Auckland mayoral candidate Leo Molloy creates online clock showing how much money the council is borrowing

Auckland mayoral candidate Leo Molloy has created a clock he claims shows the money Auckland Council is borrowing. Photo / Michael Craig

Auckland mayoral candidate Leo Molloy has created an online clock he says allows Aucklanders to see money the council is "rapidly borrowing" on ratepayers' behalf.

On Tuesday evening, Molloy said the Auckland Council has become a "debt-ridden monster".

"Today Auckland's debt stands shy of $12 billion and is predicted to grow to $16b over the next decade. That's $1.4m borrowed every day.

"To put that in perspective, while you're reading this, Auckland's debt will go up by
$1,000 every minute. Many are unaware that each household in Auckland currently
owes nearly $23,000."

The Auckland restaurateur said his clock will give Aucklanders the "opportunity" to see how much debt grows in real time.

"My debt clock will give Aucklanders the opportunity to see for themselves how
much Council debt is rapidly growing in real time. We have a moral obligation to
ensure that our children are not saddled with these extremely high levels of debt," he said.

Molloy said he will be the "first mayor to hold Auckland Council and Auckland Transport to account".

"As a businessman, financial discipline, transparency and accountability are the
values I live my life by and the values that I will bring with me into the mayor's office."

He claimed fellow mayoral candidates Efeso Collins and Viv Beck have a record of spending ratepayer money and will continue to do so.

At the start of this week Beck who is the Heart of the City chief executive put her hat in the ring for the Auckland mayoralty with a goal to scrap the 11.5 cents a litre regional fuel tax within 12 months.

The 62-year-old will formally announce her bid at Cornwall Park, joining Collins, a Manukau councillor, and Molloy in the leading pack to replace Phil Goff, who is standing down after two terms.

Last month, Molloy told the Herald he was winding up his Viaduct bar Headquarters to focus on his mayoral campaign.

He said the bar's lease expires in May and with uncertainty due to the Covid-19 pandemic, he saw this as "a good time" to call it a day at the locally famous establishment.

After Collins was endorsed by the Labour party Molloy said he is the only candidate "running as a true independent".