imnofox, dressed solely in black, spoke outside a cemetery to mourn the losses of our state owned power companies under the Key Government

“I remember the days when the National Party forced through legislation to partially privatise Mighty River, Genesis, Meridian, and Air New Zealand. We marched in the streets, we voted in the referendum, standing in loud and clear opposition to John Key’s ideological crusade to sell off our state assets, only to be ignored and dejected by a government that refused to listen to the people of New Zealand.”

“What has been the cost? Well, the National Party saved the country $4.7 billion from selling off those shares in these assets. And what has been the cost? The cost has been $6.5 billion. Aotearoa New Zealand has lost $2.3 billion in dividend payments as a result of these sales, and the shares sold are now worth $4.2 billion more than when we sold them. It’s only obvious to say that we should have banked the dividends and kept the shares, leaving the government books in a much better shape.”

“Let’s look at the numbers some more. Meridian Energy, since the mixed-ownership model privatisation, has paid $1.1 billion in dividends to private shareholders that would otherwise have been paid to the Crown, increasing revenue. The Meridian shares were sold off at $1.2 billion less than the Nats promised in the first place, giving the Crown just $1.88 billion back in 2013, which when compared with the lost dividend revenue since highlights what a terrible deal this was for New Zealand taxpayers. And if we look at the shares, they’re now priced at $3.75, over double the 2013 price of $1.50.”

“What about Mighty River Power, now Mercury? $577 million in dividends to private shareholders that the Crown would’ve got, with those shares worth $763 million more than they were when sold. Sure, a short term gain, but what a loss in the long term.”

“Genesis Energy’s sale raised $620 million back in 2014, an since then they’ve paid $343 in dividends to private shareholders, with the sold shares now worth $507 million more than when they were sold. What a waste!”

“And then there’s Air New Zealand, now directed by ‘Sir’ John Key of course, of which the sold shares are worth $336 million more, with the dividends of the sold shares paying private shareholders $274 million. We only made $365 million from this deal! Now I don’t know about the Nats, but to me that’s a clear long term loss.”

“Back then it was a sly grab for cash, all of which has now been spent, and it is again with the National Party proposing further asset sales of these energy companies and mass privatisation of Air New Zealand. Once again, an entirely ideological move that just doesn’t stack up.”

“The worst part is the huge wealth transfer to the wealthy. Since floated on the share market, Meridian has lost 21% of its investors, Genesis has lost 22%, and Mighty River has lost 7%. Since then, retail investment increased to 27%, shares owned by local institutions reduced to just 8%, and overseas ownership has jumped up to 13.6%. What we know is that National sold these companies far too cheaply, shortchanging the taxpayer, and now these shares are being sold down. A massive wealth transfer from those ‘mum and dad investors’ to a small group of wealthy people.”

“And despite all this, despite the huge failures of the mixed-ownership model, with all the proceeds spent and gone, with more and more shares sold on and on into the hands of a few, National has the audacity to come out here on the campaign trail and say we should be taking this broken ideological approach even further. Put away your chainsaw, Mr Fresh!”

“Really, we need to stop prioritising huge profits from our electricity generators, and instead be prioritising the needs of the planet: sustainability, for the sake of the climate crisis. Because this broken MOM cares only for financial return, rather than the survival of our species. If you ask me, that is unacceptable. Almost as unacceptable as the economic sabotage of the Key Government. Why the National Party are still blindly running down this messy path is beyond me, but perhaps their rich mates could explain. On the other hand, the Greens have always stood against these disastrous hard-right privatisations. Food for thought, really.”

imnofox lays a rose on the ground, before giving our state assets a minute's silence in memorial