Auckland transport shake-up will cut hundreds of jobs in major restructuring
Auckland Council confirmed that 320 jobs will go as part of a major restructuring of the city's public transport operations, with unions warning of service downgrades.
An Auckland Transport (AT) review released said about 240 of the 320 positions are operational and the remainder administrative. The agency expects the restructuring to deliver NZ$78 million in savings within 12 months.
Mayor Wayne Brown defended the decision as 'unavoidable for budget discipline.' Duane Leo, head of the PSA union, countered: 'Passengers will see fewer buses, longer waits and reduced safety — that is our bet.'
The New Zealand dollar closed the week at 0.604 against the US dollar. The NZX 50 ended down 0.3% on the week. Auckland Council 10-year bond yields slipped to 4.68%, with markets pricing the cuts as credibility-positive.
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