Bludging airport ratbags want a big handout

Our pinko mate has the correct response to this latest round of corporate bludging.

Well that’s easy. No.

What is he saying no to. This outrageous corporate bludging.

Wellington ratepayers are likely to contribute a lot more than the $1 million they have already spent on the proposed airport runway extension, if it is ever built.

Infrastructure investor Infratil has confirmed it is keen to proceed with the $300 million project but only if central or local government pays most of the bill.

Speaking at the firm’s annual meeting this week, chief executive Marko Bogoievski said the runway would not become a reality unless local ratepayers and taxpayers also chipped in to the tune of $200 million.

Infratil owns two-thirds of the airport, with the rest owned by Wellington City Council. 

It isn’t like Infratil is short of coin either.

Infratil has a strong focus on returning money to shareholders with a target of giving back 20 per cent after tax.

For the last financial year, its bottom-line profit was $3.4 million but its earnings before interest, tax, depreciation, amortisation and fair value adjustments were $527.6m.

Infratil could also soon be sitting on an extra $450 million cash after listing a chunk of fuel retailer Z Energy on the stock exchange later this month.

Why use your own money when you can pick the pockets of “other people”? Bludgers.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.