Labour is yeah, nah on SOE buy back

December 16th, 2013 at 3:00 pm by David Farrar

Stuff reports:

leader David Cunliffe has given his strongest indication yet that his party would buy back state-owned assets if it became the Government.

He told Morning Report he “probably will” buy back the assets if Labour wins next year’s election, although stopped short of saying where the money to do so would come from.

Probably is the latest version of “Yeah, Nah”.  Doesn’t Labour has the courage of their convictions to just come out and say “We will borrow five billion dollars from overseas banks so we can forcibly purchase shares in some power companies and an airline”.

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28 Responses to “Labour is yeah, nah on SOE buy back”

  1. alex Masterley (1,491 comments) says:

    Does that mean Labour will;
    Repeal the anti smacking law and
    Reduce the number of MP’s in parliament?

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  2. Longknives (4,471 comments) says:

    Definitely Maybe!

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  3. davidp (3,540 comments) says:

    Does this include Telecom NZ, the Tourist Hotel Corporation, the Ministry of Works, the Government Printing Office, NZ Steel, and Government Computing Services?

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  4. duggledog (1,362 comments) says:

    What Cunliffe doesn’t say, and what National needs to keep saying to the electorate for him is: ‘I will have to consult with my coalition partners, The Green Party’.

    Not to mention whichever other turds end up sitting round the Cabinet table with them!

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  5. wikiriwhis business (3,883 comments) says:

    ‘Does that mean Labour will;
    Repeal the anti smacking law’

    absolutely not. J Key held Helen’s hand over the anti smacking law behind his parties back.

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  6. Nick R (497 comments) says:

    This is a pretty weak attack on Labour. If National wants to lay down that sort of gauntlet, maybe they can also tell us when they are going to reverse all the pre 2008 Labour policies they opposed – like working for families and interest free student loans. They’ve had 5 years to think about it.

    I’m not holding my breath.

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  7. Yogibear (306 comments) says:

    I disagree – it was a hell of a lot more nah than yeah.

    Cunliffe used terms like “other priorities” and said it totally depended on the fiscal situation.

    There was a shedload of playing to the left crowd, while basically saying……. if we are so awash with cash and don’t know what else to spend it on, then we might increase our shareholding in one, possibly two of the assets….. in other words “nah.”

    Mercep even sounded agitated :-o

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  8. freedom101 (463 comments) says:

    John Key called Working for Families “Communism by Stealth”. Since National have not repealed it then the conclusion must be that National is communist!

    It seems that:
    1) Labour is quite happy to reverse National policies
    2) National won’t reverse any of Labour’s policies

    Therefore, socialism just ratchets up, with periods of National government effectively providing go nowhere time out periods before Labour comes back and locks in more social spending and higher taxes.

    I see that National is now going to extend Paid Parental Leave, so I guess that National are no longer content with doing nothing, and would rather try to take some votes off Labour but becoming a pale pink version of them.

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  9. tas (596 comments) says:

    It probably will depend on what the focus groups say they should do if and when, god forbid, they get in power..

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  10. wreck1080 (3,735 comments) says:

    probably will means 90% chance to me.

    90% = probably.

    50%= maybe.

    10%=probably not.

    Labour are obviously trying to ‘disappear’ the years 2009-2014 when national have been in power.

    The hate in labour is a little worrying to me. I wonder if this is how evil begins, small steps.

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  11. ross69 (3,652 comments) says:

    Out of interest, how many billions of dollars has this government borrowed?

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  12. Cunningham (821 comments) says:

    ross69 (3,173 comments) says:

    “Out of interest, how many billions of dollars has this government borrowed?”

    Out of interest how much would they have borrowed if they had left the policies from the Labour government in place? You do realise that every government in the world has probably borrowed during the recession? Your dreaming if you think you can argue that Labour would have borrowed less!

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  13. ross69 (3,652 comments) says:

    “We will borrow five billion dollars from overseas banks”

    Printing money would be so much cheaper… :)

    But wasn’t this government going to get more than 7 billion for the assets? What happened to the other 2 billion dollars?

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  14. Cunningham (821 comments) says:

    ross69 (3,174 comments) says:

    “But wasn’t this government going to get more than 7 billion for the assets? What happened to the other 2 billion dollars?”

