26 June 2012

Dunne supports passage of MOM Bill

UnitedFuture locked in Crown ownership of at least 51 percent of the four energy companies to be partially sold under the Mixed Ownership Model Bill passed in Parliament this evening, party leader Peter Dunne says.

“We have also guaranteed that no entity, corporation or individual can own more than a 10 percent share in any of these companies,” he said.

“We put these positions to the electorate before last year’s election – in fact, right back to 2005. We then negotiated them into our confidence and supply agreement with National after the election, and now we have delivered on them.”

Mr Dunne said he supported the passage of the Bill because it is in the “best long term interests of this country”.

“The Bill gives New Zealanders – who have been whacked in recent years by shonky financial institutions that toppled like crooked dominoes – a strong, safe investment option for the future.”

He said the legislation also addressed the SOEs’ need to capitalise and grow.

“This has to happen if we want them to continue to work for New Zealand. If you want new green technologies, who pays for the capital investment? Labour and the Greens need to answer that.

“There are three other choices: New Zealand borrows more to fund these companies and we increase debt; we allow companies to raise their charges, and with it, people’s power bills, or we raise taxes.

“We say none of those options are on. The self-righteous opponents of this bill need to say which ones they will inflict on New Zealand’s taxpayers,” Mr Dunne said.

“This legislation is an innovative way to raise much-needed capital and at the same time gives New Zealanders a chance to invest in their own futures.”

He said it needed to be remembered that the Bill is about a partial share float of just 3 percent of the Crown’s assets.

“And we need to look at where the opposition is coming from. Mainstream Labour governments around the world have promoted just such agendas, as has the Labour Party here up until two years ago, while New Zealand First used to have a policy to sell up to 24.9 percent of assets.

“I think that gives us a pretty fair indication of the mock horror on the Opposition benches throughout this whole debate,” Mr Dunne said.

Note: Mr Dunne had intended to speak at the Third Reading in Parliament today, but unfortunately had to attend a family-related funeral.

www.unitedfuture.org.nz

ENDS

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