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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- 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. ...2 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. ...2 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. ...2 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. ...2 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. ...2 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. ...2 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. ...2 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. ...2 weeks ago
- Ferris – Three Strikes targets those ‘too brown to be white’The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...2 weeks ago
- Release: Govt cuts doctors and nurses in hiring freezeCuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...2 weeks ago
- Fast-track submissions period must be extendedThe Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...2 weeks ago
- Release: Progress on climate will be undone by GovtNew Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...2 weeks ago
- Release: Dark day for Kiwi kids as a third of Govt cuts affect themNews that 1000 jobs at the Ministry of Education and Oranga Tamariki could go is devastating for future generations of New Zealanders. ...3 weeks ago
- Release: Alarm as Government signals further blow to school lunchesMore essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...3 weeks ago
- Oranga Tamariki cuts commit tamariki to state abuseTe Pāti Māori is disgusted at the confirmation that hundreds are set to lose their jobs at Oranga Tamariki, and the disestablishment of the Treaty Response Unit. “This act of absolute carelessness and out of touch decision making is committing tamariki to state abuse.” Said Te Pāti Māori Oranga Tamariki ...3 weeks ago
- Release: Quick, submit – stop Govt’s dodgy approvals billThe Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...3 weeks ago
- Government throws coal on the climate crisis fireThe Government’s policy announced today to ease consenting for coal mining will have a lasting impact across generations. ...3 weeks ago
- Release: Public transport costs to double as National looks at unaffordable roading project insteadCancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...3 weeks ago
- Release: Cost of living in Auckland still not a priorityA laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...3 weeks ago
- Gaza and the Pacific on the agenda with Germany
Foreign 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 ...16 hours 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 ...2 days 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 ...2 days 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. ...2 days 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 ...3 days 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 ...3 days 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’ ...3 days 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 ...3 days 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 ...3 days 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 ...3 days 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. ...3 days 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 ...4 days 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 ...4 days ago
- Kiwi exporters win as NZ-EU FTA enters into forceKiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...4 days ago
- Mining resurgence a welcome signThere are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...4 days ago
- Ō-Rākau Remembrance Bill passes first readingThe return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...4 days ago
- Government to boost public EV charging networkEnergy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure. The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...4 days ago
- Residential Property Managers Bill to not progressThe coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...5 days ago
- Independent review into disability support servicesThe Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...5 days ago
- Justice Minister updates UN on law & order planJustice Minister Paul Goldsmith has attended the Universal Periodic Review in Geneva and outlined the Government’s plan to restore law and order. “Speaking to the United Nations Human Rights Council provided us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while responding to issues and ...5 days ago
- Ending emergency housing motels in RotoruaThe Government and Rotorua Lakes Council are committed to working closely together to end the use of contracted emergency housing motels in Rotorua. Associate Minister of Housing (Social Housing) Tama Potaka says the Government remains committed to ending the long-term use of contracted emergency housing motels in Rotorua by the ...5 days ago
- Trade Minister travels to Riyadh, OECD, and DubaiTrade Minister Todd McClay heads overseas today for high-level trade talks in the Gulf region, and a key OECD meeting in Paris. Mr McClay will travel to Riyadh to meet with counterparts from Saudi Arabia and the Gulf Cooperation Council (GCC). “New Zealand’s goods and services exports to the Gulf region ...5 days ago
