National Party suggests it will campaign on asset sales next election and Mood of the Workforce survey reveals negative outlook for workers. Video / NZ Herald / Supplied
Former Prime Minister Sir John Key is doubtful selling state-owned assets will turn the economy in New Zealand’s favour saying there is “nothing to sell”.
National has hinted at campaigning on selling the assets in the 2026 election, a policy New Zealand First is against. Meanwhile, Act has floatedprivatising health and education.
Key told Newstalk ZB’s Mike Hosking that selling assets is not the way forward for New Zealand – because there is nothing to sell.
Former Prime Minister Sir John Key says there are better ways to boost the economy. Photo / Mark Mitchell.
Key said there were a “million” better options from cutting bureaucracy and taxes to making better commitments to foreign investors.
“If you want my view, that will make the boat go faster than a few asset sales.
“Frankly, there is not a hell of a lot to sell.”
In 2013, the Key Government sold 49% of the Crown’s holdings in major power companies Mighty River Power (now Mercury), Meridian Energy and Genesis to investors.
The controversial move occurred after a sale citizens-initiated referendum which the majority of Kiwis voted against.
He told Hosking that people who are opposed have been caught up in “ideological mumbo jumbo”.
“If I needed a major heart operation this afternoon, frankly I don’t care who owns that, I don’t care if it’s a private sector, I don’t care if it’s the public sector.
“I’ll tell you what I care about: the surgeons, the medical professionals that are around me and that they have the drugs that I need for that procedure, not who owns the infrastructure.”
Yesterday, Luxon denied that there were immediate plans to sell assets but suggested it might play a part in National’s next campaign.
Prime Minister Christopher Luxon has denied immediate plans for selling state-owned assets. Photo / Mark Mitchell.
The issue of privatisation was put into the headlines last week with Seymour’s State of the Nation speech. In it, he said New Zealand needed to move past a “squeamishness” about privatisation.
As the Herald revealed on Friday, Seymour wants to begin a conversation about whether government assets that aren’t delivering returns should be kept in public ownership or sold off, with the resulting resources deployed elsewhere, such as towards infrastructure.
Rachel Maher is an Auckland-based reporter who covers breaking news. She has worked for the Herald since 2022.
Sign up to The Daily H, a free newsletter curated by our editors and delivered straight to your inbox every weekday.
