S4E1 - How much does infrastructure cost and how much are we willing to spend? w/ Geoff Cooper
Infrastructure ConnectionsShow Notes
How much does infrastructure cost?
We spoke with Geoff Cooper from the New Zealand Infrastructure Commission, Te Waihanga about their National Infrastructure Plan to find out.
We learned some interesting things.
New Zealand spends more on infrastructure than most OECD countries. The infrastructure spend averages 5.6%, swinging between 5% to 7%. Renewals run to 60 cents on the dollar.
Right now, with aging infrastructure, maintenance and renewals are the megaproject New Zealand can afford.
Rather than just look at what we want or need, the National Infrastructure Plan dug through the past 100 years to determine what we historically feel comfortable spending. We have far more projects we want than money we want to spend.
As governments change and infrastructure priorities shift with them, everyone is looking for certainty. There is more certainty than we'd like to admit. "Nothing is more certain than maintenance and renewals."
The aging population is equally certain. This changes our infrastructure needs dramatically, from shrinking cities to reduced emphasis on land transport as commuter numbers drop, lower school enrollment, and higher health care needs.
Then there are the major shift happening that we need to recognize Decarbonization means a renewed investment in grid infrastructure and generation.
Higher fuel prices mean higher prices for city centre development and falling values for developments outside the city centre.
Click this link to read the National Infrastructure Plan for fascinating insight on where we're headed: https://tewaihanga.govt.nz/national-infrastructure-plan
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