July 4 – The government will spend more than $17 billion over the next four years as it pumps money into the country’s infrastructure, and that doesn’t include funds set aside to rebuild Canterbury.
Infrastructure Minister Bill English said the government will spend $7.6 billion on so-called social assets including schools, hospitals, housing and prisons, $6.5 billion on new roads, and about $1.5 billion each on rail and broadband assets.
That’s on top of the $5.5 billion war-chest built up to cover the cost of rebuilding New Zealand’s second-biggest city.
The details are part of the government’s National Infrastructure Plan, which sets out the administration’s 20-year strategy, and the top priorities in the coming three years.
“New Zealand faces some major challenges, including rebuilding Canterbury, but we remain committed to investment throughout the country and are continuing to look for new projects that lift productivity and growth,” he said in a statement.
Rebuilding Canterbury is at the top of the government’s priority list, followed by providing a “comprehensive approach to investment in Auckland that is fair to all New Zealanders.”
Boosting the management of social assets is the third top priority, while focusing transport investment on boosting exports comes in fourth and improving the monitoring of infrastructure performance rounding out the list.
English reiterated the government’s message that the Crown’s asset base needs to be better managed to ensure cash is spent where it’s needed, and that the proposed sell-down of some state-owned enterprises will help achieve that.
The first plan, published in March 2010, flagged the national roads of significance, a national ultra-fast broadband network, regulatory reform, a KiwiRail turnaround plan, the Rugby World Cup, rail upgrades in Wellington and Auckland, and electricity transmission as its key priorities.
Similar Posts:
- MARKET CLOSE: NZ stock rise; Telecom paces gainers
- Westpac to pay a premium on philanthropic bond
- NJ Infrastructure Draws PSE&G’s Focus
- BVI-registered company signed high-speed rail ATP contract
- World Press Release » KTC Capital Issues Warning Against US Banks
