Why Labour’s Asset Sales analogy is crap

Deborah Coddington wrote a blinder in today’s Herald on Sunday. She called out Labour and then explains why their analogy on asset sales is rubbish.

The thing is, New Zealand is a different country today. Our debt situation is still not pretty – private debt sits at $213 billion, public debt $40 billion – but we’re not teetering on bankruptcy.

But frugality is called for. So when the bank says you’re stretched, and you own a house, an apartment and a bach, what to do? You don’t want to sell because the apartment and bach are rented and bring in a moderate income. But you need more money to do them up, so the rentals could be higher.

So you do what National’s intending. You hold on to a majority shareholding of the properties.

Then you tell your family they can buy shares in the remaining 49 per cent of the house, bach and apartment. With their investment money, you improve the properties, increase the rentals and the dividends go skywards.

What about that whining nephew who says he already owns the beach house because granddad built it in 1921 and the whole family contributed labour to improvements over the years? Remind him about the free holidays he’s had, and the rent, power, rates and maintenance for which he’s only paid a fraction. Inheritance isn’t a given.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story.  And when he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet.   Cam Slater doesn’t do quiet, and as a result he is a polarising, controversial but highly effective journalist that takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him.  But you can’t ignore him.