New Zealand First leader Winston Peters. Photo: RNZ / Samuel Rillstone
New Zealand First leader Winston Peters has reversed his previous opposition to the Chorus debt sell-off, saying it is "monetisation" rather than an asset sale.
Finance Minister Nicola Willis last week confirmed the government would sell about $650m in interest-free loans Chorus owes the government, which is not due to be fully paid back until 2036.
In November, Peters told Morning Report he did not support the proposal, calling it "creative accounting of the worst sort".
"You're selling off a debt on the basis that you've got an asset? Why don't we just make sure that Chorus pays us back?" he said.
"I don't support that idea. I don't support failed economics. I don't support wanton neoliberalism, which is a disaster. We went through it once before."
The government last week confirmed it would go ahead and sell off the debt, which would be ring-fenced for funding other infrastructure.
Asked why Peters had changed his mind, a spokesperson told RNZ a key word in the announcement was 'monetisation'.
"Monetisation is a mechanism to effectively adjust the timing of the maturity of the debt," the spokesperson said.
"New Zealand First stands firm on its position on state asset sales."
The government's statement announcing the move last week was titled "earlier monetisation of Chorus debt".
Infrastructure Minister Chris Bishop had said the process would begin in early 2026, and would not change the ownership of Chorus, or the company's services and assets.
The loan was to help Chorus finance and accelerate the rollout of fibre broadband across the country.
The government does not have a stake in Chorus.
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