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Billion dollar KiwiRail now worthless, says English

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Newtown-Fella
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« on: March 04, 2009, 04:54:48 pm »

guess the diehard Labour supporters will start blaming the National Party for this .....


.KiwiRail as a business is just about worthless, Finance Minister Bill English said today when he accused the previous government of failing to fund the commitments it made to the network.

He said the Labour government, which bought the railway from Toll and renamed it KiwiRail, had made a string of commitments which added up to about $3 billion but it allocated only about $120 million.

"The Government is now the owner of a business which probably has no value, in fact negative value, having just eight months ago paid almost a billion dollars for it," Mr English said in Parliament.

"We will have to keep this business and try to make it work, because no one in their right mind would be prepared to pay anything like what the taxpayer put into it."

Mr English said the Government had decided to invest $39.9 million on 29 new passenger carriages for the TranzScenic route and $75 million for 20 new locomotives.

"We believe this will help lift its performance on tourist routes and its freight business," he said.

Mr English said the Government was going to be "much clearer" with KiwiRail's board and expected answers to questions on what subsidies would be spent on.

The Government announced the locomotive deal on Monday, saying they would be bought from China.

In Parliament today Labour MP Trevor Mallard said Malaysia bought 20 of the same model locomotives eight years ago and today only five were still running.

Mr Mallard said they could have been built at the Hutt workshops using the same German engines that were going to be used by the Chinese.

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10560007
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Kiwithrottlejockey
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« Reply #1 on: March 04, 2009, 05:12:28 pm »


One almost could feel sorry for Billy-Boy. He is obviously so inadequate as Minister of Finance that he continually drags up diversions to try and shift attention from the fact he is about to break heaps of election promises. And he has  lots of gullible Nats suckers like Newtown-Fella to push his spin on his behalf. In fact, Billy-Boy even has Libertarianz clowns like BallastedMoth asking “how high?” when he says “JUMP!” Haw haw haw....Billy-Boy is like Old Mother Hubbard, except he is throwing tantrums over it! Billy-Boy needs to grow some BALLS (and some BRAINS) and get on with being the Minister of Finance and KEEP election promises instead of being an idiot!
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Newtown-Fella
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« Reply #2 on: March 04, 2009, 05:24:32 pm »

Billy-Boy cant keep all election promise as he doesnt have the money in the bank that labour lead everyone to believe was available

hes got more balls and brains than you KTJ thats why he's Finance Minister.....


jeez your not even a Labour supporter but you jumping to their defence

whats going to happen KTJ when National starts reducing train services ?

im sure ther are many off peak services that dont have the passengers to make them economical to run

i can catch a #49 bus to Queensgate in Lower Hutt from Newtown and it costs $4.50

catching a bus to teh Railway Terminal and then a train to Waterloo would cost me $7.50 and i have a walk down to Queensgate from waterloo unlike the #49 which takes me to Queensgate



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Kiwithrottlejockey
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« Reply #3 on: March 04, 2009, 05:34:59 pm »

The train services are run under contract to the Wellington Regional Council (who are gradually gaining ownership of ALL the trains), not to the National Party. DUH!!!

Anyway, it wouldn't be the off-peak services Tranz Metro would drop, but the PEAK services, which would be political poison for whoever was the government. It only takes a minimal staff and minimal assets to run the equivalent of an off-peak service all day. Whereas PEAK services require huge assets tied up in rolling stock which sits around most of the day and is only use for two short peak periods each day (and not at all on weekends) AND staff who likewise are only utilised for short periods during the peaks. So it would actually be more profitable for all concerned to dump the additional peak services and run a uniform minimal 30-minute service on all routes right through the entire day incuding during the peak periods. The bus companies actually have the same problems as the rail in that respect. However, I could just imagine the backlash against the government if they pulled all transport funding from the Regional Council resulting in bus AND train companies picking and choosing what they ran and leaving VOTERS to run the gauntlet of clogged-up congested roads during peak periods! That would be really funny to see and what would be even funnier would be the reaction of the voters at the next general election.  Grin
« Last Edit: March 04, 2009, 05:41:41 pm by Kiwithrottlejockey » Report Spam   Logged
ballasted moth
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« Reply #4 on: March 04, 2009, 06:04:22 pm »

