Cunliffe David: Questions for Oral Answer — Questions to Ministers 
Text is incorporated into the Bound Volume 
Cunliffe David: Questions for Oral Answer — Questions to Ministers 
[Sitting date: 22 June 2010. Volume:664;Page:12001. Text is incorporated into the Bound Volume.] 
4. 
Hon DAVID CUNLIFFE (Labour—New Lynn) 
 to the  
Minister of Finance 
: Which State-owned enterprises have indicated to him a need for additional capital and what options is he considering to meet these needs? 
Hon BILL ENGLISH (Minister of Finance) 
: 
 Discussions about the particular capital needs of particular State-owned enterprises are commercially sensitive and I do not intend to divulge the full detail of those here. I can tell the member that State-owned enterprises regularly have discussions with the Government about how much of their profits should be retained in order to allow them to continue investing. Additional capital is considered where there is a sound commercial case. Under the policy constraints the Government has given itself for State-owned enterprises requiring savings we can either lower their dividends or borrow in international markets in order to invest in State-owned enterprises. 
Hon David Cunliffe 
: When did the Minister tell the Minister of Energy and Resources Gerry Brownlee about Solid Energy chairman John Palmer’s intention to call for the partial sale of Solid Energy during a speech last Thursday? 
Hon BILL ENGLISH 
: I cannot recall every discussion I have had with Minister Brownlee about Solid Energy but I assure the member there are regular discussions because Mr Brownlee is a very active Minister of Energy and Resources and a strong advocate of the development of New Zealand’s energy resources. 
Aaron Gilmore 
: By how much does he expect the Government’s assets to grow over the next few years? 
Hon BILL ENGLISH 
: The Budget outlined the fact that the Government owns $220 billion worth of assets which includes something like $70 billion worth of financial assets and over $50 billion worth of commercial assets. The Government expects that the value of that $200 billion portfolio will grow by around $35 billion over the next 4 years. That is if we manage it well. I have to say that the standard of management of some of these assets has been very poor and the Government is working hard to lift their performance. 
Hon Clayton Cosgrove 
: When John Palmer told him he was going to call for the partial sale of Solid Energy did he tell the chairman that the comments were “out of line” and “stepping over the mark” or was the Minister of Energy and Resources Gerry Brownlee wrong when he made those comments and said “No one was particularly happy about it.”? 
Hon BILL ENGLISH 
: The member is continuing the Opposition habit of trying to put words in people’s mouths. That was not the nature of the communication between the chairman and me. 
Hon Clayton Cosgrove 
: Will the Minister rule out ever selling some or all of Solid Energy? 
Hon BILL ENGLISH 
: The Government’s position on asset sales is clear: no asset sales in this term of office and if that changes we will go to the electorate and debate the issues. 
Hon David Cunliffe 
: If the Minister is not ruling out possible future partial privatisation of Solid Energy in what respect did John Palmer “go too far”? 
Hon BILL ENGLISH 
: The member can play the game of ruling out but actually Labour’s policy on these matters is much looser than National’s. 
Hon David Cunliffe 
: I raise a point of order Mr Speaker. By attempting to refer a question back to the Opposition the Minister is failing to address it. 
Mr SPEAKER 
: I think it is a fair point actually. The Minister should not comment on the Opposition before attempting to answer the question. 
Hon BILL ENGLISH 
: As I said we are not going to play the game of ruling things in or out. The policy is the same whether for the chairman of a State-owned enterprise or an ordinary taxpayer: the Government is not selling any assets this term and if it changes its mind it will campaign on it in 2011.