Labour leader David Cunliffe told TV One’s Q+A programme that he would review New Zealand’s participation in Five Eyes.

“Our policy is we're committing to a full review of all of New Zealand's security services. We will be repealing the GCSB legislation and we will replace it with something that is guaranteed to be more protective of New Zealanders personal privacy. Now with Five Eyes can be part of that review, it will be part of that review but I'm not going to go to the point of saying what the outcome of that is …”

David Cunliffe also announced that Labour would create a national asset buying fund, NZ Inc.

“It takes half of roughly at the moment, half of the dividend flows from the remaining SOEs puts it in a pot which will be managed by the New Zealand Superannuation Fund under its own board to invest in high growth New Zealand assets, to keep the ownership in New Zealand.”

David Cunliffe says it would focus on clean technology.

“..we're going to take new revenues from the oil industry, from either new wells or increased revenue levels, increased royalty levels, and use that money as well to fund investment in renewable energy and clean technology.”

When asked it is buying back assets, David Cunliffe said, “It could. It's within its mandate if there are market conditions which allow it to invest in buying back some of the shares ..”

David Cunliffe also says a new Kiwi share will be created in each of the remaining SOE’s.

“.. and in the residual Crown holdings of all of the mixed ownership companies, which will vest direct in the Crown an inalienable ownership of those assets and prevent privatisation or dilution.”

Q+A, 9-10am Sundays on TV ONE and one hour later on TV ONE plus 1. Repeated Sunday evening at 11:35pm. Streamed live at www.tvnz.co.nz

Thanks to the support from NZ On Air.

Q+A is on Facebook, http://www.facebook.com/NZQandA#!/NZQandA and on Twitter, http://twitter.com/#!/NZQandA

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