Who said this on the double downgrade: “We have this ongoing challenge of a negative investment balance – the profits and dividends that go back to the foreign owners of New Zealand assets. We need to generate the kind of savings that will help New Zealand buy back those assets. A good example would be the Z petrol stations that were bought off Shell (by The Cullen Fund and Infratil).”?
No, it’s not David Cunliffe or Russel Norman, whose parties have policies to tackle the problem of profits flowing offshore – ie. no asset sales, capital gains tax, restrictions on foreign ownership of land, reforming monetary policy, a stronger Kiwisaver, and restarting the Cullen Fund.
It’s Bill English whose party has gutted Kiwisaver, suspended contributions to the Cullen Fund, ruled out a capital gains tax, refused to act on monetary policy, and has an asset sale policy which, by his own estimate, would see $2 billion of high profitable assets go into foreign ownership.
Partial credit to English for identifying the problem, I guess but, seeing as he’s proposing policies that will make the problem worse and ruling out policies to fix the problem, he fails the national standard in economic sovereignty.
Just another example of National’s rhetoric bearing no relation to its policies and actions.
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