Labour’s privatisation history with Air New Zealand
"The Govt has bailed out Air NZ twice that is the only reason it owns any of it"Featured comment
Labour are insisting the exact right share of Air New Zealand for the Government to own is 73%. Or alternatively they are saying it is only acceptable for the Government to increase their shareholding in Air New Zealand, not dilute it.
Well consider their history with Air New Zealand.
- Labour privatised it in 1989 – selling it to Singapore owned Brierleys and Singapore Airlines.
- Labour bought 80% of it in 2001.
- Labour agreed to sell 22.5% to Qantas in 2002 – 2004
- Labour never reinvested the dividends so that’s why the share is down to 73% in 2013. It has been a creeping privatisation since 2001.
National has sold 20% to New Zealanders. The Clark Government tried to sell 22.5% to Qantas, who are not only foreigners (not that I care about that) but would have destroyed trans-Tasman competition!
Political commentator David Farrar posts at Kiwiblog.