Surplus should be great news for Auckland

The $3.5 billion surplus predicted by Treasury today could be great news for Auckland, said Auckland Mayor John Banks.

“The Auckland region is desperate to complete the much overdue integrated transport infrastructure, and with predictions of ongoing surpluses running to $5.2 billion the time is now right for the Government to allocate an extra $500 million a year to complete the Auckland transport network over the next five years,” he said. The Mayor noted that completion of Auckland’s roading network is in danger of being slowed by a funding shortfall.

He also said that for New Zealand to get back into the top half of the OECD we need annual sustained growth of 6% for 10 years, not the 3% currently forecast.

“What is needed to drive the economy bigger and faster is for some of the surplus to be invested in Auckland with speed and urgency. A commitment to solve Auckland’s failing economic infrastructure would be an outstanding investment for New Zealand,” said Mr Banks.

The Mayor said Auckland is the engine-room of the New Zealand economy and must lift its economic performance. This won’t happen until basic infrastructure is completed.

“The Government is to be congratulated on this good result,” concluded Mr Banks.