Asset sales: Govt considers 10pc cap plan

Prime Minister John Key. Photo / Dean Purcell

Prime Minister John Key says the Government could pass a law to place a 10 per cent limit as the maximum a single private shareholder could hold in the assets he plans to partially sell.

Mr Key has come under scrutiny following the release of official papers showing Treasury had no advice on National's plans for a 10 per cent cap, or its plan to have 85 per cent to 90 per cent in the hands of New Zealanders.

This morning Mr Key said a cap of 10 per cent could be legislated for.

"We can just make that as law. Telecom has a cap, it's just a matter of making legislation [to that effect]."

Mr Key was releasing his post-election action plan this morning in Auckland.

The plan is an outline of the major policies the party has already announced, including welfare reform, partial asset sales, and a return to surplus by 2014/15.

He said most of the policies should be in place by Budget 2012, should National win the election.

He again attacked Labour's plan as anti-business, and painted National as the only party that could deliver stable Government after Saturday's election.

Asked about partial asset sales to go on the block, Mr Key did not know which of the four energy companies would be first.

But he said Solid Energy would likely be the last to be partially sold.

He said National could not count on Maori Party support for the partial asset sales programme.

He said a vote for the Green Party was effectively a vote for a Labour-led Government, though he noted the memorandum of understanding that has seen National and the Greens work together in the last three years.

The Greens have said their preference will be to work with Labour, but have left the door open to working with National.