Peters Winston: Estimates Debate — In Committee 
Peters Winston: Estimates Debate — In Committee 
[Volume:618;Page:14322] 
Rt Hon WINSTON PETERS (Leader—NZ First) 
: 
 There is nothing so embarrassing as watching two guilty parties pointing the finger at each other. I recall very well 20 July 1993 when the then National Government with a foolish Minister of Finance called Richardson sold New Zealand Rail for $328 million. That was a massive underpricing of the company and within 3 months as the international market heard about it—and Mr Key as well—the share price for Wisconsin central railroad and Fay Richwhite went up by a massive $182 million every dollar of which was lost to the New Zealand taxpayer. Those are the facts. Back then of course on 20 July 1993 the Labour Party said that it supported the sale. 
Hon Member 
: Can’t believe that. 
Rt Hon WINSTON PETERS 
: Yes it did. If one looks at the press statements one sees Labour supported the sale back in 1993. So here we have those two parties both as guilty as sin when it comes to selling the taxpayer’s hard-earned constructed assets and one of them is trying to make out that it is innocent. They are both as guilty as sin. Do members know what National said back in 1993? It said it thought it would cost $200 million to do some upgrading and it could not afford it. New Zealand Rail back then of course was making a significant profit. It is a lie to say it was making a loss; it was making a significant profit. 
But what happened? Here are the facts. The financier of National’s 1984 1987 and 1990 campaigns—Fay Richwhite—in October 1992 got itself made the financial adviser to New Zealand Rail. In April 1993 barely 6 months later it jumped the table and said hello boys it was the buyer. The National Party—Mr Key’s party which he thinks should be in Government—was so naive and stupid it did not put New Zealand Rail to the market. It gave those insiders the full run and sold New Zealand Rail at a bargain-basement price. Did the new owners construct $200 million of reconstruction repairs and maintenance? No they did not. They then recapitalised New Zealand Rail drained and sucked everything out of it and shot through. They are the same people whom Don Brash met when he was last in Europe. They are all the same old players looking for the same old favours smack in behind this National Party Opposition. That is why National cannot be trusted anywhere on the Treasury benches without being totally controlled and on a very hard leash. 
Mr Key is right about due diligence because this is a case of history sadly repeating itself. There was no due diligence back then and there is none now. Why on earth would Toll want this track? All over the Hawke’s Bay and all over this country there are significant costs awaiting the New Zealand railways when it comes to our track. Bridges need repair and construction and the new genius running the finance portfolio Dr Cullen says he will get taxpayers to pay for that. He says Toll can run the railways and make all the profit and we will pay Toll to have the very machinery and mechanism by which it may ply its service. How stupid can one be? I have to tell New Zealand taxpayers they are tigers for punishment. They have to be if they fall for this one. Mr Key is right—except that he is the last person in the whole wide world to make out that argument because he comes not with the clean hands of equity or truth but with his hands totally soiled with the DNA and blood all over them. 
There is only one party that can be trusted on these matters and that party is New Zealand First. We do not sell State assets and particularly ones that are making a profit. But here is the extraordinary thing. I ask Dr Cullen what costs are contemplated by the taxpayer now in respect of our railways our tracks our bridges and every other facility. What is the taxpayer in for now? I then ask him to tell me that what this Government has done is smart. We got the railway back; we actually were the owners of it just a little while ago. This Labour Government claims to be different from Labour in 1984 and 1990 and it has sold the railway.