Nicola Willis' letter sent before KiwiRail ferry cancellation released

A render of one of the large rail-enabled ferries KiwiRail ordered for the Cook Strait. (Image: KiwiRail)

Thu, 15 Aug 2024

A letter sent by Finance Minister Nicola Willis to KiwiRail just before it started exit negotiations with South Korean shipbuilder Hyundai Mipo Dockyard has been released, albeit with some redactions.Treasury released a second tranche of documents related to the cancelled Interislander replacement project (iReX) on Thursday. However, the proactive release didn’t include a letter sent by KiwiRail on Jan 24, which BusinessDesk understands included a recommendation from the state-owned ferry operator to build and sell the two ferries it...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket down 0.5% amid PGW shuffle

The S&P/NZX 50 Index closed at 13,276.99, down 74.93 points or 0.56%.

Graham Skellern 14 Oct 2025

Primary Sector

PGG Wrightson chair and deputy ousted

The company's annual meeting was in Christchurch on Tuesday.

Riley Kennedy 14 Oct 2025

Economy

Reserve Bank to ease mortgage loan-to-value ratios

The bank is relaxing LVR settings from the start of December.

Rebecca Howard 14 Oct 2025

Reserve Bank to ease mortgage loan-to-value ratios

Sponsored

NZ stakes claim in data future

Hosting data onshore with Snowflake boost trusts, speed and sovereignty.

Snowflake

Sponsored

Diversification has never been more important, says award-winning fund manager

Harbour Asset Management

More Infrastructure

Infrastructure

'Meth' ministry moves: staffing data sought for four-way merger

Work is progressing on a four-ministry merger with the pejorative nickname ‘Meth’.

Dileepa Fonseka 14 Oct 2025

Infrastructure

Aratere sold for scrap, price deemed commercially sensitive

The Aratere ferry has been sold to a specialist recycling shipyard in India for an undisclosed amount.“Details of the sale price are commercially sensitive,” Duncan Roy, executive general manager of Interislander, said. The ferry was retired last August to make way for the port...

Rebecca Howard 10 Oct 2025