Interislander write-offs drive $407m KiwiRail deficit

Interislander write-offs drive $407m KiwiRail deficit
KiwiRail has had to write off $382m in costs associated with the Interislander replacement project. (Image: KiwiRail)
Oliver Lewis
KiwiRail has written off $382 million in costs associated with the cancelled Interislander replacement project and provisioned a further $60m for winding it down.The $442m in costs, detailed in the 2024 half-year results released on Thursday, doesn’t include the cost of exiting the shipbuilding contract with South Korean shipyard Hyundai Mipo Dockyard, which was contracted to build two new ferries for $551m.The coalition government declined a bid by KiwiRail last December for nearly $1.5 billion in extra funding for the project, called iR...

More Infrastructure

NZTA estimated 14 roads could cost $22.5b to $32b
Infrastructure

NZTA estimated 14 roads could cost $22.5b to $32b

Agency has published figures leaked to the media earlier this year.

Oliver Lewis 15 Nov 2024
Antarctica NZ confirms cuts to Scott Base rebuild team
Infrastructure

Antarctica NZ confirms cuts to Scott Base rebuild team

Several roles have been eliminated as part of a project reset.

Oliver Lewis 14 Nov 2024
Fletcher finalises industry response to pipe problem
Infrastructure

Fletcher finalises industry response to pipe problem

Fletcher Building said today it had finalised an industry response to its Iplex pipes division issue.The building materials giant has faced a number of product quality complaints relating to a hot and cold water polybutylene pipe product it previously manufactured.Its proposed se...

Victoria Young 13 Nov 2024
New PPP ‘blueprint’ launched
Finance

New PPP ‘blueprint’ launched

The Government is releasing a “refreshed blueprint” on the use of public-private partnerships to deliver infrastructure projects.Infrastructure Minister Chris Bishop said this followed extensive engagement by the Infrastructure Commission with Treasury, other public sector agenci...

Staff reporters 13 Nov 2024