Auckland Households Face 29 Percent Rate Rises to Fuel Future Wealth Fund
Published on February 21, 2024
The mayor of New Zealand’s biggest city has proposed a staggered household rates increase as part of a long-term budget plan aimed at boosting the city’s coffers, coupled with filling a debt hole by selling or leasing strategic assets. Released last December, Auckland’s Mayor Wayne Brown’s proposal known as the Long-Term Plan (LTP) 2024-2034, has the provisional approval of councillors after being adopted by the Budget Committee but still requires public consultation. Its focus is the establishment of a wealth fund for Auckland, known as The Auckland Future Fund, estimated at $3 billion (US$1.9 billion), and includes a plan to lease some land at the centrally-located Ports of Auckland for development....