Shearer David: Questions for Oral Answer — Questions to Ministers 
Text is incorporated into the Bound Volume 
Shearer David: Questions for Oral Answer — Questions to Ministers 
[Sitting date: 20 March 2012. Volume:678;Page:1056. Text is incorporated into the Bound Volume.] 
1. 
DAVID SHEARER (Leader of the Opposition) 
 to the  
Prime Minister 
: Does he stand by all his statements with regard to asset sales? 
Rt Hon JOHN KEY (Prime Minister) 
: 
 Yes including my statement that the Government would set out its mixed-ownership policy well in advance of election 2011. We did that. It was an election that saw National’s vote increase and Labour’s vote decimated. 
David Shearer 
: Does he stand by his statement that “In the world of making the boat go faster actually I don’t think selling off State assets is going to make the boat go faster.”? 
Rt Hon JOHN KEY 
: I stand by that quote in relation to the context it was given when I said: “I personally think it’s not the issue that the current economy …”—actually as we later went on to find out Labour had so badly mismanaged the economy that we had a decade of deficits. I think it is actually one of 120 things that will help a little bit. 
David Shearer 
: Did he say: “There is no motivation to sell assets;” 10 days after Merrill Lynch collapsed 10 days after Lehman Brothers collapsed and 6 months after Bear Stearns collapsed when the world was going into recession? 
Rt Hon JOHN KEY 
: Yes as I said earlier in the context of what I said which was “I personally think it’s not the issue that the current economy faces.” Actually the economy changed dramatically from there. 
David Shearer 
: Does he stand by his statement in answer to question for oral answer No. 6 on 7 June last year that a brokerage fee for selling assets of 1.9 percent is very low? 
Rt Hon JOHN KEY 
: Yes because at the time I was referring to some advice that the Government had received about the range of fees and they are up to about 10 percent so 1.9 percent is quite low. 
Michael Woodhouse 
: What reports has he seen on mixed-ownership models in other countries? 
Rt Hon JOHN KEY 
: I have seen a very interesting report about a country that has well and truly embraced the mixed-ownership model. That country—wait for it—is Finland. The large energy company Fortum is 51 percent owned by the Finnish Government and 49 percent owned by a mix of other investors including Finnish mums and dads. The national airline is 56 percent owned by the Finnish Government and the balance is owned by Finnish mums and dads and others. This is the same country that is repeatedly held up as a shining example of where New Zealand should be going by none other than David Shearer. 
David Shearer 
: Is it his view that a $150 million fee—[ 
Interruption 
] 
Mr SPEAKER 
: Order! I apologise to the Leader of the Opposition. I want to be able to hear this question. 
David Shearer 
: Is it his view that the $150 million fee for selling State assets is very low and is it a low amount to pay merchant bankers Goldman Sachs Macquarie Capital and Credit Suisse? 
Rt Hon JOHN KEY 
: It is not confirmed that the fee would be of that magnitude. I certainly do not know that today. But what I do know is that to release $6 billion to $7 billion worth of capital to be used for other assets is a good idea. I think it will lead to a brighter future. That is something that David Shearer and I both want so maybe he should just cut to the chase and vote National. 
Michael Woodhouse 
: What other reports has he seen on mixed-ownership models in other countries? 
Rt Hon JOHN KEY 
: Well I have seen a report that one of the directors of the mixed-ownership energy company Fortum which is 51 percent owned by the Finnish Government is none other than the former Finnish Prime Minister Esko Aho. This is the same Esko Aho who is held up as an example of being a “wise Prime Minister making bold decisions to make his country a better place” last week by David Shearer. As I say if he wants a brighter future he should just vote National. 
David Shearer 
: Is $150 million a “very low” amount to pay merchant bankers Goldman Sachs Macquarie Capital and Credit Suisse and how does it compare with spending just $2.8 million to enable local family violence services to continue providing services? 
Rt Hon JOHN KEY 
: You simply cannot draw a comparison. Everybody knows that you will have to pay a fee to release that capital but let us look at what that capital is going to be used for: $1 billion for 21st century schools $400 million to lift New Zealand’s GDP for irrigation of the South Island and North Island—we know that Labour do not like farming. David Shearer said— 
Mr SPEAKER 
: I think that was sufficient answer. What Labour might or might not think is not the right honourable Prime Minister’s responsibility.