Source: Auckland Council
Auckland Council’s Interim Report shows the group invested significantly to strengthen the physical resilience of Auckland and manage growth, while meeting its financial targets.
The council delivered $1.9 billon of capital investment in the six months to December 2024 – a record for a six-month period and an increase of $474 million on the six months to the end of December 2023.
In line with Auckland Council’s Long-term Plan 2024-2034, this investment was prioritised in transport, water and enabling local boards to better respond to the needs of their communities.
Auckland Council group chief financial officer Ross Tucker said the Interim Report highlights the increased investment in the region’s infrastructure likes roads, pipes and stormwater assets.
“Of the total capital invested in the six months, 38 per cent has been invested in roading and public transport – $727 million to improve our region’s roads, buses and trains, such as the City Rail Link project,” says Mr Tucker.
“Another 29 per cent – or over $552 million – has been invested into Auckland’s water supply, wastewater and stormwater, delivering new and improved infrastructure that improves existing services and will support Aucklanders for generations to come.
“We’ve also prioritised the buy-out of category three properties, spending $392 million on close to 400 properties that had an intolerable risk to life. We know the risk category three buy-outs are higher than originally anticipated, however it is being closely and carefully managed as part of making Auckland a more resilient region.”
The buyout funding includes a 50-50 agreement between Auckland Council and central government, secured in October 2023.
Major projects delivered
In its first six months, the council delivered a number of major projects in Auckland, both in communities and with region-wide benefits.
These include the Central Interceptor reaching the three-quarter completion mark, refitting a fourth low emission ferry vessel and getting it into operation, and continued progress on the City Rail Link with overhead line equipment and switch rooms commissioned at Britomart.
“Our half year results are in line with expectations. We are getting on with delivering the physical and financial resilience we planned, while ensuring value for Aucklanders.”
This includes progress on the Auckland Future Fund. In December 2024, the fund sold Auckland Council’s remaining shares in Auckland International Airport Limited for $1.32 billion.
The fund will use the sale proceeds to diversify the council’s major financial investments across different sectors and geographic regions, with expected stronger annual returns to council to help fund services and infrastructure.
The full Interim Report is available via the main Auckland Council website.
Auckland Council Group highlights – six months to December 2024
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Operating revenue increased 15 percent to $5.4 billion, compared to the six months to 31 December 2023. This includes revenue to pay for the services we provide and invest in maintaining and renewing our assets.
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The operating surplus was $2 billion, an increase on $571 million in 2023.
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The group’s capital investment in infrastructure and community assets totalled $1.9 billion – 33 percent more than the prior period.
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Net debt increased to $13.2 billion, from $12.3 billion in June 2024. This increased debt was primarily used to fund investment in new assets, spreading the cost of these assets over the generations that will use them.
Key capital highlights include:
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Providing funding, alongside the Crown, to City Rail Link Limited which continued work on New Zealand’s largest infrastructure project. One of the significant milestones was achieving permanent power to the stations’ high voltage rooms and main switchboards.
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Bringing the Pukekohe Water Treatment Plant back into service after it was damaged in the 2023 severe weather events which enabled the community to increase water usage by six million litres a day at a time when water demand is at its peak.
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Achievement of a major milestone on the Central Interceptor project, with Hiwa-i-te-Rangi Tunnel Boring Machine breaking through into a shaft in Western Springs, which enabled a tunnel to be built which collects wastewater and stormwater overflows from Mount Albert.
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Significant progress made on the Eastern Busway project with the completion of the new bus station at Botany Town Centre
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Completion of the Port of Auckland Outfall Upgrade project which improves the stormwater network and mitigates significant flooding risk at Britomart
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Construction and renewal of many local and regional parks, sporting and leisure facilities such as refurbishment of Te Pae o Kura – Kelston Community Centre and renewal of Windmill Park with upgraded kiosk space, toilet facilities, a first aid room and storage.
