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Why borrow while we invest overseas?

Hon Roger Sowry MP National Party Transport Spokesman

17 June 2003

Why borrow while we invest overseas?

The National Party says the Government must be completely open about reports that it is considering using borrowed money to pay for Auckland's roading problems.

"Sorting out Auckland's roading difficulties should be a very high priority, for Auckland and for the New Zealand economy more generally," says National Party Transport spokesman Roger Sowry.

"But why does the Labour Government even contemplate borrowing for that purpose, when at the same time it is investing billions of dollars in overseas share markets?

"If fixing Auckland's roading has substantial benefits, as Auckland contends and National believes, why not use the 'Cullen-fund' billions to fix the problems rather than pushing up the country's debt again?

"The National Government worked hard to bring down New Zealand's level of debt," says Mr Sowry.

"Now we should all get to decide if it's wise to start borrowing again.

"Another generation of New Zealanders should not be shackled to a legacy of Labour debt without good reason," Mr Sowry says.

Ends

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