    Ask those fuckwits from the LabGreens who decided they would sabotage the policy by releasing details of NZ Power (which by the way has been roundly criticised) shortly before the first float. So Ross69 what do you think the extra hundreds of millions (if not billions) of dollars would have been spent on had the taxpayer not been screwed out of it? The health system? Education? Well sadly NZers will never get the benefit of that will they? Funny thing is if the LabGreens lose the election the price will rise and people whom they hate (i.e. anyone with money) would have got them for a steal. How’s that for irony!

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  15. queenstfarmer (748 comments) says:

    Printing money would be so much cheaper

    Thank you for clarifying the foundation of your economic beliefs. It doesn’t matter what anything costs – just print some more money. Well done ross69.

    What happened to the other 2 billion dollars?

    A major part of it was Labour and the Greens did an effective job in undermining the share sale price. Another part is not all of them were sold.

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  16. wikiriwhis business (3,883 comments) says:

    ““Out of interest, how many billions of dollars has this government borrowed?”

    $500,000,000 per week plus interst from last count

    No official statement stating this has changed.

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  17. tvb (4,210 comments) says:

    He should just say a Labour Government would simply confiscate them. How dare people purchase these shares knowing a Labour Government was opposed to the sale.

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  18. mandk (824 comments) says:

    @ wikiriwhis: “$500,000,000 per week plus interst from last count”

    You made this claim yesterday and I invited you to cite your source.

    You didn’t, of course, because it is simply untrue.

    For the record, borrowing only ever got to about half the amount you claim, and that was when the Govt had the GFC and the aftermath of the Christchurch earthquakes to deal with.

    It doesn’t matter how many times you say something. If it’s not true, it’s just not true.

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  19. Viking2 (11,147 comments) says:

    Crank the sharemarket up to full steam and then the cunningcunt won’t be able to afford to buy them back.

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  20. wikiriwhis business (3,883 comments) says:

    ‘@ wikiriwhis: “$500,000,000 per week plus interst from last count”

    You made this claim yesterday and I invited you to cite your source.

    You didn’t, of course, because it is simply untrue.’

    Government borrowing $250 million per week – Story – Business …
    http://www.3news.co.nz/Government-borrowing-250-million-per-week/tabid/

    I stand corected. Still, is the borrowing continuing. Let’s not forget the interest!

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  21. Harriet (4,534 comments) says:

    Wasn’t it Labour who sold a couple of terrorists back to France?

    Na…..well yeah….

    Cunliffe and his moral high ground….fuck me…. :cool:

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  22. Johnboy (15,011 comments) says:

    Finding the dough to buy everything back shouldn’t be a prob.

    Cunninglip’s minister of finance, Wussel could talk to those Aussie banks, after all they would understand what he says, unlike us New Zealanders! :)

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  23. Johnboy (15,011 comments) says:

    None of us talk Squeaky here! :)

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  24. mandk (824 comments) says:

    @ wikiriwhis

    The link you posted shows that the $250 million per week was in December 2010.

    Interest payments on government borrowings are counted as part of the deficit.

    The deficit now is likely to be rapidly approaching zero because of the Govt’s sound economic management.

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  25. slightlyrighty (2,496 comments) says:

    Great. All Key has to do in the election is ask where a Labour Led Government will cut government spending to afford to buy back assets that we already have a controlling interest in.

    I’d like to hear that response.

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  26. itstricky (1,580 comments) says:

    All Key has to do in the election is ask where a Labour Led Government will cut government spending to afford to buy back assets

    They might just say it’ll all pay for itself eventually:

    Treasury estimated the Government will lose out on $327 million a year in profits from Mighty River Power, Meridian Energy, Air NZ and Genesis Energy as a result of reducing its ownership to 51 per cent in each company.

    The foregone profits include $321 million a year in lost dividends which will now go to investors who bought shares in the companies.

    http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11173948

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  27. Than (425 comments) says:

    Fair enough. So Labour and the Greens will campaign on buying them back then?

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  28. itstricky (1,580 comments) says:

    I have no idea Than. But a few bill. looks paltry to 300mil a year. I hope there is some magic plan for that few bill. And it’s not just let’s open a few charter schools.

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