New Zealand’s finance minister Grant Robertson has revealed plans to spend $12 billion on infrastructure, including $6.8 billion for transport projects, over the next four years.
Robertson announced the investment at the Treasury’s Half-Yearly Economic and Fiscal Update (HYEFU) on Wednesday, according to several media sources.
Of the total capital earmarked, $8 billion will be allocated for specific “shovel-ready” projects, which the minister plans to announce next year. The majority of the transport spend will go toward roads and heavy rail and an additional $300 million will be spent on hospital projects, $300 million on regional investment opportunities and $200 million on public real estate decarbonization. In addition, $400 million will be spent on state school property improvements, which was announced two weeks ago.
The remaining $4 billion will be allocated to the multi-year capital allowance, giving the government the freedom to spend it over fu