New Zealand to invest $12 billion in additional infrastructure
Posted: 11 December 2019 | Sam Mehmet (Intelligent Transport)
The $12 billion investment is planned to finance new transport projects, schools’ capital funding, regional investment opportunities, District Health Board asset renewal and public estate decarbonisation.
The New Zealand government is lifting capital investment to the highest level in more than 20 years as it takes the next step to future-proof New Zealand.
Finance Minister, Grant Robertson, has announced $12 billion of new investment, with $8 billion for specific capital projects and $4 billion to be added to the multi-year capital allowance. Planned to be officially announced in early 2020, the $8 billion for capital projects includes $6.8 billion for new transport projects, with a significant portion to be allocated to roads and rail projects.
“The new investment is forecast to increase the size of the economy by a further $10 billion over five years, with further positive impacts on GDP beyond that period,” Grant Robertson said. “We inherited neglected infrastructure when we took office, including run down hospitals, roads that had been announced but not paid for, overcrowded classrooms and a state housing shortage.
“This package shows New Zealanders that this government is serious about tackling the infrastructure deficit we were left with.
“It will provide further support to boost the New Zealand economy in the face of slowing international growth and stronger global headwinds. It will also give certainty to the construction industry about upcoming infrastructure projects and will create more job opportunities for Kiwis,” he added.