Auckland International Airport shares surge as NZ completes legislative review
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The news: Auckland International Airport told the exchange on Thursday that the New Zealand Ministry of Business, Innovation and Employment (MBIE) is “not considering legislative change” following a consultation on the effectiveness of the economic regulation of airport services.
The numbers: Shares in Auckland Airport had lifted 3.9% to $7.04 at 11:01am AEST, the second biggest gainer on the ASX 200.
The context: In late April, the MBIE competition policy team launched a review of airport services regulation under part four of the Commerce Act 1986.
MBIE intends to upload to its website public versions of the submissions received and its advice relating to airport service regulation.
Auckland Airport also said that MBIE understands the Commerce Commission will be “considering disclosure requirements under current information disclosure regulation".
What they said: “Auckland Airport now considers the MBIE process complete,” the company said in a statement to the exchange.
In April, NZ Airports Association chief executive Billie Moore told BusinessDesk NZ "we are disillusioned that the Government continues to focus its time and resource on airport regulations when there is overwhelming evidence that the domestic airline market requires focused attention".
The sources: ASX, BusinessDesk NZ
