Building investment, getting on top of debt

We need to build a more competitive economy based on savings and investment, and away from debt borrowed from overseas lenders.

We can see on television most nights the damage too much debt has done to economies in Europe and elsewhere – we don’t want that for New Zealand.

Our mixed ownership programme – offering New Zealanders minority shareholdings in four state-owned energy companies and Air New Zealand – is another step in getting on top of debt in this country.

This week we introduced legislation to Parliament to support the Government’s partial share floats for the energy companies – Mighty River Power, Genesis, Meridian, and Solid Energy.

It guarantees the Government will own at least 51 per cent of these companies and prevents any other shareholder from owning more than 10 per cent – ensuring widespread New Zealand investment.

The Government is aiming to undertake the first initial public offering – for Mighty River Power – around the third quarter of this year.

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