General Announcement::Government announcement on rates increase targets

Issuer & Securities

Issuer/ Manager
AUCKLAND COUNCIL
Securities
AUCKLANDC EUR500M0.25%B311117 - XS2407197545 - 9FXB
AUCKLANDCOUN EU500M1%N270119 - XS1520344745 - 67KB
AUCKLANDC EUR500M0.125%N290926 - XS2055663764 - KJIB
AUCKLAND COU NOK1.4B 4%N280909 - XS0964196603 - 2ZFB
AUCKLANDCOEU185M 2.125%N340324 - XS1045821847 - 3E4B
AUCKLANDC NOK1B 2.0775%N311128 - XS1514161956 - 61YB
AUCKLANDC EUR600M3%B340318 - XS2784364973 - 9AWB
AUCKLANDC US$100M F261125 - XS2943603360 - EXCB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-Dec-2025 09:37:01
Status
New
Announcement Sub Title
Government announcement on rates increase targets
Announcement Reference
SG251203OTHRULO1
Submitted By (Co./ Ind. Name)
Andrew John
Designation
Head of Group Treasury
Effective Date and Time of the event
03/12/2025 09:30:00
Description (Please provide a detailed description of the event in the box below)
Market Announcement

3 December 2025

Government announcement on rates increase targets

On 1 December 2025 the New Zealand Government announced its decision to introduce a rates target model that will see local councils, including Auckland Council, required to operate within a proposed target annual rates increase range of 2 to 4 per cent from 1 July 2029. The model will allow for exemptions in extreme circumstances. Government guidance and monitoring will also apply over a transition period.

A letter from the Minister of Local Government setting out this decision and the process for consultation with councils is attached. Auckland Council is currently working with the government to understand the implications of the decision and how this might be applied to Auckland.

In 2024/2025, rates revenue comprised 34.8 percent of the $8 billion total revenue for the Auckland Council group. Auckland Council s current Long-term Plan 2024-2034 includes planned rates increases of 3.5 per cent per annum for the average value residential property from 1 July 2027, which is within the proposed target range.

ENDS


For further information please contact:
Vanessa Feaver
Senior Specialist Corporate Communications and Media
Mobile: +64 27 221 5232
Email: vanessa.feaver@aucklandcouncil.govt.nz

Attachments

Market Announcement - Government announcement on rates increase targets - 3 December 2025.pdf
MIN072- Letters to Mayors and Chairs - Update on rates capping.pdf
Total size =403K