Auckland transport investment faces $5.9b funding shortfall

Article – BusinessDesk

Aug. 11 (BusinessDesk) – An updated project aimed at understanding Auckland’s transport investment needs over the next decade has identified a $5.9 billion funding shortfall to be sourced from the government, council and private sector.Auckland transport investment faces $5.9 billion funding shortfall

By Rebecca Howard

Aug. 11 (BusinessDesk) – An updated project aimed at understanding Auckland’s transport investment needs over the next decade has identified a $5.9 billion funding shortfall to be sourced from the government, council and private sector.

Transport Minister Simon Bridges released a joint report by the government and Auckland Council, which updates work undertaken as part of the Auckland Transport Alignment Project, or ATAP, presented last September.

The update was undertaken after Statistics New Zealand released revised population projections indicating Auckland’s population will increase by 100,000 more people by 2028 compared to the projections used in ATAP.

New Zealand has been experiencing record levels of net migration over the past three years with many new residents heading to Auckland, a city that accounts for more than 30 percent of the country’s population.

The different agencies were asked to update how much extra funding may be required in the first decade to meet the challenges of growth. The update identifies an additional $1.9 billion of transport investment will be needed over the 10-year period, said Bridges.

Total funding required for the decade is estimated to be $25.9 billion, of which $20 billion has already been committed to by central Government ($13 billion) and Auckland Council ($7 billion).

“That leaves about $5.9 billion to be sourced from the government, council and the private sector over the next 10-year period,” Bridges said.

According to the minister, the report identifies faster growth is now expected to occur in north and south Auckland requiring some transport investment to be brought forward to support the housing development in these areas.Transport investment also needs to be brought forward to accommodate additional public transport demand.

Current and committed investments include $3.4 billion for the City Rail Link, $1.85 billion for the East-West Link, and up to $1 billion in upgrades to the Northern and Southern motorway corridors, he said.

(BusinessDesk)

Content Sourced from scoop.co.nz
Original url