- Hon Nicola Willis
- Hon Chris Bishop
The Crown has entered into binding agreements to monetise the debt it holds in telecommunications lines company Chorus, Finance Minister Nicola Willis and Infrastructure Minister Chris Bishop have confirmed.
“The Government announced in December 2025 its decision to progress the early monetisation of interest-free loans provided to Chorus between 2012 and 2023 to help accelerate the rollout of fibre broadband across New Zealand,” Ms Willis says.
“These loans had a book value of $642 million.
“The fibre rollout is now complete and has delivered enormous benefits for New Zealanders, with most people now able to connect seamlessly with family, friends and colleagues across the country and around the world.
“Rather than waiting until 2036 to be fully repaid the Government has decide to monetise the current value of the loan so it can be reinvested in other priorities.
“The transaction delivers net proceeds to the Crown of approximately $702 million. This is a strong commercial result representing a gain over book value of over $60 million.
“These proceeds were anticipated in Budget 2026 and meant the Government could fund more of the infrastructure New Zealand needs – including the Cambridge to Piarere Road of National Significance, upgrades to New Zealand’s hospitals, and hundreds of new classrooms.”
Infrastructure Minister Chris Bishop says New Zealand has an infrastructure deficit, and every dollar of public investment needs to work as hard as possible to deliver the roads, homes, hospitals and schools that will improve living standards and grow the economy.
“Ministers have agreed NIFFCo can give investors limited protection for unlikely risks to get better value from the sale so there are more funds available for reinvestment now.
“Recycling capital from mature investments that have achieved their purpose into new infrastructure projects is a practical example of good financial management.
“The Ultra-Fast Broadband (UFB) securities are not ordinary shares. Their early monetisation will not change the ownership of Chorus, nor change the services and assets it provides or owns.”
“New Zealand’s future prosperity depends on disciplined public finances and continued investment in the infrastructure that underpins economic growth. That’s exactly what this Government is focused on as we fix the basics and build the future,” Ms Willis says.
Notes to editor:
- Settlement is expected to occur in August 2026.
