WTF? Stu Nash Starts A Bank?

The Taxpayers’ Union representatives choked on
Treasury’s budget lock up sausage rolls when they
discovered Stuart Nash’s announcement that he’s
launching an investment bank for business rejected by the
banking sector and to appoint government workers as
directors of SMEs.

Jordan Williams, spokesman for the
Taxpayers’ Union, said: “$100 million for an investment
bank, run by politicians and bureaucrats, to take equity and
even board seats in businesses that can’t borrow from the
banking sector. What could possibly go

“According to Minister Nash, a feature of
the fund is to exclude equity financers who ‘push for
aggressive growth plans, and short term results’. He says
the fund will have ‘more modest return expectations and no
hard exit deadlines. No kidding.”

“Coming from
the Minister who back in 2014 wrote a foreword to the
outstanding Taxpayers’ Union corporate welfare report, Monopoly
, it seems Mr Nash has lost his

“Mr Nash claims these funds are common
overseas. What he fails to mention is that they are not led
by Government officials.”

“If Mr Nash wants to
play investment banker, he should do a Simon Power and play
banker with Westpac’s money, not

© Scoop Media


The foibles of the Aussie electoral system are pretty well-known. The Lucky Country doesn’t have proportional representation. Voting for everyone over 18 is compulsory, but within a preferential system. This means that in the relatively few key seats that decide the final result, it can be the voters’ second, third or fourth ranking preferences that finally get the winner over the 50% line…

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