Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
One of the biggest pluses in the government's plan to sell shares in four state-owned energy companies was that listing them would help anchor the stock market, Associate Finance Minister Steven Joyce said this afternoon.
In a speech to the Wellington Employers' Chamber of Commerce, Mr Joyce said the partial floats of what would be four big listings would not only be good for the government's books, it would also help to reinvigorate the stock market.
That would be of great benefit to New Zealand's future, he said.
“We need to get an investment culture based in this country,” he said.
Mr Joyce told those at the meeting that they faced challenges much closer to home, as in general the lower North Island had underperformed in recent years and it was up to Wellington businesspeople to do something about that.
Growth in the region during the last 10 years was negative, he said, and Wellington, as the biggest city, had to lead the change.
“It's crucially important that Wellington picks up the baton and drives forward,” Mr Joyce said.
Due to cuts in state sector spending, the city could not rely on the public sector to make that happen, he said.
“It requires the whole city and the whole region to push ahead on all fronts.
“The people in this room can help achieve that,” he said.
Mr Joyce was cagey when asked whether a single Wellington council would help lift Wellington's economic performance.
He said he was not there to make a case for a single council.
However, he pointed to Auckland as an example worth looking at, following the introduction of the super city model.
Mr Joyce said he had personal experience of how hard it was in Auckland to get something done when the city was split eight ways, as it was before it united under one council.
However, while there were benefits, Mr Joyce said it was important to have local government that was able to listen to and appreciate different views.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Briscoe issues a take-it-or-leave-it statement to Kathmandu shareholders
- MARKET CLOSE: Shares fall; Pacific Edge, Xero, A2 decline
- Dollar gains vs. AUD after weaker GDP, dairy prices rise
- FX trader Jin Yuan Finance warned over anti-money laundering controls
- LGFA bonds lure foreign investors seeking liquid, highly-rated alternative to NZ government debt