Back to today’s briefing

Story perspectives

New Zealand Cancels $507M Ferry Project, Critics Warn Taxpayer Losses

5/8/2025

43 10

Summary

Story summary

The New Zealand government has poured over $507 million into the now-canceled iReX project aimed at modernizing Cook Strait ferries. Finance Minister Nicola Willis pulled the plug due to soaring expenses, while Rail Minister Winston Peters revealed plans for smaller ferries by 2029. Critics warn that the cancellation could cost taxpayers up to $1.16 billion.

1 of 1

Story summary

The New Zealand government has poured over $507 million into the now-canceled iReX project aimed at modernizing Cook Strait ferries. Finance Minister Nicola Willis pulled the plug due to soaring expenses, while Rail Minister Winston Peters revealed plans for smaller ferries by 2029. Critics warn that the cancellation could cost taxpayers up to $1.16 billion.