There are fresh developments in the Government's Cook Strait ferry headache. 

Hyundai is back in the running to land a deal after the coalition canned its original contract in 2023, blaming ballooning costs. 

Documents show the Government's set aside $300 million to cover that broken deal, which must be paid regardless of whether a new deal is struck. 

Rail and Maritime Transport Union General Secretary Todd Valster told Andrew Dickens the Government rushed to cancel the original deal. 

He reckons the amount of money lost is far higher, saying the $300 million doesn’t recognise costs of procurement – with estimations up to a billion dollars could have been spent. 

Although, he says, it's good to see Rail Minister Winston Peters has made a trip to Korea to speak with the ship builders. 

LISTEN ABOVE 

There are fresh developments in the Government's Cook Strait ferry headache.&nbsp;
Hyundai is back in the running to land a deal after the coalition canned its original contract in 2023, blaming ballooning costs.&nbsp;
Documents show the Government's set aside $300 million to cover that broken deal, which must be paid regardless of whether a new deal is struck.&nbsp;
Rail and Maritime Transport Union General Secretary Todd Valster told Andrew Dickens the Government rushed to cancel the original deal.&nbsp;
He reckons the amount of money lost is far higher, saying the $300 million doesn’t recognise costs of procurement – with estimations up to a billion dollars could have been spent.&nbsp;
Although, he says, it's good to see Rail Minister Winston Peters has made a trip to Korea to speak with the ship builders.&nbsp;
LISTEN ABOVE&nbsp;

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Todd Valster: Rail and Maritime Transport Union General Secretary on the costs of the previous rail deal, new deal

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/657d6467-cea2-497a-aed6-b29601617be2/transcript