New Zealand Rail was sold to private interests in 1993. The Labour-led government elected in 1999, sceptical of the benefits to the country of private ownership, bought back the rail and ferry business in 2008. Seller David Jackson, chief executive of Toll Holdings (centre) and buyer Minister of Finance Michael Cullen (right) sign documents on 5 May 2008 along with William Peet, chief executive of Ontrack (left), the company running the rail infrastructure, which the government had repurchased in 2004. Treasury was closely involved in the corporatisation and sale of government business enterprises in the 1980s and 1990s – and in the repurchase of some of them in the 2000s.
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Photograph by Tim Hales
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