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  • the Forestry Corporation and Air New Zealand offer examples where the exposure of the government balance sheet to financial risk was successfully reduced through privatisation, but there has been mixed success in the avoidance of government support to re-capitalise privatised companies facing financial difficulties; and

  • the proceeds of these sales made an important contribution to our position of relatively modest debt entering into recent financial turmoil.

We do not have any current plans to publish the attached paper.

Recommended Action

We recommend that you refer this report and the attached paper to the Prime Minister and the Associate Minister of Finance (Hon Joyce).

Agree/disagree.

Nic Blakeley Manager, Sector Performance & Balance Sheet, COMU for Secretary to the Treasury

Hon Bill English Minister of Finance

Hon Simon Power Minister for State Owned Enterprises

T2010/2642 : Privatisation in New Zealand: An assessment of a series of company experiences

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