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Auckland Mayor seeks to sell Ports' lease, cites "poor" financial performance

Author
Newstalk ZB,
Publish Date
Wed, 29 Nov 2023, 8:42AM
Auckland Mayor Wayne Brown. Photo / Dean Purcell
Auckland Mayor Wayne Brown. Photo / Dean Purcell

Auckland Mayor seeks to sell Ports' lease, cites "poor" financial performance

Author
Newstalk ZB,
Publish Date
Wed, 29 Nov 2023, 8:42AM

Auckland's Mayor is looking for more bang for his buck as he looks to sell off Port of Auckland's operating business.

Wayne Brown's put forward two options for the port in his proposed 10-year budget, which also includes a rates rise of 7.5%.

Either keep the business, gradually releasing land for public use, or sell the operating lease to raise up to $3 billion for an investment fund.

Brown told Mike Hosking that the port is a very poor financial performer.

He says by putting it into a fund, they'd be taking value and putting it into something more valuable as the returns from the port and airport don't cover the costs of owning them.

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