No single strategy holds all the answers to the country's infrastructure woes, says Bell Gully. Photo: 123rf.com
he true cost of critical infrastructure must be seen in a new light, in order to address a deficit of more than $200 billion, says legal firm Bell Gully.
A new report by the law firm says there is an opportunity to ensure funding models apply the true cost of infrastructure to those who use and benefit from it.
"There's no free lunch when it comes to infrastructure," Bell Gully infrastructure partner Angela Harford said.
"I think we need people to be onboard with having to directly put their hand in their pocket."
She said decision-makers needed to know the voting public was willing to pay for improved infrastructure.
The report highlighted a number of ways to use pricing signals to modify demand, along with the use of private financing models to address current deficits.
"We have water spilling onto streets and rates bills going up across the country. We are all starting to understand what not charging the true cost of infrastructure means," she said.
Harford said success in addressing New Zealand's infrastructure woes would go beyond better funding and financing.
"As a sector we also need to look at good asset management to maximise our existing assets and consider all strategies and tools to ensure more effective and efficient delivery of new assets," she said.
"No one strategy holds all the answers."