The Government has come up with a way to invest $540-600 million dollars in something with a current book value of $81 million, after which the book value of the investment will be worth... $81 million. That's $1800 spent for every household in Auckland, with a net return on investment of just zero. Brilliant.
If the decision to 'invest' in Auckland's moribund rail non-system doesn't show how governments wipe out the value of taxpayers' hard-earned money, then you're just not ready to learn the lessson. LibertyScott has answers to all the counter-arguments you're trying to dream up. Go and argue with him about all the social and environmental benefits. "They are just too infinitesimal to measure," he says.
[UPDATE: Not just $1800 per household, but as DPF has worked out, with "just under 9,000 passengers a day which is 0.6% of Aucklanders, if they spend $600 million that will be a spend of $67,000 per passenger. Hmmmmm." Why don't they just give that money to train-travellers so they can buy themselves a car?]
Linked Article: Auckland rail money gone - like that!