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MIL OSI – Source: ACT Party – Release/Statement

Headline: Relief as taxpayers unburdened of Solid Energy investment

The sale of Solid Energy assets is a useful reminder of why taxpayers shouldn’t be forced to own businesses, says ACT Leader David Seymour.

“This is a teachable moment for politicians who harp on about governments getting a revenue stream from business investments. For every productive investment there’s a Solid Energy.

“It’s reckless for any Government to use taxpayer money for business investments, and Solid Energy has been a perfect example of why. Taxpayers have shouldered enormous risk, resulting in a disastrous loss of $3 billion after the management started taking outsized risks with taxpayers’ money. 

“It’s a relief to see these assets back in the hands of private investors, who have a strong incentive to make these assets profitable. And if they fail, then at least the taxpayer won’t have to bail them out.

“Today’s news is a good example of how foreign investment and private enterprise is very good for the regions. The alternative would have been workers losing their jobs or taxpayers footing the bill for a fat bailout. ACT would take foreign investment over these things any day of the week.”