Bay of Plenty Times
  • Bay of Plenty Times home
  • Latest news
  • Business
  • Opinion
  • Lifestyle
  • Property
  • Sport
  • Video
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Business
  • Opinion
  • Lifestyle
  • Property
    • All Property
    • Residential property listings
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
  • Sport

Locations

  • Coromandel & Hauraki
  • Katikati
  • Tauranga
  • Mount Maunganui
  • Pāpāmoa
  • Te Puke
  • Whakatāne
  • Rotorua

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales
  • Classifieds

Weather

  • Thames
  • Tauranga
  • Whakatāne
  • Rotorua

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Bay of Plenty Times

Winston Peters' buy back plan opposed

By Genevieve Helliwell
Bay of Plenty Times·
25 Jun, 2012 11:09 PM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

A leading advocate for older people says she disagrees with a plan by New Zealand First to use Super Fund or KiwiSaver money to buy back shares of assets that are sold.

Angela Scott, president of Tauranga Age Concern, said she did not think it was a good idea and would not be in the best interests of older people.

"It doesn't sound like a very good idea but that's my personal position as Age Concern is non-political. But we do have an interest in superannuation and we would suggest this is not a good idea.

"He's mixing up two ideas - needing money to buy back assets and the money held in superannuation, but I don't think these two things go together. So no, I don't think it's a good idea."

The mixed ownership model legislation, which paves the way for asset sales, is expected to pass its final stage tomorrow, opening the way for the first partial sale of up to 49 per cent in Mighty River Power.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Mr Peters has said New Zealand First would buy back shares of assets that are sold and would pay no more than the opening price of the initial share offer. When asked where this money would come from, he said there were many options rather than borrowing offshore - including borrowing from the Super Fund or KiwiSaver. "Or more importantly, why couldn't we just ask the New Zealand people at that time - are you in to get this back in our name, and I have enough belief in New Zealanders to know that they will have a memory of what happened here, how they were sold down the drain, to put their hand up."

Green Party candidate for Tauranga Ian Mclean said the Super Fund was an investment programme and if the people who managed the programme thought it was a good investment to buy shares, they would.

"The Green Party doesn't support the sale of assets in the first place but we have no position on who should buy those shares, but obviously we would prefer it to stay in New Zealand."

Advertisement
Advertise with NZME.

Mr McLean said superannuation funds would not be invested unless the shares were profitable and, if this was the case, he questioned why would the Government sell the shares in the first place. Labour list MP Sue Moroney did not have a stance on whether superannuation funds should be used to buy asset shares and said the sale of any state-owned asset would be bad news for the country.

"It all sounds like it will be okay because we will be able to buy it back in the future, but this stance is not the way to go," she said. "We have been through this already when Labour did sell some assets 25 years ago, and bought them back in a worse condition and paid a higher price for them.

"One obvious example is KiwiRail. That was sold to private hands but that wasn't maintained ... and when the New Zealand Government bought it back, it paid many times more times than what they sold it for.

"So we know from experience what this could mean.

"They [generate] big profits for New Zealand and we use these funds for example to keep our world-class education system in place and, if the dividends from these companies went offshore rather than return to the New Zealand economy, the country would suffer immensely."

But National MP Simon Bridges said the Government would not sell the state-owned assets if it was not necessary.

"The other political parties can disagree with our programme but it's financially irresponsible to be talking about buying them back," he said. "The most important thing is New Zealand First should tell New Zealand how they would fund the infrastructure programme that will be put in place with the funds from the sale of shares. What this will mean is better social infrastructure, including hospitals and schools."

Save

    Share this article

Latest from Bay of Plenty Times

Bay of Plenty Times

Traffic concerns grow as Tauriko roading developments advance

03 Jul 11:48 PM
Bay of Plenty TimesUpdated

Vehicle found submerged in Gate Pā waterway

03 Jul 11:12 PM
Bay of Plenty Times

Flooding closes BoP road, over 100mm of rain recorded

03 Jul 10:55 PM

There’s more to Hawai‘i than beaches and buffets – here’s how to see it differently

sponsored
Advertisement
Advertise with NZME.

Latest from Bay of Plenty Times

Traffic concerns grow as Tauriko roading developments advance

Traffic concerns grow as Tauriko roading developments advance

03 Jul 11:48 PM

One business owner is worried his street will become a shortcut between state highways.

Vehicle found submerged in Gate Pā waterway

Vehicle found submerged in Gate Pā waterway

03 Jul 11:12 PM
Flooding closes BoP road, over 100mm of rain recorded

Flooding closes BoP road, over 100mm of rain recorded

03 Jul 10:55 PM
Five Steamers players making waves in the Māori All Blacks

Five Steamers players making waves in the Māori All Blacks

03 Jul 10:00 PM
From early mornings to easy living
sponsored

From early mornings to easy living

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • Bay of Plenty Times e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Bay of Plenty Times
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • Bay of Plenty Times
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP