KiwiRail value derailed

I had to get this billboard photo from Whaleoil because I couldn't find it on any Labour Party affiliated website.

Perhaps they are embarrassed. 

They should be.

The accounts reveal the value of KiwiRail has been slashed $242 million, more than a third, since the Government bought the business from Australian firm Toll in July for $690 million.

The "fair value" of KiwiRail is now $448 million, a loss of about $56 for every New Zealander.

KiwiRail is a key plank in Labour's election billboards, which include Kiwibank and KiwiSaver. "Keep it Kiwi, vote Labour" the billboards say. More

Today we find out that the Crown accounts show the "value" of KiwiRail have dropped by almost a quarter of a billion dollars since Cullen bought it just a few month ago.

This brings KiwiRails value down to just $448 million. Not bad going in just two months.

Of course Treasury puts the value of KiwiRail at alot less than that. 

$125 million is their true value of Mikey's wee train set.

c Political Animal 2008