Partial asset sales legislation passes

After a fiery two hour debate, the controversial partial asset sale laws have been passed in Parliament.

MPs have voted 61 to 60 in favour of legislation allowing the partial float of select state owned enterprises.

State Owned Enterprises Minister Tony Ryall says the country must control its debt and partial asset sales will free up capital to control debt and allow investment in schools, roads, and hospitals.

But Labour leader David Shearer is dismissing the Minister's arguments.

He's rubbishing suggestions if we don't sell assets, New Zealand will end up like Greece, saying it's a load of nonsense.

Mr Shearer is also ridiculing government claims it'll be mum and dad investors that'll be at the front of the queue for shares.

"And are these shares going to end up in corporate ownership? Well of course they're going to end up in corporate overseas ownership Mr Speaker, of course they are because if they don't, they won't get the price that they need."

Mr Ryall is rejecting opposition accusations that partial floats of state owned energy companies will result in higher power prices.

He claims in 14 of the country's 21 power regions, it's the privately owned companies that have the cheapest prices.