INDEPENDENT NEWS

Dunne, Baldock: Transit borrowing common sense

Published: Fri 12 Dec 2003 11:07 AM
Media Statement
For immediate release
Friday, 12 December, 2003
Dunne, Baldock: Transit borrowing common sense in action
United Future is delighted that the Government has moved on its recommendation that Transit be able to borrow to fund road projects that have "previously been on the never-never", United Future leader Peter Dunne and transport spokesman Larry Baldock said today.
"We have been pushing this consistently as a key means of getting often much-needed projects off the drawing board," Mr Dunne said.
"So often - even in situations where lives are being lost on notorious stretches of road - we have had key projects languishing at the tail-end of 10-year Transit funding allocations - and that's if they're lucky.
"What we've pushed for and what's happening now is that Transit will be allowed to borrow against future guaranteed income streams, toll revenue and the like. It simply makes sense," Mr Dunne said.
"Inter-generational borrowing has long been done at local government level," Mr Baldock said.
"It is how we pay for our cities' and towns' sewerage systems, and our local swimming pools, but for some strange reason, our national roading needs have never had this common sense philosophy applied to them.
"We congratulate the Government for moving on this initiative that we have pushing for a considerable time," he said.
Ends.

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