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Investing $500 million in New Zealand's future

23 June 2005
Media Statement

Investing $500 million in New Zealand's future

The decision to invest a one off tax boost in New Zealand's transport infrastructure is an investment in New Zealand's future says Transport Minister Pete Hodgson.

"This government is determined to fix the infrastructure deficit created by the last National government. We have already upped transport spending by an average of 51 per cent nationally. Major transport projects in Auckland this year compared to the last year have a total value of $1.3 billion; that's ten times the value of activity going on under the last year of the last National government." says Pete Hodgson. "Today's excellent news means we can push on even harder."

The Minister says this is the sensible way to fund transport investment without having to make savage cuts to spending elsewhere from the Crown Account nor forcing up borrowing and interest rates.

"Don Brash plans to divert more and more money out of the Crown Account to spend on roads. This would just create a black hole that would have to be filled by making savage spending cuts elsewhere and he knows it. To make matters worse, John Key plans to borrow more money besides for roading. That will mean ordinary hard working New Zealanders will be expected to pay the interest on Key's debt and that will be reflected in higher mortgage rates."

"This government has spent years wiping out the legacy of neglect left by National and will be unrelenting in continuing to do so. What's more, it's doing so in a way that won't leave ordinary Kiwi's facing spending cuts in health and education plus mortgage rate hikes."

ENDS

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