Auckland Council has voted to adopt its next Long-term Plan, ushering in an average 6.8 percent rates increase for Aucklanders.

Mayor Wayne Brown said the rates increases were low compared to other council areas.

They would see the average homeowner's rates bill rise $245.48 a year, or $4.72 a week.

The rates increase would be 5.8 percent in 2025/26 and 7.9 percent in 2026/27.

Meanwhile, Watercare would raise water bills by 7.2 percent.

The vote also ushered in the creation of the mayor's Future Fund, which will see the council's shares in Auckland Airport swapped for less risky investments.

Brown said the fund would diversify council assets and bring in $40 million per year of additional funding.

The plan also committed to a basics-first transport plan, with more than $14 billion of capital investment.

A similar amount would be pumped into Watercare's capital programme.

Council chief executive Phil Wilson said the plan prioritised Auckland's physical and financial resilience.

"Ultimately this plan is about building Auckland's future and delivering the outcomes that Aucklanders want and need. It is how we, as council, improve the daily lives of Aucklanders, particularly through the current cost of living concerns," he said.

"It is about managing the challenges we face - such as inflation, population growth, flood resilience and funding - making the most of what we have, and focusing on areas that will make the biggest difference for Auckland."

Brown said the conversation could now turn to "wealth creation and how to get the most out of what we have - rather than just budget holes and debt".

This story was originally posted on RNZ News