John Key, MP National Party Leader

27 October 2008

National: Building for a Brighter future

National Party Leader John Key says a National-led Government will make $8.6 billion available for new infrastructure projects over the next six years, while reducing development delays.

Mr Key today announced National's Infrastructure Plan - 'Building for a Brighter Future'.

"New Zealand needs better-quality infrastructure to strengthen our economy and to deliver New Zealanders and their families the jobs, quality of life, and financial security they deserve.

"National's policy is clear. More capital funding balanced by more efficient approvals to give Kiwis better bang for their buck.

"Labour has budgeted for new capital spending of $500 million next year, $750 million in 2010/11 and $900 million in subsequent years. This allowance is not enough to future-proof New Zealand and to strengthen the backbone of our economy.

"National will make a step up in future capital spending, ensuring we have $8.6 billion in additional funds available for new infrastructure projects over the next six years.

"We will invest these funds in New Zealand's future through projects such as the Waikato Expressway, a future-proofed ultra-fast broadband network, and a 21st century school building programme.

"Importantly, National will also reduce the significant barriers to effective and timely investment in infrastructure. Too much time and money is being wasted on government processes and Resource Management Act red tape.

"A Labour-Green government spells infrastructure paralysis by analysis. Those parties are wedded to the bureaucratic processes of the RMA and have categorically ruled out the legislative reforms needed to get New Zealand moving again. They simply cannot deliver the step up in infrastructure investment that New Zealand needs.

"National's policy sets a target for the Guardians to invest at least 40% of the Superannuation Fund in New Zealand. This will further increase the pool of capital available for developing New Zealand's infrastructure.

"In the immediate future, National's infrastructure plan will create jobs and growth opportunities for businesses, while, in the medium-term, providing the conditions and assets needed to put our economy on to a strong growth path.

"National will announce more specific infrastructure projects before the election, and we will allow a cushion of capital funding for new infrastructure requirements that may arise when we are in government."

Future New Capital Allowances - National and Labour

Labour ($millions) National ($millions) 2009/10 500 800 2010/11 750 1,250 2011/12 900 1,550 2012/13 900 1,650 2013/14 900 1,650 2014/15 900 1,650 TOTAL 4,850 8,550

Sources: 2008 PREFU, Table 2.9; 2008 Fiscal Strategy Report; National's fiscal policy.

ENDS

To view National's Infrastructure plan visit: http://national.org.nz/files/2008/infrastructure_policy.pdf

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