The government is challenging opponents of state-owned asset sales to explain why it would be better to borrow billions of dollars from overseas lenders.
Opposition parties fiercely oppose the partial sale of four state-owned power and energy companies and polls have shown an overwhelming number of voters feel the same way.
But the government isn't backing down and Finance Minister Bill English came out swinging in a speech to Auckland Chamber of Commerce on Thursday.
"Our political opponents need to honestly explain to New Zealanders why it would be better to borrow $5 billion to $7 billion from overseas lenders at a time when the world is awash with debt and consequent risks," he said.
"Most nights on television we see the consequences in Europe and elsewhere of borrowing too much - we don't want that for New Zealand."
Mr English says the government is already spending and borrowing more that it can afford and selling 49 per cent of the shares in the companies is the best way to avoid getting deeper in debt.
"Taxpayers own $245 billion of assets and this is forecast to grow to $267 billion over the next four years," he said.
"We aren't reducing our assets, it makes sense to reorganise them and redeploy capital to priority areas without having to borrow more."
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