Budget 2024 Paves the Way for Improved Infrastructure: Chris Bishop

The investments made aim to reduce traffic congestion, enhance climate resilience, and provide modern learning environments for children in schools.

Infrastructure Minister Chris Bishop has announced that Budget 2024 is laying the groundwork for a more efficient and resilient infrastructure system in New Zealand. The investments made aim to reduce traffic congestion, enhance climate resilience, and provide modern learning environments for children in schools.

Key Investments

Budget 2024 includes significant investments in various sectors:

Regional Infrastructure Fund: $1.2 billion to support regional economies, with an initial investment of $200 million into flood resilience infrastructure.

Transport Infrastructure: $2.68 billion for roads, rail, and public transport, including funding for 17 new Roads of National Significance and the Rail Network Investment Programme.

School and Kura Property: $1.5 billion to ensure safe, warm, and dry learning environments for students and accommodate the growing student population.

Law and Order: $2.1 billion, including funding for the expansion of Waikeria Prison and the delivery of 500 new police officers.

Defence: $408 million to upgrade Defence equipment and infrastructure.

Social Housing: $140 million to deliver 1,500 new social housing places.

Health Infrastructure: $103 million to address emerging cost pressures in Health NZ's infrastructure pipeline.

Record Investment

"Our Government is investing a record amount in modern infrastructure that Kiwis can rely on, and which helps to rebuild the economy. Delivering a coherent pipeline of infrastructure projects is a key part of that plan," Minister Bishop stated.

National Infrastructure Plan

Efforts are underway to establish a 30-year National Infrastructure Plan, develop a new consenting framework for faster infrastructure development, and utilize funding tools like tolls, PPPs, and value capture to expand the pipeline of projects.

National Infrastructure Agency

Budget 2024 allocates $5 million for the creation of the new National Infrastructure Agency, acting as the infrastructure investment 'front door' to connect domestic and offshore capital to New Zealand's infrastructure opportunities.

Climate and Resilience Investments

Funding is returned to Budget allowances to enable decisions over climate and resilience investments to be made through normal Budget processes, ensuring transparency and prioritization of high-value proposals.

Fiscal Plan

The Government has ensured fiscal room to fund emerging infrastructure needs, topping up the Multi-Year Capital Allowance by $7.0 billion, with $7.5 billion remaining for future investment-ready projects.

Commitment to Infrastructure Improvement

"Budget 2024 is just the start of the coalition Government's commitment to fixing New Zealand's infrastructure system and addressing our massive infrastructure deficit," concluded Minister Bishop. The investments outlined in the Budget represent a significant step towards building a more resilient and efficient infrastructure network for the country.