- Education priorities focused on lifting achievementEducation Minister Erica Stanford has outlined six education priorities to deliver a world-leading education system that sets Kiwi kids up for future success. “I’m putting ambition, achievement and outcomes at the heart of our education system. I want every child to be inspired and engaged in their learning so they ...5 days ago
- NZTA App first step towards digital driver licenceThe new NZ Transport Agency (NZTA) App is a secure ‘one stop shop’ to provide the services drivers need, Transport Minister Simeon Brown and Digitising Government Minister Judith Collins say. “The NZTA App will enable an easier way for Kiwis to pay for Vehicle Registration and Road User Charges (RUC). ...5 days ago
- Supporting whānau out of emergency housingWhānau with tamariki growing up in emergency housing motels will be prioritised for social housing starting this week, says Associate Housing Minister Tama Potaka. “Giving these whānau a better opportunity to build healthy stable lives for themselves and future generations is an essential part of the Government’s goal of reducing ...6 days ago
- Tribute to Dave O'SullivanRacing Minister Winston Peters has paid tribute to an icon of the industry with the recent passing of Dave O’Sullivan (OBE). “Our sympathies are with the O’Sullivan family with the sad news of Dave O’Sullivan’s recent passing,” Mr Peters says. “His contribution to racing, initially as a jockey and then ...6 days ago
- Speech – Eid al-FitrAssalaamu alaikum, greetings to you all. Eid Mubarak, everyone! I want to extend my warmest wishes to you and everyone celebrating this joyous occasion. It is a pleasure to be here. I have enjoyed Eid celebrations at Parliament before, but this is my first time joining you as the Minister ...6 days ago
- Government saves access to medicinesAssociate Health Minister David Seymour has announced Pharmac’s largest ever budget of $6.294 billion over four years, fixing a $1.774 billion fiscal cliff. “Access to medicines is a crucial part of many Kiwis’ lives. We’ve committed to a budget allocation of $1.774 billion over four years so Kiwis are ...6 days ago
- Pharmac Chair appointedHon Paula Bennett has been appointed as member and chair of the Pharmac board, Associate Health Minister David Seymour announced today. "Pharmac is a critical part of New Zealand's health system and plays a significant role in ensuring that Kiwis have the best possible access to medicines,” says Mr Seymour. ...7 days ago
- Taking action on Fetal Alcohol Spectrum DisorderHundreds of New Zealand families affected by Fetal Alcohol Spectrum Disorder (FASD) will benefit from a new Government focus on prevention and treatment, says Health Minister Dr Shane Reti. “We know FASD is a leading cause of preventable intellectual and neurodevelopmental disability in New Zealand,” Dr Reti says. “Every day, ...1 week ago
- New sports complex opens in KaikoheRegional Development Minister Shane Jones today attended the official opening of Kaikohe’s new $14.7 million sports complex. “The completion of the Kaikohe Multi Sports Complex is a fantastic achievement for the Far North,” Mr Jones says. “This facility not only fulfils a long-held dream for local athletes, but also creates ...1 week ago
- Diplomacy needed more than everForeign Minister Winston Peters’ engagements in Türkiye this week underlined the importance of diplomacy to meet growing global challenges. “Returning to the Gallipoli Peninsula to represent New Zealand at Anzac commemorations was a sombre reminder of the critical importance of diplomacy for de-escalating conflicts and easing tensions,” Mr Peters ...1 week ago
- Anzac Commemorative Address, Buttes New British Cemetery BelgiumAmbassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service. It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...1 week ago
- Anzac Commemorative Address – NZ National Service, Chunuk BairDistinguished guests - It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders. Our presence here and at the other special spaces of Gallipoli is made ...1 week ago
- Anzac Commemorative Address – Dawn Service, Gallipoli, TürkiyeMai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia. Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...1 week ago
- PM announces changes to portfoliosPaul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...2 weeks ago
- New catch limits for unique fishery areasRecreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...2 weeks ago
- Minister welcomes hydrogen milestoneEnergy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...2 weeks ago
- Urgent changes to system through first RMA Amendment BillThe coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...2 weeks ago
- Overseas decommissioning models consideredOverseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...2 weeks ago
- The good news is the government plans to cancel $3 billion in student debt. The bad news is indexati...
