The statement from Auckland Chamber of Commerce head Michael Barnett that "being afraid of where the money comes from [for the Penlink project] to my mind is foolish," is laughable if only it wasn't so tragic.
Mr Barnett is advocating that Penlink users pay an additional $700 million in tax (because that is what a toll actually is) over and above the actual cost of building the highway.
According to his figures, revenue from the toll expected to be levied amounts to an average of $125,000 per day. Over the 25-year life of the BOOT (Build, Own, Operate and Transfer), that amounts to $1.1 billion for a project costing $400 million to build.
Finance for the Chinese consortium offering to build and operate the project will be provided through one of the six Chinese development banks by the Central Bank of China.
Why is Mr Barnett proposing to use the Chinese Central Bank to fund the project when New Zealand's central bank could just as easily provide that finance? It could do so with minimal interest, saving commuters around $500 million — profit the Chinese financiers will ship off overseas, adding to our overseas debt.