Thursday 15th May 2014 |
Text too small? |
The government has sprinkled the proceeds of its $4.7 billion assets sales programme across projects ranging from housing developments to irrigation schemes and an increased bailout for state-owned Kiwirail.
Some $1 billion of the money, held by the Future Investment Fund, has been allocated in the 2014 budget, including $67 million for a new Grey Base Hospital on the West Coast and $172 million earmarked for upgrading and building schools.
Unprofitable Kiwirail is the single biggest recipient, getting $198 million for its turnaround plan while $75 million is set aside as a Christchurch housing contingency. The government is also allocating $40 million to Crown Irrigation to invest in irrigation schemes and Housing New Zealand's Hobsonville Land Company, which has a residential development north of Auckland, gets $31 million.
Gross proceeds from the sale of shares in MightyRiverPower, Meridian Energy, Air New Zealand and Genesis Energy came in below the original estimate of $5 billion to $7 billion, partly reflecting the decision not to sell the financially troubled coal miner Solid Energy.
The allocation announced today brings the total to about $3 billion over three budgets and leaves $1.68 billion in the fund.
BusinessDesk.co.nz
No comments yet
WHS FY25 Interim Results teleconference details
VGL - Odeon Cinemas Group signs for Vista Cloud
DGL - T&G appoints new Director
TEM - Transaction in Own Shares
Fonterra lifts FY25 earnings guidance
Fonterra releases divestment roadshow presentation
March 10th Morning Report
NZM - Update on director nominations and shareholder proposal
2 Cheap Cars secures new finance facility with ANZ Bank
March 7th Morning Report