Wellington’s debt crisis to worsen as airport share sale canned

Councillors today voted not to sell the airport shares, in what Taxpayers’ Union Policy and Public Affairs Manager, James Ross, says “could be shaping up to be an incredible act of economic sabotage.”

“Wellington City Council has already breached its debt limit, and as the airport shares have not been sold, officers are now warning the debt ceiling might need to triple.”

“Wellington households are already paying more than $800 a year in interest on the council’s debt, not to mention more than four grand servicing central government debt. Now that bill is set to skyrocket even higher”

“The answer was clear. The airport shares had to be sold and the money used to pay down some of the massive debts on Wellington’s books.”

“It’s about time the council stopped treating ratepayers like an endless piggybank and made some big choices to start putting their finances first. Starting with selling the airport, then slashing wasteful spending on back-office staff and vanity projects like the ever-growing cycle network.”