Seymour David: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeSeymour David: Oral Questions — Questions to Ministers[Sitting date: 17 September 2015. Volume:708;Page:6787. Text is incorporated into the Bound Volume.]1.DAVID SEYMOUR (Leader—ACT) to the Minister for State Owned Enterprises: Is he satisfied with the financial returns being achieved from the Government’s portfolio of State-owned enterprises?Hon TODD McCLAY (Minister for State Owned Enterprises): In general yes although I would note that the performance of State-owned enterprises is varied for a number of reasons. Although the majority of State-owned enterprises are performing well and are returning reasonable dividends to the Crown others are not. It is the Government’s expectation that State-owned enterprises be well managed that they be of low risk that they focus on their core business and that they generate a return on investment for the taxpayer.David Seymour: In light of the Minister’s answer that some variability is to be expected has he considered that technological change is in fact systematically undermining the value of Government investments in State-owned enterprises? For example digital technology is reducing the value of postal services the internet is reducing the value of TV and radio stations and fracking technology is boosting gas supplies and is damaging the viability of coal businesses.Hon TODD McCLAY: State-owned enterprises face the same challenges as other companies that we have both in the New Zealand economy and around the world. The member is right that there are a number of changes that are likely to impact upon their businesses. This is a conversation that I as Minister responsible and the Crown are having with a number of those businesses but I would note that in the case of New Zealand Post there have been significant changes in the number of letters that are being posted by New Zealanders. New Zealand Post and its board are looking for a number of opportunities and ways to make sure that that business just as it is sustainable today will remain so into the future.David Seymour: In light of the Minister’s answer that all enterprises face challenges could he address the significant difference between State-owned enterprises and private enterprise—that is that the taxpayer provides the equity—and whether there is a Government strategy to deal with these technological challenges or should the taxpayer just wait for the losses to mount?Mr SPEAKER: Hon Todd McClay—any of those three supplementary questions.Hon TODD McCLAY: No that is not the case although I would note that in the correspondence I receive—Grant Robertson: By mail?Hon TODD McCLAY: —from taxpayers both by email and mail and of course over the telephone for the member opposite taxpayers are interested in a number of things. Yes they enjoy the services that are provided. They want those services to be of a very high quality. But there are also many New Zealanders who are proud of the involvement that the Government has in these companies. As the Minister responsible I am talking to all of the boards to make sure that they are aware of our desire for better and increased returns to the taxpayer.