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Dumb, Dumb And Dumber

Posted on 06 May 2008

ACT Leader Rodney Hide today slammed Labour's 'dumb' deal with Toll Holdings and said that even the Greens, New Zealand First and Labour backbenchers would see that Finance Minister Dr Michael Cullen has been out-manoeuvred by the Aussies.

"Toll Holdings bought rail for $328 million, valued it at $400 million and sold it back to Dr Cullen for $665 million," Mr Hide said.

"Then Dr Cullen let Toll keep New Zealand's largest trucking company Tranzlink - which includes 430 trucks, distribution and warehouses - with up to $20 million of free rent on its depots, and removed it's liability to pay millions a year to Ontrack.  How dumb is that?

"We need a government with principles and guts, not one that stopped Canadians paying Kiwi investors hundreds of millions for Auckland Airport only to give an Australian company our largest trucking company - moves praised equally by NZ First.

"Meanwhile, National Leader John Key recognises the deal as a costly mistake but - for political reasons - will stick to it.  National is promising to stick to Labour's failed and costly economic policies.

"With economic vandalism of this scale, it's no wonder Kiwis are struggling to make ends meet.  Dr Cullen must explain how gifting hundreds of millions to Aussies - plus our largest trucking company and a massive subsidy through rent depots - helps climate change.

"New Zealand is an economic quagmire, and National is committed to leaving us in it.  That's why I'm pleased Sir Roger Douglas is standing for ACT.  ACT is the only hope for sane and growth-boosting economic policy," Mr Hide said.

ENDS

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