Wayne Brown: Auckland Mayor on his plans to sell off the Ports of Auckland's long-term lease
The Mike Hosking Breakfast · Newstalk ZB
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Show Notes
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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