The Ratepayers’ Alliance is backing former Labour Party leader David Cunliffe’s call for heads to roll at Auckland Council for the $1.4 billion losses on interest-rate derivatives in the past two years after the Council’s strategy of fixing interest cost long-term backfired when interest rates fell.

Ratepayers’ Alliance spokesperson Jo Holmes says: “Phil Goff needs to listen to his former finance man, and ensure heads roll. Not only was this a $1.4 billion mistake, but the lack of apparent governance oversight is yet another stain on the Super City and strain on hard working ratepayers.”

“You know things are bad when leading figures from the Mayor’s own Party are calling out the omnishambles.”

© Scoop Media