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

 


Further $198m for KiwiRail’s Turnaround Plan

Hon Gerry Brownlee
Minister of Transport


15 May 2014


Further $198m for KiwiRail’s Turnaround Plan

KiwiRail’s 10-year Turnaround Plan to make its freight business commercially viable continues, with $198 million being invested from the Future Investment Fund.

This brings total Crown capital investment in the Plan to $1.04 billion.

Transport Minister Gerry Brownlee says KiwiRail will use the new money to invest primarily in:
• Infrastructure renewals and upgrades.
• New wagons and refurbishment of existing wagons and locomotives.
• IT systems.
• Earthquake remediation projects and other safety works.

“KiwiRail has had a challenging few months, but looking more broadly at the rollout of its Turnaround Plan we can see fundamental improvements in the company’s operations,” Mr Brownlee says.

“KiwiRail is increasing revenues in its core operations and growing its share of the domestic freight market, and we expect that to continue. It was always clear that taking the business to financial self-sustainability was going to be a huge challenge.”

Today’s announcement comes on top of $844 million of capital investment appropriated over 2010/11 to 2013/14.

Since the company was bought by the previous government in 2008, Crown investment in KiwiRail now totals $2.4 billion – excluding investment in metropolitan rail projects. In addition, there have been writedowns totalling $9.8 billio

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Urgent Bill Planned:
MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency.

Mr Key says the decision was made after the Remuneration Authority’s latest determination which saw the total remuneration received by MPs increased by about 3.5 per cent...

The new legislation will be backdated to 1 July 2014, meaning the pay increase outlined in the latest determination will not be awarded. More>>

 

PARLIAMENT TODAY:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news