What advice, if any, did Treasury provide on the proposal to provide a Crown loan to the NZ Transport Agency for the Warkworth to Te Hana expressway, and did that advice oppose the loan?

Answer

Treasury provided advice to Hon Chris Bishop and myself in July 2025 recommending that Cabinet agree to progress a Crown loan to the New Zealand Transport Agency to support delivery of the Warkworth to Te Hana expressway, as the preferred option to address debt market capacity constraints, reduce procurement and financing risks, and provide sufficient funding certainty to support the public private partnership. The advice did not oppose the loan.