The Herald editorial – Strategic When It Suits – sums up Labour’s hypocrisy on asset sales.
I’ve never understood the xenophobic attitude to foreign investment.
When we converted to dairying we borrowed from the bank and as a result we’ve employed more staff, used more contractors, done more development, produced more, earned more and paid more tax all of which helps the local economy and New Zealand.
The bank we borrowed from has foreign owners but uses a building in the main street on which it must pay rent or rates. It employs local people and their wages flow into the economy. It sponsors local and national events, including the Young Farmer of the Year contest; and it pays tax. Some of its profit is reinvested in New Zealand and yes some goes back to its overseas owners. But so what? That’s just the price we pay for being able to borrow their money.
The Government’s role is to get the regulatory framework right to protect New Zealand and New Zealanders, once that’s done it shouldn’t matter who owns which companies.