Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Toll motorway policy approved

5 April 2005 Media Statement

Toll motorway policy approved

Cabinet has approved the policy of allowing the Orewa to Puhoi (Alpurt B2) extension of State Highway 1 North of Auckland to proceed as a toll road.

The proposal is for Transit to receive a grant of around $180 million out of the National Land Transport Fund from Land Transport New Zealand; and for a government loan of $159 million to be repaid from toll revenue over a period of up to 35 years. An initial $20 million has already been released by Land Transport New Zealand to Transit for the project.

It is proposed that the government will fund the loan through the issue of Infrastructure Bonds and that the servicing of the bonds would be offset by toll revenue. Such an arrangement will allow Transit access to capital at government rates.

"This is the first toll project to be approved since the Land Transport Management Act was passed," says Transport Minister Pete Hodgson. "The government backed funding package that has been put forward will enable the benefits of completing this project to flow years ahead of when they otherwise might have. This is good news for drivers and the economy."

The road is scheduled to be open during 2009. Work is continuing on the design of the tolling system and tolls are likely to be set at around $1.80 for cars and $3.60 for heavy vehicles in today's money.

"The government is being straight with the public about how it is going about funding further investment in the nation's transport infrastructure. The contrast with National and its use of smoke and mirrors on transport funding could not be greater. Last week Don Brash pledged to take $4 billion out of the Crown Account that is already being used to offset the costs of roading without offering any explanation of how he would cover the black hole in the public purse National's policy would create."

It is anticipated that the Order in Council necessary for the scheme to proceed will be made before the end of the month and that it will be conditional on the design of the tolling system.

ENDS

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The US Opposition To Mortgage Interest Deductibility For Landlords


Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don't think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of political capital by giving landlords a huge $2.9 billion tax break via interest deductibility, while still preaching the need for austerity to the disabled, and to everyone else...
More


 
 

Government: Concerns Conveyed To China Over Cyber Activity
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity... More

ALSO:


Government: GDP Decline Reinforces Government’s Fiscal Plan

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says... More

ALSO:


Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.