  This would be funny if it were not so tragic

Labour Green loonies will still be carping about the benefits of rail at the next election despite blatant failure

  It is all so 19th century like those who support it
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ssweetpea
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« Reply #5 on: March 04, 2009, 07:17:55 pm »

Quote
Whereas PEAK services require huge assets tied up in rolling stock which sits around most of the day and is only use for two short peak periods each day (and not at all on weekends) AND staff who likewise are only utilised for short periods during the peaks. So it would actually be more profitable for all concerned to dump the additional peak services and run a uniform minimal 30-minute service on all routes right through the entire day incuding during the peak periods. The bus companies actually have the same problems as the rail in that respect.

The bane of many a bus driver are split shiffs where they work the morning peak and evening peak with a few hours off in the middle. There are streets around the edge of the Auckland CBD that have buses parked all day waiting for the evening commute home.

The same applies to the ferry services run in Auckland. They could do the whole lot with just two small to meduim ferries if it weren't for the fact that they have to get ferries to Devonport, Stanley Bay, Bayswater, Northcote, Birkenhead, Pine Harbour, Halfmoon Bay and Waiheke at pretty much the same time and repeatedly with numbers so large that separate boats are needed for many destinations. The problem only gets worse if the proposed new sevices to Island Bay, Beach Haven, Hobsonville, Takapuna and maybe even Browns Bay ever get off the ground.

As for KiwiRail - it isn't all about passengers, far from it. The back bone is freight. KiwiRail has very few passenger services. Tranz Metro and Veola (Maxx) run the the bulk of them.
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Newtown-Fella
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« Reply #6 on: March 04, 2009, 11:01:04 pm »

The train services are run under contract to the Wellington Regional Council (who are gradually gaining ownership of ALL the trains), not to the National Party. DUH!!!


and who own KiwiRail ?

On the 1st July, Toll Rail became owned by the New Zealand Government and was renamed KiwiRail.

http://www.kiwirail.co.nz/

DUH !!

any contract can be reviewed and im sure if it hasnt been already the contract with WRC will come up for review

and just how is the WRC going to afford to buy a Train Service ?

considering all  funding appears to come from the NZ Transport Agency a Crown entity
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ssweetpea
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« Reply #7 on: March 05, 2009, 05:17:17 am »

Quote
just how is the WRC going to afford to buy a Train Service ?

Why not? Auckland, in the form of ARTA, has. Kiwirail are in charge of upgrading and maintaining the rolling stock. They don't own it from what I gather from the website. Sure part of ARTA's funding comes from the government but part also comes from the ARC i.e. rates.

Perhaps a better question would be why doesn't WRC already own Tranz Metro?
Have I spotted the cause of alot of Aucklander's griping over their rail funding over the last 2 or 3 decades?
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TokGal
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« Reply #8 on: March 05, 2009, 05:44:55 am »

The bottom line is that we really don't know for sure whether there was less money in the coffers than National were lead to believe, we only have National's word on that, and let's face it National is not going to make it look as if Labour did anything right are they? It wouldn't suit their causes to do that, and yes, it would work that same way with any new in-coming government.

But, (to quote a politician's favourite phrase) at the end of the day, National will do what's good for the big business people, not what will benefit the average worker, but they will package it to appear to be on their side.

To look after the rich is what National stands for, what they have always stood for, and that will never change no matter who is the leader.

If some of the bigwigs were removed, and the boards of directors weren't paid such astronomical amounts there would be a big difference in the profit made by big business, and that is all they are worried about anyway.

 
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ssweetpea
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« Reply #9 on: March 05, 2009, 06:21:05 am »

Back to the original topic.
I seriously doubt that Kiwi Rail is now worthless. It may be worth less than it was when purchased but some of that will be that accountant's yard stick, depreciation.

The rest would be the general drop in value currently be suffered by many businesses. Remember high fuel prices knocked the profitability of transport services for 6 last winter.

Yes, it needs investment, that is not news, but nobody puts in that amount of money all at once.
It is something that is best done over a period of years.
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donquixotenz
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« Reply #10 on: March 05, 2009, 06:35:44 am »

many creative accountants and fiddlers in the woodwork methinks.
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But rather, to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming...

