The Airport Shares; Hold, hold,hold.

The airport shares held by Manukau are an election issue, not only for the Manukau and Auckland City residents but an important issue for New Zealand. Under my leadership, Manukau will hold it shares in the Auckland Airport Company long term.

Our city received these shares in 1989 with a value of $30 million dollars. They are now worth on current values,$500 million. Since 1998 we have received $108 million in dividends.Within 10 years our shareholding will be worth $1 billion, and we will be receiving $20/30 million per annum in dividends to off set our rating requirements.

As an investment our shareholding has been an outstanding asset for the City. Despite attempts over the years by some on our Council to sell, and my opponent Dick Quax has been one of the strongest advocates for sale, there are a number of reasons why Manukau has steadfastly held on to the shares.

The airport is located within our city boundaries and is a major employer of our people and driver of our local economy. There is a real and direct benefit to our city in holding a share in the company that will have a major economic and social impact on the future of our city.

There is huge up side potential for the airport company. A second runway is consented which will enhance the major volume growth through the airport in tourist and freight numbers. We will connect the airport to the waterfront and sea port in the next ten years by rail, to provide a major transport link that will have significant regional and national economic benefits.

The airport has major land holdings that are now only beginning to be developed. This area will be the most significant business hub for import /export and transport related industries in New Zealand. The current overseas interest reflects the potential not only of the airport but the massive land holdings.

Our airport is a national strategic asset. We sold the rail system with disastrous consequences and brought it back. We part sold the Port and now ARH has brought all the shares back into regional ownership. We hold the Vector shares and the Watercare shares , but are confronted with challenges for the continuance of the public retention of these assets.

These are crucial utilities, not only for the long term development of our region but for our country’s future. We need to be very clear that these assets; water, power, sea port and airport stay within our ownership and direct control. They are public monopoly’s which are very attractive targets for the pension super funds of Australia and Japan.

I call on Auckland City to join Manukau, in stating a strong position for long term hold of their shareholding for the sake of the region and the Country. Manukau cannot do this work by itself. This is time for a unified position.

I ask all the Mum and Dad shareholders to consider the wider picture, and recognize that for them to hold makes good sense not only to their bottom line , but for the future of the city and country.

Len Brown,
Mayoral Candidate, Manukau City.

ENDS

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