Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Auckland rail deal clinched

24 December 2001 Media Statement

Auckland rail deal clinched


The Crown and Tranz Rail have completed the Crown’s purchase of the Auckland rail corridor.

The announcement today by Finance Minister Michael Cullen, Transport Minister Mark Gosche and Tranz Rail Managing Director Michael Beard confirms the details agreed in the exchange of letters between the parties in September.

“The Government entered the negotiations with clear objectives and we have achieved them. Auckland can plan its future transport needs and the part rail will play with certainty,” the Ministers said.

“Auckland now has the corridors it requires for a rapid transit system while freight services to Northland are preserved and we are satisfied a fair and equitable price has been negotiated.”

The first $75 million of the $81 million would be paid immediately. The balance would be paid on satisfactory conclusion of negotiations over train control and track maintenance and other interim services, all of which Tranz Rail would provide for the next five years.

Tranz Rail would continue to run passenger services under the existing contract until at least June 2003.

Detailed negotiations on these on-going operations are expected to be finalised in the first quarter of next year.

“We are pleased to finalise this sale that gives the Auckland Regional Council responsibility for Auckland passenger rail, while preserving Tranz Rail’s rights to the freight business,” said Mr Beard.

“Completing the bulk of this transaction is another step in our strategy to exit non-core services and concentrate on our freight business.

“In the past week or so we have finalised outsourcing of our Infrastructure and Locomotives Services operations, completed the transaction for the sale of Tranz Scenic and now we have largely completed the Auckland rail corridor business.

Once the details of this are concluded, we will move into progressing the sale of the Wellington Tranz Metro operation.”

Mr Beard confirmed proceeds from the sale of the rail corridor would be used to retire Tranz Rail bank debt.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them.

Finally, yesterday’s announcement by the Ardern government that a new state agency will be set up to assess and plan the manned re-entry to the mine (on a set timetable) goes a long way to meeting the families’ remaining request: that they be enabled, if at all possible, to bury their loved ones. More>>

 

Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>

ALSO:

Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>

ALSO:

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election