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Labour leader Phil Goff has put an Australian investment bank on notice that it will be fired from its job advising on state asset sales if Labour wins the election.

Mr Goff yesterday released a letter he has sent to John Wylie, managing director of Lazard, saying that his first action as Prime Minister would be to terminate Lazard’s contract as independent adviser in National’s partial state asset sales process.

Mr Goff said it was “a disgrace” National was paying the Australian-based bank $100 million to advise on the sale of New Zealand assets.

In the letter, which was copied to Treasury chief executive Gabriel Makhlouf, Mr Goff said he was putting Lazard “on notice that an incoming Labour Government will terminate Lazard’s appointment forthwith”.

“A Labour Government will not be selling state-owned assets and Lazard’s services will no longer be required,” the letter said.

National’s policy is to sell up to 49 per cent in four state-owned energy and power companies, and sell some of its 75 per cent shareholding in Air New Zealand, while retaining a majority shareholding.