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Magpie
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« Reply #11 on: March 05, 2009, 06:41:46 am »

Newton Fella is the Chicken Little of our community. Bill English says something, NF swallows it and then runs around squawking about how the sky is falling....
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AnFaolchu
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« Reply #12 on: March 05, 2009, 06:52:02 am »

'To look after the rich is what National stands for, what they have always stood for, and that will never change no matter who is the leader.'

I've said it before and I'll say it again... they look after farmers and farmers aren't rich... well at least not beef and sheep farmers.


Labour has never looked after the rural/ primary sector of this country
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ballasted moth
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« Reply #13 on: March 05, 2009, 07:03:58 am »

  labour supporters always resort to tired old cliches as they try to defend labour scams

Labour LIED about the state of govt accounts FACT

 Even at the time of buying Kiwirail Cullen promised it would lose money He should be tried for economic treason
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Magpie
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« Reply #14 on: March 05, 2009, 09:33:14 am »

Talk about squawking and up jumps Ballasted Moth, right on cue.

I should ask her to prove her allegations, but that would be a total waste of time, Ballasted Moth doesn't do proof......

Maybe she does 70% proof, though, that would explain a lot about her bizarre behaviour.
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donquixotenz
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« Reply #15 on: March 05, 2009, 09:37:48 am »

perhaps english want to privatise again......IMHO nats should prioritise up grading total system building rolling stock and rolling rails domestically and only purchasing hardwear and technology we cannot manufacture here and use corridors for power and communications distribution.   
Jobs for kiwis and no more resource consent holdups.
« Last Edit: March 05, 2009, 09:40:50 am by donquixotenz » Report Spam   Logged

Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body.

But rather, to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming...

WOW, What a Ride!"

Please note: IMHO and e&oe apply to all my posts.
ssweetpea
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« Reply #16 on: March 05, 2009, 09:51:47 am »

It occurs to me that what the Nats have here is an excellent opportunity to create jobs and training schemes as well as impove frieght and mass passenger transport.

Private enterprise won't touch it apart from striping assents out of it - we have proved that already.

It's got to be better than building a national cycleway as far as make work goes and better still has the potential to make a profit. Again something I doubt that a cycle way is capable of.

Just think of all the track work that could be done with otherwise unemployed workers Wink

Well since they are heading down that road why not make it a rail road?
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donquixotenz
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« Reply #17 on: March 05, 2009, 09:59:32 am »

hear hear!!!!!!!!!!!
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Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body.

But rather, to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming...

WOW, What a Ride!"

Please note: IMHO and e&oe apply to all my posts.
Newtown-Fella
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« Reply #18 on: March 05, 2009, 10:03:06 am »

The bottom line is that we really don't know for sure  whether there was less money in the coffers than National were lead to believe, we only have National's word on that .....


so you dont believe what Treasury is saying Tokgal ?

after all Treasury are the ones who balance the countries bank books and fed out the info .....

not National
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Kiwithrottlejockey
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« Reply #19 on: March 05, 2009, 10:05:10 am »

The bottom line is that we really don't know for sure whether there was less money in the coffers than National were lead to believe, we only have National's word on that, and let's face it National is not going to make it look as if Labour did anything right are they? It wouldn't suit their causes to do that, and yes, it would work that same way with any new in-coming government.


It's all part of a HUGE SMOKESCREEN by the Nats in a desperate attempt to try and divert attention from the fact they are about to BREAK A SHITLOAD OF ELCTION PROMISES. Who can remember Jim Bolger's “No changes to national superannuation, no ifs, no buts, no maybes” in 1990? He (and Ruth Richardson and Bill Birch and other Nats) then proceeded to do exactly the opposite and shit all over old age pensioners, many of whom had put their lives on the line for their country during the 1st and 2nd World Wars. Actions ALWAYS speak louder than words and we have past actions of the Nats to PROVE to us how they operate when it comes to election promises. Bill English is creating a huge smokescreen in a desperate attempt to try and hide the upcoming broken election promises behind. And their are plenty of gullible suckers who are already being sucked in by the smokescreen before the broken election promises have even occured!!
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ballasted moth
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« Reply #20 on: March 05, 2009, 01:46:35 pm »

  KTJ The CURRENT govt has kept all its promises so far
Ruth Richardson is not part of this govt

 IT is NOT 1990
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