David Farrar: They forgot the price tag!

Radio NZ reports:

Hipkins bristled at questions over why neither the policy document, nor accompanying media release, included any figures – including the $200m capital injection later announced by finance spokesperson Barbara Edmonds.

“It was certainly in earlier materials. So I think it was just simply an oversight that it wasn’t contained in the press statement.

“As you would have seen, Barbara mentioned it in her introductory remarks, so it was clearly part of the announcement we made on Monday.”

Pressed over how that occurred, Hipkins suggested reporters were overreacting: “Oh, don’t be so lazy. We’re not gonna provide everything to you in advance, and have you not bother to show up to the announcement.”

So they forgot to include the $200 million cost in both the policy and the press release. Or they didn’t forget, and it was made up on the spot. Mickey Mouse either way.

I’ve been thinking more about how it will play out on the basis that this is not to be a maximise wealth fund, but a must be invested in NZ companies we approve of fund. Here’s how it will go.

• Labour previously had procurement rules that contracts are preferred to companies with a Maori or Pacific owner. So the ethnicity of the owners will no doubt be a criteria for the fund.

• The Greens will insist the fund can only invest in industries they approve of, and not in any company that produces greenhouse gas emissions (which is almost all of them)

• Te Pati Maori will insist that the fund only invest in companies that agree with their interpretation of the Treaty of Waitangi

I suspect you’d end up getting a better return sticking the money in a term deposit!

David Farrar runs Curia Market Research, a specialist opinion polling and research agency, and the popular Kiwiblog where this article was sourced. He previously worked in the Parliament for eight years, serving two National Party Prime Ministers and three Opposition Leaders.