A showdown is looming at Auckland Council, with a decision set to be made today on the divisive plan to sell the council's shares in Auckland International Airport.
The council owns 18% of the airport, the biggest single shareholding.
Mayor Wayne Brown estimates that share is worth about $2.2 billion.
He has argued that, to keep services and reduce debt, all the shares must go.
"Having explored all the other options, there's only one way to keep rates under inflation," he said last week. "Selling the airport shares.
"Our capacity to borrow isn't the issue, it's our capacity to pay it back."
Council figures show that, in the 10 years before Covid-19, the share price rose from $2 to about $10, earning Tāmaki Makaurau nearly $400 million in dividends. The share fell sharply over Covid, but it's now back at about $9 a share.
Economic and political commentator Bernard Hickey thinks the numbers show an asset worth holding on to.
"That's an incredibly high performing share," he told 1News.
"Auckland is a really strong young city, with lots of assets, and a fantastic credit rating.
"This is not a city in financial trouble."
The vote is expected to be tight, and it comes amid controversy over other stakeholders in the airport.
Labour MP Michael Wood has been temporarily stood down as Transport Minister over his investment in the transport hub.
Meanwhile, his wife is one of two councillors who have had to declare family interests in the airport.
It's not yet clear if those two councillors will be allowed to vote today.
SHARE ME