apple TV+ As one of billions of bilingual individuals in the world, it disappoints me when a film or TV show with characters of a non-English-speaking background is ...17 hours ago
- It’s time to ditch Berhampore Golf CourseThe under-utilised course is a waste of space, and with a little political will, it could be turned into something better. For the duration of her stay in Wellington, my long-suffering cousin listened to me rant about golf courses. They’re bad for the environment: water intensive and pesticide heavy. They ...17 hours ago
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The phrase “partial listing” should always be replaced by “partial privatisation”, at least. Though, given the plans, replacing it by “privatisation” would be honest.
Mind you, the two-and-a-half pages of comments on the Herald site so far are encouragingly clear about the dangers of all this. I guess the govt spinners haven’t got onto it yet….
Some have proposed that the money raised by SOE floats could be used to inject fresh capital into other SOEs, or to fund the acquisition of stakes in new, internationalising Kiwi ventures.
Geez, Susan Watson and Chye-Ching Huang, from the University of Auckland’s Business School, could you be a little bit more transparent.
Thing is, when you say “Some have proposed…” you mean “Not us, we wouldn’t say that”.
That’s ok when you are putting forward what others say in order to disagree with it. But when you pull the ‘Some reckon’ line in support of your argument, you just look more like a rhetorician trying to convince by any means necessary. Going so far as to put forward arguments that you don’t actually agree with, or think are all that smart.
Some might say that their article is all a part of their role as being the conscience and critic of society. Not me though. I prefer less flacktackularism.
It is becoming more obvious, daily, that business people are lazy, selfish, greedy slobs when all they can think of to grow a business is to pinch ours. Yes OURS. Kiwis’ businesses. SOEs are ours. How dare these students, who haven’t spent enough time living to know about the betrayal of Douglas and the greed of JKeyll, now try to steal our assets for business profit.
Did Glenn, the NAct-owned millionaire, tobacco lobbyist and political liar for NAct, put these little darlings up to this – it is his building that he ‘donated’ to Auckland University and given he lied about Winston Peters because he didn’t get some plum diplomat’s job he hadn’t been promised, he will certainly be wanting payback. Nothing better than using the new generation selfish and greedy kids that Douglas, Prebble and Caygill spawned (they’re all backing National now, funny that…) to push the spin on selling what’s left of our assets.
So that now leaves us with two generations of greedy, selfish Kiwis and predatory foreignors and stateless business jocks like Kerr, pronounced like cur, and other business rotundtable acolytes who have no loyalty to Kiwis, only to money and power and what it can do to increase their selfish greed, and don’t even live in New Zealand, but are still allowed to vote here and lobby and spin.
Yes, when are we – the people – owners of the common infrastructure that are the state owned enterprises and public assets going to have our ‘property rights’ enshrined in legislation in the way that the NACT are always demanding that personal property rights are (quite rightly) protected?
However a National Party manifesto with lots of privatisation signalled makes for a much less attractive proposition so I guess weasel words as in the article will likely be the order of the day in any public pronouncements before the election.
(Bill Rosenberg’s recent presentation on the Fabian’s website reviews the arguments for and against privatisation of public assets including an excellent section on the conflicts of interest and insider trading that occurred last time round) anti-spam remembering hoo hoo!;-).
Some SoEs shouldn’t be SoEs as them operating at a profit is actually bad for the society/economy. The list includes, but is not limited to,
Telecommunications
Electricity (Generation and distribution)
Health
Ports (Air and water)
Defence (R&D and manufacture)
Putting SoEs on to the stock market won’t increase their value at all thinking that it will do so is purely delusional. We know this as we’ve tried it and have had to stump up the money afterwards when we’ve had to go back and fix them (AirNZ, Rail, Telecoms).
It would be nice to have something relatively safe to invest in like a power company for our retirement, there isnt a lot of choice around for us empty nesters trying to save for our golden years. As long as the government hold 51% and they offer it to us kiwis rather than some huge yankee corporation it could be good, AirNZ has worked really well for shareholders and NZ.
you already own the power SOEs as a taxpayer. The dividends go to paying for services that you would otherwise pay for via tax. There’s no free lunch here, David. Privatise the SOEs and you either get fewer government services or higher tax.
And you can always invest in Contact.
*ahem* as a citizen
sorry, right you are
Whether the govt offers it to Kiwis or to foreigners makes no difference – foreigners or stateless marauders will end up with our assets – takeovers; NZers are totally naive about their ability to control the markets. Even financial advisers cannot be trusted to treat clients’ shares as if they were their own. The biggest fish always swallows the smallest fish. NZ is that small fish. The sharks/moneytraders are circling.
But more importantly, we’re paying for something we already own. Whichever way we look at that no one would buy something they already owned. That’s just dumb.
Buy the best managers but leave the ownership in our hands, where it is. Keep the profits going into our bank account. Kiwibank needs to be supported by all New Zealanders with the proviso it remains totally in New Zealand hands.
Soft pedalling the betrayal of my country’s assets makes me angry. There is nothing honest or fair about using forked-tongue words to sell Kiwis out.
It would be nicer to have a dignified pension and affordable power bills in our “golden years”.
It would be better still to have retained the super fund that Muldoon destroyed and now JKeyll and co are slowly dismantling the current super fund, and ACC both being assets that have helped to reduce the present recessionary difficulties. We know Australia’s respect for its unions and its Aussies’ kids’ futures that kept their super fund going and is now worth billions. What a shame the rightwing in this country can’t think outside its greed and individual selfishness.
It would be better still to have retained all our power companies profits for Kiwi kids and just brought in dynamite managers to modernise the thinking, not privatise them.
Unfortunately, the greed and selfishness at play in business nowadays will only end in more unemployment and greedier shareholders. Not the sort of country I ever thought New Zealand would become – nasty and brutish. If business had ethics, it would have refused the destructive 90day fire at will with no reason given, put in place by this government. Obviously, it was business that actively encouraged it.
it’s more like Robbery by Stealth. Shonkey and his rich fucking mates are just ripping off the country for Millions. Whats needed is for these rich thieves to NOT be allowed to remove all their Ill gotten gains out of NZ and then let a company fail then bring back the company under a different name. And next time NO fucking grand a week NO Fucking houses and cars. Just the dole and the same hardships they cause the ordinary people. At the moment these rich fucks just asset strip companies ripping off the little person and then they fuck off to Aus . Maybe we need a professional hit man to go and get our money back!!!!!!!!!!!!!!! IE: repay the little man or your fucking DEAD!
Sorry but these rich thieves piss me of, and NO-ONE will do anything about them.