Story: Treasury

Buying back the railways

Buying back the railways

New Zealand Rail was sold to private interests in 1993. The Labour-led government elected in 1999, sceptical of the benefits to the country of private ownership, bought back the rail and ferry business in 2008. Seller David Jackson, chief executive of Toll Holdings (centre) and buyer Minister of Finance Michael Cullen (right) sign documents on 5 May 2008 along with William Peet, chief executive of Ontrack (left), the company running the rail infrastructure, which the government had repurchased in 2004. Treasury was closely involved in the corporatisation and sale of government business enterprises in the 1980s and 1990s – and in the repurchase of some of them in the 2000s.

Using this item

NZPA Images
Reference: 46147
Photograph by Tim Hales

This item has been provided for private study purposes (such as school projects, family and local history research) and any published reproduction (print or electronic) may infringe copyright law. It is the responsibility of the user of any material to obtain clearance from the copyright holder.

All images & media in this story

How to cite this page:

Malcolm McKinnon, 'Treasury - Treasury and the state sector since 1980', Te Ara - the Encyclopedia of New Zealand, http://www.TeAra.govt.nz/en/photograph/34945/buying-back-the-railways (accessed 17 October 2019)

Story by Malcolm McKinnon, published 20 Jun 2012