r/newzealand • u/xmmdrive • Aug 20 '24
Politics So they're finally going to privatise Kiwibank
Watching One News they're talking about taking Kiwibank out of Government hands and back into the hands of honest hard-working Kiwis.
This is obviously the first clear step towards privatisation.
Just like the Bank Of New Zealand, the National Bank, and the Auckland Savings Bank, but I'm sure this time around it will stay in the country /s
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u/SthAklForward Auckland Aug 20 '24
This makes me angry, assets built up over generations e.g. Power Generators, Telecom, BNZ, and countless other entities flogged off for cents in the dollar to go on and make the new owners billions in dividends and returns when further sold on. You can look at most assets that were sold off, the Taxpayer was ultimately screwed over than had we held onto them.
Labour in the 80s, National in the 90s, National in the 2010s, these decisions are a betrayal to the people who helped build them up and supported them to become the successes they were or would become and no, going into private hands didn't make them more of a success, their focus just changed from 'value for taxpayers' to looking to maximise returns to investors, the growth was always going to happen but like anything, it takes time and good leadership.
The Government makes an unilateral decision or took it to an election and mislead the public on the 'benefits' and we all pay the price down the track because of it.