Hon Steven Joyce
Minister for Economic Development
23 April 2012 Media Statement
Labour-Greens Power ‘Plan’ Economic Sabotage
The façade behind the Labour-Greens power plan is crumbling as it becomes clear their electricity nationalisation ‘plan’
is nothing more than deliberate economic sabotage for attempted political gain, Economic Development Minister Steven
“Comments made in recent days by Grant Robertson, David Parker, and Russel Norman show they don’t care about the damage
to KiwiSaver accounts, mum and dad investors and the wider New Zealand economy,” Mr Joyce says.
“Financial analysts including JB Were, Woodward Partners, Milford Asset Management, First NZ Capital, Devon Funds
Management and Forsyth Barr are unanimous in their condemnation. One has labelled it a ‘hand grenade’ to the New Zealand
economy, while others have said it will cut the value of every New Zealanders’ KiwiSaver account and lead to rolling
“Investment in new power generation would suffer as would wider investment in the New Zealand economy. The National-led
Government is focused on attracting investment in new business and jobs for New Zealanders. Labour and the Greens would
do the exact opposite.
“Kiwis are deeply suspicious about the Labour-Greens announcement and its timing. It’s simply economic sabotage.
“The great irony is that it’s clear the policy is not worth it for anybody. The last time that we had central planning
of the power industry, prices went up faster. Labour’s own Cabinet paper in 2006 said it would push costs up.
“New Zealanders will see it for what it is: a cynical and selfish attempt by left-wing parties to play politics with the
value of New Zealand’s economic assets.”