Asset Sale Referendum Bill Defeated

by Desk Editor on Wednesday, August 29, 2012 — 5:40 PM

The State-Owned Enterprises and Crown Entities (Protecting New Zealand’s Strategic Assets) Amendment Bill was shot down at its first reading today.

The bill proposed that strategic assets should be retained in public ownership unless the proposed sale was approved by a 75 percent majority of MPs or by a majority of votes casts in a national referendum.

The bill was defeated by 61 to 60 with National, ACT and United Future opposing.

MPs began the first reading of the Resource Management (Restricted Duration of Certain Discharge and Coastal Permits) Amendment Bill.
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