Wellington’s airport is one third owned by the City Council, God only knows why, and the balance by a substantial and successful investment entity.
The Council has just voted not to fund a required $76 million upgrading of a sea-wall.
For once they’ve done something sensible. Borrowing money has never been easier and cheaper which is what the airport company should do.
It’s not the role of Councils to act as de facto bankers.
Like many Councils Wellington’s is hyper-active at ratepayers expense in feel-good outlays. Meanwhile it faces a substantial cost in repairing its collapsing drainage system.
Through no fault of their own all aviation activities have taken a terrible beating from the pandemic. But that will be temporary plus being the capital, Wellington Airport is still fairly busy and its long term future is not in doubt. It will be a breeze for the company to raise the required money rather than put their hand in the public’s pocket.