I note that $500 million has been allocated for a no-worse-off component of a three waters reform package to ensure that no local authority is financially worse off as a direct result of the reform. However, in just one example of the Christchurch District council, their three waters assets are expected to be worth $6.9 billion at the time of the proposed transfer in July 2024, but the debt of the council for those assets will sit at $1.1 billion. Concerns have been raised that the council will be left holding the debt with no revenue stream and the council would have to pay millions of dollars of interest while the debt is repaid. I note that a Department of Internal Affairs spokesperson is on record saying that in some cases the debt could be transferred to the new entities but it might not be feasible in all cases. 