Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

ComCom raises transparency bar for New Zealand airports

ComCom raises transparency bar for New Zealand airports

By Jason Krupp

Dec. 23 (BusinessDesk) - The Commerce Commission today published its information disclosure requirements for airports, a move aimed at boosting operating transparency and competition among the Auckland, Wellington, and Christchurch gateways.

The three airports, all regulated under the Commerce Act 1986, will be required to provide regular updates on historical financial information, quality measures, pricing information, and revenue forecasts from the start of the 2012 financial year, according to a statement from the commission.

The move is seen as a step to incentivise operators to investment in infrastructure, improve operational efficiencies, share the benefits of efficiency gains in the supply of regulated goods with customers, and limit their ability to extract excessive profits.

"The new disclosure regime represents a significant step forward in terms of the amount and quality of information that will be publicly available,” said commission chair Mark Berry.

“More information will be available about what customers pay, their experience of regulated terminal services facilities, and the extent to which interruptions are related to the supply of regulated airport services.”

The Commission said the new disclosure requirements have been established in line with generally accepted accounting practices, and input methodologies for regulated airport services, making comparison between operators easier.

The full list of disclosures include reports on return on investment; regulatory profit; regulatory tax allowance; regulatory asset base roll-forward; related party transactions; actual to forecast expenditure; segmented information; and a consolidation statement.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>