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

 


Share offer proceeds boost capital investment

Share offer proceeds boost capital investment

The success of the Government’s share offer programme provides a further $1 billion of new capital investment in Budget 2014 without the need to borrow more from overseas lenders, Finance Minister Bill English says.

“The share sale proceeds saw $4.7 billion go to the Future Investment Fund and we said we would spend $1 billion of that on schools, and a further $1 billion on health,” he says.

Future Investment Fund allocations in Budget 2014 include $200 million for health, including $67 million for a new Grey Base Hospital on the West Coast. That takes health spending from the Fund since 2012 to $684 million.

Education is allocated $172.5 million in Budget 2014 to continue the upgrade and replacement of school buildings, and to build new ones, including Pegasus Bay School in North Canterbury. That takes total spending from the Fund on education since 2012 to $391.8 million.

KiwiRail receives a further $198 million from the Future Investment Fund, of which $150 million is earmarked for infrastructure. An additional $25 million covers Aratere-related costs.

In addition to allocations from the Fund, Budget 2014 provides $375 million of new capital for the New Zealand Transport Agency, by way of an interest-free loan, to accelerate $815 million worth of Auckland transport projects.

Other spending allocated from the Future Investment Fund in Budget 2014 includes:
• $75 million for a Christchurch housing contingency.
• A further $40 million to Crown Irrigation to invest in the design and construction of irrigation schemes to boost agricultural production.
• $30.6 million towards the Hobsonville Land Company housing development.
• $11.3 million towards the Crown buying the TVNZ Archive at Avalon.
• $8 million on Te Papa for maintenance and repair.
“Budget 2012 allocated $533.3 million from the Future Investment Fund and Budget 2013 a further $1.4 billion,” Mr English says. “So the $1 billion in this Budget brings the total so far to almost $3 billion.

“That leaves nearly $1.7 billion in the fund for spending on new public assets in Budgets 2015 and 2016, without us having to borrow,” Mr English says.

“This means that thanks to the share offer programme, taxpayers will not have had to borrow money for new capital spending over about five years. The programme to sell down some of our assets to fund new ones is delivering.”

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: A Govt. Christmas Bad News Dump -The Skycity Convention Center Blowout & A Negative MBIE Review

If the government really did have good tidings of great joy you can bet it wouldn’t be strewing them about at Christmas time – which is, traditionally, the dumping ground for terrible news that the government fervently hopes the public will be too distracted to notice. And so verily this Christmas Eve we learn of (a) the explosion of costs to the taxpayer and ratepayer of the vile SkyCity convention centre in Auckland and that (b) the government’s flagship MBIE “super-ministry” run by its Minister of Everything is a disaster zone of incompetence and mismanagement. MBIE is a Titanic looking for an iceberg, or so it would seem. More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news