25 September 2013

Palino unleashes Auckland debt clock

Auckland mayoral candidate John Palino has built a debt clock to track the Auckland Council’s borrowing and published it on his website www.palinoformayor.co.nz.

“The debt clock shows just how much money the Auckland Council now owes lenders – well over $6 billion and counting,” says Palino.

“That’s approximately $4000 for every man, woman and child in Auckland and $12,000 per ratepayer.

“With an average ratepayer bill approximating $3000 per annum, it would take over four years to pay off the Council’s debt if every single cent went into repayment.

“This debt is increasing at just under $30 per second, every second, day and night.

“Repayments on the interest this debt is generating now top $1 million per day.

“These are not healthy figures for a public institution with rates as its primary and most dependable revenue stream.

“The Mayor has put ratepayers on the hook for an amount of money that many in Auckland can only dream about.

“Despite these incredible figures, there is no intention from the existing Mayor to reign in debt. It is going up at a billion dollars a year and if the Mayor wants to advance the CRL without Government support, it will go up even faster.

“The Mayor is letting down generations of Aucklanders who left this city and region with a responsible balance sheet to build monuments to himself. It’s time this stopped,” said Palino.

The Palino debt clock tracks total Auckland Council borrowing (current and non-current) and was developed from debt figures released in the Pre-Election Report.

ENDS

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