More than 250 people attended the Great Debate 2011, organised by the Queenstown Chamber of Commerce at the Queenstown Memorial Hall, to hear Green Party co-leader Russel Norman, Labour finance spokesman David Cunliffe, National Finance Minister and Clutha-Southland MP Bill English, Maori Party co-leader Dr Pita Sharples and Act New Zealandcandidate Stephen Whittington.
When asked what the consequences of the sale of state assets would be for the country, Mr English was quick to reply "all good, actually".
By selling off 3% of the Government's assets, worth about $5 billion of a total asset value of $230 billion, it would have money to spend on other assets "like Queenstown schools", he said.
However, Mr Cunliffe argued once the family silver had been sold "you can't sell it again".
"It does not solve the problems this country faces."
While the Government would still retain 51% ownership, a loss of control in a company came at between 25% and 30%.
"Ask any company [which has sold 49%] whether its board is constrained. If selling assets is some kind of panacea, it's only putting off the day we have to confront our other problems ... like getting our savings up."
Dr Norman said the "really sad thing" about selling off state assets was "sooner or later they will fall into overseas ownership".
"We will simply be providing dividends for someone else."
Mr Whittington appeared to support the proposal asking Dr Norman, "Why are most countries doing it? Why are you guys so economically backward?"
Asset sales were based on the present value of future income streams, he said.
"You may give up $4 billion in the future and receive $3 billion now. Sometimes, that's more valuable. It's not to pay down debt.
"When those assets are in private hands with private shareholders, they're actually run more effectively."
Dr Sharples was also in favour of the asset sales - suggesting they be bought by Maori.
"Maori want to invest.
"It's a form of investment; it's a form of saving. It will release cash to do something else.
"If you sell it to Maori we promise not to sue you."
