Wellington can't afford even more debt

Wellington City Council officials have provided figures suggesting that the council’s debt limit could triple if it does not sell its stake in Wellington International Airport.

“Doubling down on the city’s financial crisis is not the answer, and residents can’t take more punishment”, said James Ross, spokesman for the Taxpayers’ Union.

“Last year, each household in Wellington paid over $800 just to finance their council’s spiralling debt. That’s on top of more than four grand they paid in interest on central government debt.”

“And with rates also tripling over the next decade, there’s no more money to wring out of ratepayers.”

“The only answer is to cut the council’s ludicrous spending on waste, start paying off the debt and lower the debt ceilings to stop this happening again. If selling off the airport shares is what it takes to do that then councillors need to step up and do the right thing.”