The Hugo Group

menu icon

Keep Kiwibank Bill

A Member’s bill in the name of Labour MP Clayton Cosgrove. The  bill would require any proposal to partly or wholly privatise Kiwibank to have the support of 75% of MPs or alternatively the support of a majority of voters in a referendum. The bill completed its first reading on October 14 by 61 to 60 with just National and ACT opposed. The Finance and Expenditure Committee will now consider it. Reported back on April 6 with the Govt majority on the committee recommend it not pass, as the use of entrenchment provisions on such an issue raised constitutional concerns. Labour delayed the second reading debate due on May 4 to ensure Andrew Little’s housing standards bill would be voted on. Bill transferred to David Parker who offered to amend the bill so a sale of KiwiBank would need just a bare majority in Parliament. Parker said Labour supported ACC and the NZ Superannuation Fund taking a stake in KiwiBank and the bill could be amended to address this. However Peter Dunne said the Bill was not necessary as National had committed to not selling the SOE and the Bill could complicate the proposed change in ownership structure. As a result the Bill was defeated at second reading by 61 to 60 on June 29.Keep Kiwibank Bill