Shearer less uncertain on buy back of assets

Winston Peters says he would push a coalition to buy back asset shares – see Winston would buy back shares – with private KiwiSaver funds?

David Shearer has been very vague about what Labour would do, saying they would wait until after the election to decided – Shear Shearer hypocrisy on asset mandate.

Shearer has said a bit more about this in an interview at ‘The Farming Show’:

Would you do a Winston and buy them back, compulsorily buy them back if you took office?

I can’t see we would be in a position to be able to do that, I mean, so I can’t put my hand on my heart and say to people that we would buy them back, ah, that wouldn’t be right.

Ah, look, the bottom line is when you sell these assets and the proceeds come in, and you spend them as the Government says it’s going to spend them on schools and hospitals, I don’t see how we can afford to buy them back when we came into office.

I’m not going to rule it out, but certainly I think it’s very unlikely.

That is less vague than before but far from certain.

And I’m very puzzled about Shearer’s thinking here, if he thinks.

If National didn’t sell any asset shares they would have to borrow more money.

If they sell the shares and borrow less, a Labour led Government could borrow more – what National would have had to borrow if they did as Labour want them to do now.

This could mean:

  • Shearer is using “I don’t see how we can afford to buy them back” as an excuse for not buying them back
  • Shearer wants to buy them back but doesn’t want to say that now
  • Shearer doesn’t understand much about this.

Or maybe Shearer isa banking on Russel Norman to start the printing presses and solve all of those little problems – How they plan to pay for their promises?

This extract of the interview is at Whale Oil – Shearer’s position on Winston’s position on asset sales

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1 Comment

  1. Winston Peters and the buy back of Mighty River Power
    Various sources are repeating that Winston Peters has said he will will push for buy back, some people even mentioning nationalization.
    This position of NZ First and the determination to devalue New Zealand’s currency, are contrary to the interests of older New Zealanders, and superannuants.
    I have heard enough now, and the idea that NZ First would align with NZ Nat now seems less likely. Mind you even more absurd is a Labour/ Green / NZ First/ Mana coalition.
    That is the problem , we vote NZ First and for an unknown outcome.
    It is important for older New Zealanders that a Left Wing Government comprising Green proposals to print money will decimate superannuation and older person s savings in favour of the preferred followers and younger New Zealanders.
    I am now old enough to join Grey power and make sure the centre right members are fully aware of the implications, but I imagine they already are. More importantly it will be important to get the facts out to average New Zealanders over 55 with lesser work opportunity and fixed savings . There arfe several references to all this over at Farrar’s column, one of them on printing money.
    Paul Scott

    ends Paul Scott


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