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New lyrics, same song: Flog the silver
26 January 2011
Media
Statement
New lyrics, same song:
Flog the silver
John Key says he is singing
the saving song today, but the substance is the same old
agenda of irresponsible tax cuts for the wealthy and
flogging the family silver to pay for them, says Labour’s
Finance spokesperson David Cunliffe.
“National’s rhetoric on savings is condemned by its track record in government: gutting KiwiSaver, suspending superannuation contributions, and wasteful misdirected tax cuts New Zealand could never afford.
"Today's announcement of intent to sell down public ownership of SOEs fails several crucial tests,” David Cunliffe said. “Public control is lost well before 50%, precisely because minority shareholders have rights. All the compliance costs of public listing are incurred, while Crown capital is still employed. And true portfolio management is impossible if the SOE stable amounts to a grab bag of traded shares.
“National’s model of mixed ownership means that the wider public interest that should be an essential requirement in terms of running New Zealand’s electricity system will be surrendered to private investors, many of whom will certainly not have New Zealand’s best interests at heart.
"Arguably 'mixed ownership' is the worst of both worlds, and certainly not the best," David Cunliffe said.
"Dressing it up as a savings plan is at best a bad joke. Since when did flogging off assets amount to saving and investing?
“Labour agrees that Kiwis deserve a government that is economically responsible,” David Cunliffe said. “They also deserve to have hope for a better future.
"The best Finance Minister Bill English can muster to rebut Labour's responsible plan for stronger growth and fairer taxes announced yesterday is to muddle his deficits. He could not fault Labour's fiscal record of paying net foreign debt down to zero, so had to ramble off in a tangent about the trade deficit.
"The New Zealand public wants real solutions to tough problems,” David Cunliffe said. “Labour will deliver those in a way that boosts jobs and incomes and brings all New Zealanders along.
ENDS
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