33686 (2026). Tangi Utikere to the Minister for Rail

33686 (2026). Tangi Utikere to the Minister for Rail: What is the basis for Ferry Holdings Limited capitalising $12.869 million of operating costs to 30 June 2026 and a forecast $12.446 million in 2026/27 as construction in progress rather than expensing them, and what would the reported deficit be in each period if those costs were expensed?

Rt Hon Winston Peters: Ferry Holdings Limited is a delivery entity for capital assets that will garner a return. These assets are not generated by magic, but instead by works that attract a cost and can be capitalised. This is quite standard for asset-generating activities funded by the Government. Ferry Holdings Limited has developed an appropriate accounting policy to cover this.