And why shouldn't the taxpayer expect a return on capital?
Personally, I think that a major blunder was not selling TVNZ in the 90s, before alternatives really started to bite into its market and when it was probably worth 4-5 times what it is now.
Its not clear why the taxpayer should have direct investments in commercial broadcasting at all but, if we are going to, we should at least expect a return on the investment.
Agreed. Government owned businesses tend to be poorly competitive if they are competitive at all and are tantamount to a form of stealth tax.
"Oooh - Air NZ made $X billion this year for the government!"
"Ah - so it overcharged us all by $X billion then, in effect?"
Air NZ is a very peculiar one because of the premium price they charge NZ residents for international flights. I'm sure there will be a tax that is collected here that is based on percentage of the fare or something!