It's bad news for Auckland, who's debt is $8 billion dollars - and rising.
And John Banks believes that is due to Auckland's "useless mayor and council", who have poorly managed the budget and various citywide projects, like the City Rail Link.
Banks served as Mayor of Auckland city for two terms, from 2001 to 2004 and from 2007 to 2010, and when he left office he mentions how the city had no debt. Fast-forward a decade, and Auckland finds itself in an eight billion dollar hole and much worse off.
Banks invites Jordan Williams from the Taxpayers' Union to discuss why on earth any council in New Zealand would raise rates this year.