I can see your view (and the views of many protesters against the sale). However I put to 1 very important question that is quite universal all around the world. Can it be shown that gov'ts are more efficient and better at spending such dividend/revenues than the private counterpart to achieve the same level of service or outcome? After all there is a reason why Greece and Spain are having troubles (a 1$ spent by the gov't yields less than a $1 spent in the private system).
A lot of hurt has happened to small investors in NZ in recent years from various failed ventures of the likes of Hanover Finance and Bluechip investors. Should only the gov't hold the best assets for themselves to use or share a bit of the profit with the people of the country? Or is it that the people of NZ only choice for investment is term deposits and rental properties?