In this 2008 television news footage, Finance Minister Michael Cullen talks about the government's buying back of the rail network. In 1993 New Zealand’s rail system (including the track network) and inter-island ferries were sold for $328 million. Renamed Tranz Rail, the organisation performed poorly, and in 2003 was bought out by the Melbourne-based Toll Holdings. In 2004 the government repurchased the rail infrastructure, by then very run-down, for $1, vesting it in a new state-owned enterprise, Ontrack. The government also spent $75.8 million buying a stake in the rail operator, and provided it with a $44-million cash injection. On 1 July 2008 the government spent $665 million buying Toll’s rail and ferry operations outright, renaming the company KiwiRail.
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