Parliament has kicked off the year with a number of fiery exchanges in the debating chamber.
The controversial National government policy to partially sell-off four state owned energy companies dominated proceedings.
The Maori Party has threatened to leave the coalition over the plan. None of its MPs were present at today's first sitting.
Shearer asked Key if his party's determination to push ahead with asset sales is creating instability.
"Not in the slightest. I accept what it will do is accept less debt than it would under Labour," replied Prime Minister John Key.
Shearer asked Key if he read the Government's Budget papers which he said showed the next five years capital budgets rely on the sale of public assets.
Key replied: "Yes. And that's probably one of the reasons why we have 59 MPs and the Labour Party has very few."
Labour's state owned enterprises spokesman Clayton Cosgrove also put the heat on the Government over the claim that no more than 15% of shares in a state owned enterprise would end up in foreign hands.
In response to Cosgrove's question on what the Government will do to stop assets going into foreign hands, State Owned Enterprises minister Tony Ryall said: "The Government's not proposing it would take any action that would stop ordinary people having a right of who they sell their shares to."
Greens co-leader Russel Norman believes the Government has received information about whether the companies can remain majority owned by Kiwis but is hiding it from the public.
He asked Ryall if he would release that, and Ryall replied he was welcome to apply for it under the Official Information Act.
Some new rules have been introduced to Parliament which will see a MP given extra speaking time if they feel they have been mis-represented by a minister.
It will also be tougher for the Government to go into urgency - but house sitting times have been extended so more legislation can be passed.
It is expected maiden speeches will take up much of the house sitting time tonight.
- With Newstalk ZB
