Rowling criticises sales
PA Nelson A former Labour Prime Minister and Finance Minister, Sir Wallace Rowling, has criticised the Government’s asset sales programme, saying it has contributed to high interest rates. It was ill-conceived, diverted huge sums of money from potentially lucrative investment in “going concerns,” and added nothing to economic development, he said at the first annual conference of Rural Associated Contractors in Nelson, on Saturday. Commenting further yesterday, Sir Wallace said overseas funds gained from asset sales were insignificant
compared with New Zealand’s total level of debt. Asset sales also barely reduced domestic debt. The country had lost means of earning income, and the sale of Air New Zealand had actually become a drain on the economy by taking a considerable proportion of its earnings outside the country. In its heyday, the Bank of New Zealand had been a considerable income earner for the Government. Money from asset sales was being used to repay debt and was not being invested back into the economy, so contributing to keeping interest rates high.
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Press, 26 June 1989, Page 3
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173Rowling criticises sales Press, 26 June 1989, Page 3
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