Will light rail go the way of Michael Wood’s Auckland airport shares?

Auckland Light Rail CEO Tommy Parker, transport minister Michael Wood and ALR project director Tom Ireland at the first drill site for the project. (Image: ALR)

Dileepa Fonseka

Thu, 22 Jun 2023

When prime minister Chris Hipkins was throwing policies on the bonfire, Michael Wood reportedly clutched to light rail like it was an Auckland airport share certificate. Yes, Michael Wood will probably go down in history as an MP unusually obsessed with investing in the New Zealand stock exchange, but in the times before all of that, he was also well-known for being abnormally attached to something else: tunnelled light rail in Auckland. People close to the project have reported Wood was constantly asking for project updates and kept...

Unlock all stories free for 10 days

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

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

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].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
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 }}

Finance

Cautious lending keeps lid on default rates – Reserve Bank

Non-performing mortgages have overtaken Covid levels.

Jem Traylen 1:00pm

The Quiz Free

QuiznessDesk: Wednesday, May 01

Test your smarts against our Quizmaster.

The Quizmaster 9:15am

Primary Sector

John Penno quits Synlait board as George Adams elected chair

Synlait Milk co-founder John Penno has quit the company’s board, and George Adams has taken over as chair.The debt-laden milk processor told the New Zealand stock exchange (NZX) on Wednesday that Adams, who joined the board in March as an independent director, would take over fro...

Riley Kennedy 9:15am