National got around $1.7 billion from selling Mighty River Power, and then allocated $2.1 billion to the “Future Investment Fund” – this ring-fenced barrel of cash tat would meet our future capital expenditure needs, especially those electorally popular schools and hospitals. This was after they ditched paying off $6 billion worth of debt with it. They’re flexible you see. Flexible enough to turn $1.7 billion into $2.1 billion with the stroke of a pen (and a bit of debt) for a start…
They’d previously announced at least $5.26 billion of spending based on that $2 billion (not counting debt pay-off), so where has that money gone / actually been allocated to?
Schools and hospitals, yes, $84 million to schools, and nearly $90 million to “health projects”.
And the other >$1.9 billion?
In other words, it’s become a government slush-fund to pay for National’s mistakes and pet-projects, along with some general expenditure.
That’s what our taxpayer-owned wealth-generating asset has been converted into.
Do you feel we got a good deal?