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Infrastructure Fund for Aucklanders Not Poll Tax

Published: Wed 15 Sep 2010 10:56 AM
Infrastructure Fund for Aucklanders Not Poll Tax
Leading Waitemata & Gulf Ward Council candidate Tenby Powell said today that the answer to delivering progress in Auckland is through a dedicated Auckland Infrastructure Fund not a Poll Tax.
“An enormous amount of work has gone into the development of this Infrastructure Fund which is designed to get Auckland working efficiently and provide the City with a variety of funding sources,” said Mr Powell.
“With everything from the CBD and inner-city rail loop to the electrification of rail and a second harbour crossing, the big question is how Auckland is going to pay for it,” said Mr Powell.
Mr Powell outlined details of an Infrastructure Fund that is structurally uncomplicated, dedicated to Auckland’s development - and which is patriotic. “New Zealanders who invest in what, we are hopeful, will become a Government guaranteed bond will be investing in Auckland’s development while saving at the same time”.
“I believe in this initiative and, using the UK’s premium bond (described as Britain’s most successful financial instrument ever with 22 million bond holders , raising over GBP42 billion pounds - $NZ90 billion) as an example of what we might achieve here on a mini-scale, I intend to support this initiative and help get it launched for the greater good of Auckland.
“Many New Zealanders own Bonus Bonds, and while ANZ Bank invests a proportion of Bonus Bonds earnings in New Zealand, the profits of these investments ultimately end up in Australia” said Mr Powell, who added “The Auckland Infrastructure Fund is a Patriotic Fund, and a viable competitor to Bonus Bonds, with a guarantee on original investment and an opportunity to win daily, weekly and & a monthly prize of up to $NZ1million dollars”.
“Auckland needs to work constructively with central Government while at the same time showing an ability to get on and make the right decisions for the future of Auckland. The proposed Auckland Infrastructure Fund is an easily implemented, pragmatic, initiative that will enable New Zealanders to invest in one of the greatest cities in the world - Auckland. And the money will stay in NZ,” said Mr Powell.
ENDS

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