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The government's alternative to Three Waters has finally arrived - a sigh of relief for some councils in the red.
New council-controlled organisations will be able to borrow up to 500% of operating revenue from the Local Government Funding Agency to carry out water upgrades.
Smaller councils will be able to band together to set up the companies, a plan which the government says is cheaper than Labour's Three Waters plan.
But critics say even if some short-term savings are made, in the long term, councils will still be left with ballooning debt.
Porirua Mayor Anika Baker and Clutha Mayor Bryan Cadogan.
Photo: Supplied