Source: The Conversation (Au and NZ) – By Andrew Norton, Professor in the Practice of Higher Education Policy, Australian National University Every year on June 1, student debt in Australia is indexed to inflation. In 2023, high inflation pushed the indexation rate to 7.1%, the highest since 1990. This ...2 hours ago - Albanese government to wipe $3 billion in student debt, benefitting three million peopleSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Changes in the May 14 budget will cut the student debt of more than three million people, wiping more than $3 billion from what people owe. The government will cap the HELP indexation rate ...4 hours ago
- ICC demands end to threats against court amid Gaza war probeAsia Pacific Report The prosecutor’s office at the International Criminal Court (ICC) has appealed for an end to what it calls intimidation of its staff, saying such threats could constitute an offence against the “administration of justice” by the world’s permanent war crimes court. The Hague-based office of ICC Prosecutor ...5 hours ago
- New Caledonia’s women sit-in to support smeared Kanak journalistBy Patrick Decloitre, RNZ Pacific correspondent French Pacific desk A women’s union in New Caledonia has staged a sit-in protest this week to support senior Kanak indigenous journalist Thérèse Waia, who works for public broadcaster Nouvelle-Calédonie la Première, after a smear attack by critics. The peaceful demonstration was held on ...6 hours ago
- New Zealand signs deal with Germany on Antarctica cooperation
The memorandum of understanding with Germany's Alfred Wegener Institute is expected to foster cooperation between the two polar science bodies. ...12 hours ago - NZ food safety agency monitoring Indian spice mix recallsNew Zealand Food Safety is monitoring overseas recalls of Indian packaged spice products manufactured by MDH and Everest due to concerns over a cancer-causing pesticide. ...14 hours ago
- Fiji’s media freedom ranking jumps, Papua New Guinea’s plummetsBy Stephen Wright and Stefan Armbruster of BenarNews Fiji’s ranking in a global press freedom index has jumped into the top tier of countries with free or mostly free media after its government last year repealed a draconian law that threatened journalists with prison for doing their jobs. Fiji’s improvement ...16 hours ago
- The Boy in the Water: ‘I just can’t do this anymore’
We might be in Invercargill but all anyone can talk about is Gore. Specifically, Salford Street. That’s where three-year-old Lachlan Jones lived, south of the centre of town, between the A&P Showgrounds and the Mataura River. Roughly 1.2 km away from the single level home he lived in with his ...21 hours ago - 'Data is the new oil': Call to save jobs of data security guardsNew Zealanders' data is at risk with the government's "unintelligent" proposal to cut information security jobs, the Privacy Foundation says. ...22 hours ago
- The Secret Diary of .. Coalition Sheriff LuxonMONDAY I lined up the latest round of civil servants from city hall against the wall, and signalled for the firing squad to drop their rifles. I stepped up onto a wooden crate to look at the office workers in the eye. But that didn’t feel right, so I found ...23 hours ago
- Liam Hewson seeks answers in natureKeen hiker and second-year MSc student Liam Hewson wears two hats when he’s in the great outdoors. “The scientist in me appreciates nature and goes, ‘Oh, there’s that thing and there’s another thing,’ but then the tramper and the outdoorsy person in me thinks, ‘Cool bush.’” Born and bred in ...23 hours ago
- Dan Carter won’t stop kicking
After a long and illustrious career as a goal kicker, Dan Carter’s favourite way to unwind is… kicking goals. Why can’t he get enough of it? And what it’s like to watch him do it for an hour straight? A semicircle of people wielding cameras and phones has formed in ...23 hours ago - ‘Everybody rolls their eyes’: Dame Susan Devoy’s guilty TV pleasureDame Susan Devoy takes us through her life in television, including late night ER debriefs, her proudest CTI moment and the show she watches in secret. Quite aside from her four world champion squash titles, Dame Susan Devoy will likely go down in history as one of the best Celebrity ...23 hours ago
- Dunedin’s secondhand bookshops, ranked and reviewedHera Lindsay Bird reveals the best places in Ōtepoti to score more for your apocalypse-prep book hoard. Sometimes I get the feeling I’ve been killed in a car crash, and this second half of my life is just the brain unspooling itself, like one of those episodes of a hospital ...23 hours ago
