The real test of this new and fragile alignment is whether it can survive the pressure of an election campaign. It reflects an understanding New Zealand cannot continue to rely solely on annual Crown budgets to fund infrastructure development. It could be a place where capital is collected from all three sources – public dividends, public capital from the sale or lease of public assets, and private capital – perhaps KiwiSaver or iwi. Asset recycling is not privatisation by stealth, nor is it some sort of fire sale of public assets. Polling suggests the New Zealand public is already open to this idea – and ahead of where politicians seem comfortable.

Source: New Zealand Herald December 29, 2025 20:00 UTC