Parker David: Questions for Oral Answer — Questions to Ministers Questions to Members 
Parker David: Questions for Oral Answer — Questions to Ministers Questions to Members 
[Volume:670;Page:16894] 
6. 
Hon DAVID PARKER (Labour) 
 to the  
Prime Minister 
: Does he stand by all of his statements on the sale of shares in State-owned enterprises? 
Hon SIMON POWER (Minister of Justice) 
 on behalf of the  
Prime Minister 
: Yes although I repeat that no final decision has been made about extending the mixed-ownership model. 
Hon David Parker 
: When the Prime Minister said on radio this morning that the vast bulk of Contact Energy’s shares remain “in widespread Kiwi mum and dad ownership” why did he not tell New Zealanders that 75 percent of all Contact’s shares are owned by big corporates with the majority of those shares being owned by an Australian company? 
Hon SIMON POWER 
: Presumably the Prime Minister meant that the vast majority of shares originally obtained by mum and dad investors remain in their hands. 
Hon David Parker 
: If the Prime Minister cannot even get his statements about asset sales in the past right why would anyone believe that he can get his statements about asset sales in the future right? 
Hon SIMON POWER 
: Because the Prime Minister has a very good record for keeping his promises to the public of New Zealand unlike when that party came into Government in 1984 promising not to sell State-owned assets and then went ahead and did it. 
Chris Tremain 
: Has he seen any other reports on Government plans to reduce shareholding in an asset? 
Hon SIMON POWER 
: Yes he has seen a press release stating that the Government has approved a proposal subject to competition watchdog approval to reduce its shareholding in Air New Zealand to 63.55 percent. That would have meant a 22.5 percent shareholding going to Qantas a foreign investor. That press release was from 2002 and released by Ministers Cullen Swain and Mallard. 
Hon David Parker 
: Did the Prime Minister also say on radio this morning in regard to Contact Energy: “The float when it started gave 51 percent to an Australian company Origin. That was the starting position and it did not change.”; if so was his statement correct? 
Hon SIMON POWER 
: Fifty-one percent of the shares in Contact did become held by Origin. 
Hon Trevor Mallard 
: Was it a starting position? Answer the question. 
Hon SIMON POWER 
: I am just finishing the answer. Originally of course Edison bought its original 40 percent directly from the Government and not by the way from Kiwi mums and dads. 
Hon Sir Roger Douglas 
: Does the Prime Minister accept that the sale of any asset to a foreign buyer or purchase of any foreign asset by a New Zealander cannot possibly change the net claims of one country on another because for a foreigner to buy a New Zealand asset is simply to swap a foreign asset for a New Zealand asset—nobody wins nobody loses; they just end up with a different portfolio of assets and liabilities? 
Hon SIMON POWER 
: Broadly the theory may have some merit but this Government has laid out five tests that have to be met and they are slightly different from the model that the member outlines. 
Hon David Parker 
: Did the Prime Minister in that same radio interview this morning make an accusation that Phil Goff was “financially inept” for supposedly not understanding that Origin owned 51 percent from the start when it did not; if the Prime Minister did make that statement and the statement was wrong does the Prime Minister now accept that it was he who was mistaken? 
Hon SIMON POWER 
: In respect of the first part of the question yes. 
Hon Sir Roger Douglas 
: Does the Prime Minister see any validity in the arguments from Labour and the Green Party that the sale of any shares in State-owned enterprises will lead to increased overseas ownership of New Zealand; or does he agree with the ACT Party that this argument reflects the unfortunate common economic illiteracy in Labour and the Green Party about savings and investment issues? 
Hon SIMON POWER 
: That is a far more straightforward question from the member. The answer is that he agrees with the ACT Party. 
Hon David Parker 
: I seek to table a Treasury document from its website which shows that the sale of Contact Energy was originally a 40 percent sale to Edison and not a 51 percent sale to Origin. 
Mr SPEAKER 
: Leave is sought to table that document. Is there any objection? There is no objection. 
Document by leave laid on the Table of the House.