- Review: High Country is the ideal crime drama for a cold winter nightThreeNow’s new murder mystery series takes us on a dark, damp journey into the Australian wilderness. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. High Country is ThreeNow’s new Australian eight-part crime drama, set in a remote part of the Victorian highlands. It tells ...24 hours ago
- Welcome to The WeekendIntroducing a new way to read The Spinoff every weekend. After nearly 10 years of being an online magazine, we’re finally embracing the weekend liftout. Despite our best efforts to convince you otherwise, writers and editors at The Spinoff don’t work weekend. It is through the sheer power of technology ...24 hours ago
- Tips and tricks for when your therapist looks like your dadTip one: let yourself be nurtured by this big old man. Tip two: don’t ask him to adopt you. So, you’ve arrived at your first session with a new therapist. He tells you to make yourself comfortable and you opt for the tweed armchair, hoping it makes you look like ...24 hours ago
- The Sunday Essay: The books that electrify and consume youI didn’t know books could open you back up; that there were books that stayed with you, where reading was like a chemical event. I knew nothing. The Sunday Essay is made possible thanks to the support of Creative New Zealand. Not too long ago, I was listening to the American ...24 hours ago
- The Enhanced games, where drug use isn’t cheatingFormer Olympic swimmer James Magnussen has already started training for the Enhanced games, though says he won’t start taking performance enhancing substances until about nine months out from the competition. The Australian world champion was the first athlete to be announced by Enhanced, but he says the organisation has had ...24 hours ago
- Short story: The boat in the shed, by Kyle MewburnEveryone thinks he’s dead. Every day they expect his body to be washed up along the coast. Most likely up Karitane way, the way the tide’s running. But nobody’ll be too surprised if his body’s never found. Even in death he wouldn’t have wished for such attention. He would have ...24 hours ago
- USP Council votes to bring controversial VC back to FijiCouncil members voted 21 to 4 in favour of Ahluwalia returning to the Laucala campus following a much-awaited meeting in Vanuatu this week. It comes as USP and its two unions — the Association of the University of the South Pacific Staff (AUSPS) and the Administration and Support Staff Union ...1 day ago
- Public health expert urges govt to focus on disease preventionThe government needs to step up in the wake of a report showing a third of Kiwis have unmet health needs, Professor Boyd Swinburn says. ...1 day ago
- Figures like Andrew Tate may help spread misogyny. But they’re amplifying – not causing – the ...Source: The Conversation (Au and NZ) – By Nicola Henry, Professor & Australian Research Council Future Fellow, Social and Global Studies Centre, RMIT University Shutterstock Following an emergency meeting of the National Cabinet this week, Prime Minister Anthony Albanese has announced a raft of measures to tackle the problem ...1 day ago
- Free speech debate back on as Victoria University expands diversity on panelA perceived right-wing bias and concerns about panellist diversity have pushed Victoria University to reformat its debate. ...1 day ago
- Week in Politics: Polls, pay rises and a Green MP in troubleAnalysis - A poll showing the opposition is more popular than the government raises questions, politicians go through their 'trial by pay rise' and a Green MP loses her cool in the debating chamber. ...1 day ago
- Māori win customary title over Tokomaru Bay on East CoastThe entire stretch of Tokomaru Bay on the East Coast will be subject to a joint customary marine title for two hapū, and extending up to four miles out to sea. A High Court judge has found the two groups, who during the case settled a dispute over boundaries for ...1 day ago
- Universal’s music is returning to TikTok, ending a spat that hurt fans more than anyoneSource: The Conversation (Au and NZ) – By James Hall, Lecturer, Media & Cultural Studies, Edith Cowan University A longstanding feud between TikTok and Universal Music Group seems to have finally reached an end, with both parties signing a deal that will see Universal-backed music returned to the social media ...1 day ago
