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What is the total cost to the Crown of the cancellation and wind-down of Project iReX as at 30 June 2026, and does this figure differ from the $671 million reported by KiwiRail in August 2025; if so, why?

Answered Question 39690 (2026)
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Asked by

Tangi Utikere

Member for Palmerston North · Labour Party

Question

  • What is the total cost to the Crown of the cancellation and wind-down of Project iReX as at 30 June 2026, and does this figure differ from the $671 million reported by KiwiRail in August 2025; if so, why?

Answered by

Rt Hon Winston Peters

List MP · NZ First · Minister for Rail

Answer

Sadly, regrettably, outrageously, and disgracefully – iReX spent $671 million with barely anything to show for it. That number has not changed since, as the project was cancelled. Had it not been cancelled, it was on course to cost $4 billion and would have represented one of the most egregious misuse of taxpayer funds in recent decades.