- To tackle gendered violence, we also need to look at drugs, trauma and mental healthSource: The Conversation (Au and NZ) – By Siobhan O’Dean, Postdoctoral Research Associate, The Matilda Centre for Research in Mental Health and Substance Use, University of Sydney After several highly publicised alleged murders of women in Australia, the Albanese government this week pledged more than A$925 million over five years ...1 day ago
- National raised $10.4m in donations in 2023Political parties have now fully disclosed the donations they received last year - with National getting more than double the cash of any other party. ...1 day ago
- Don't 'mistake' Pacific leaders 'quietness' on AUKUS as support for NZ'...A Pacific regionalism expert has called out New Zealand's Foreign Affairs Minister Winston Peters for withholding information from the public on AUKUS military pact. ...2 days ago
- Florist says Julie Anne Genter exchange was 'massive imbalance of power'The Wellington woman says she felt degraded and humiliated after being confronted by the Green MP. ...2 days ago
- China’s new Moon mission is about to launch, and it’s a rare example of countries working togeth...Source: The Conversation (Au and NZ) – By Richard de Grijs, Professor of Astrophysics, Macquarie University Bruno Scramgnon/Pexels All systems are “go” for tonight’s launch of China’s next step in a carefully planned lunar exploration program. Placed on top of a powerful Long March 5 rocket, the Chang’e 6 ...2 days ago
- National returned $200,000 donation day after Newsroom storyNational returned a massive donation the day after a Newsroom story linked the donors to a property being investigated for operating unlawfully as a migrant workers’ hostel. The party’s 2023 donation filings, released on Friday, show it returned a $200,000 donation from Buen Holdings on August 23. That was the ...2 days ago
- NZ slumps to 19th as RSF says press freedom threatened by global declinePacific Media Watch New Zealand has slumped to an unprecedented 19th place in the annual Reporters Without Borders World Press Freedom Index survey released today on World Press Freedom Day — May 3. This was a drop of six places from 13th last year when it slipped out of its ...2 days ago
- Access to documents about Australia’s political history is fraught and inadequate. It needs to cha...Source: The Conversation (Au and NZ) – By Joshua Black, Political Historian and Administrator Officer, Australian Historical Association, Australian National University Australia has had its fair share of public record-keeping controversies in recent years. Some have been mere farce, as in the case of two formerly government-owned filing cabinets (containing ...2 days ago
- Greens have 'historically bad' start to the year – political scientistThe party has had faced a challenging set of circumstances over the past five months, Lara Greaves says. ...2 days ago
- HWPL Calls For Peace Amid Rising Tensions Between Israel And Iran
Heavenly Culture, World Peace, Restoration of Light (HWPL), a United Nations-affiliated organization dedicated to fostering peace through civilian-led initiatives, has issued a statement in response to the escalating conflict between Israel and Iran. ...2 days ago - The Friday Poem: ‘Mātou’ by Tessa KeenanA poem by Tessa Keenan, from AUP New Poets 10. Mātou These days we are a photograph; one of a farm strewn with cows that used to be bright harakeke or swamp. The kids point at it and say the sun sits behind a smudge (left by someone at Christmas); ...2 days ago
- The Unity Books bestseller chart for the week ending May 3The 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 Small Things Like These by Claire Keegan (Faber & Faber, $25) The masterful Irish writer ...2 days ago
- Marriages, Civil Unions, And Divorces: Year Ended Dec 2023Marriage and civil union statistics record the number of marriages and civil unions registered in New Zealand each year, and divorce statistics record the number of divorces granted in New Zealand each year. Key facts Marriages and civil unions In ...2 days ago
- Marriages, Civil Unions, And Divorces: Year Ended December 2023Marriage and civil union statistics record the number of marriages and civil unions registered in New Zealand each year, and divorce statistics record the number of divorces granted in New Zealand each year. ...2 days 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.