The three waters upgrades over the next 30 years could be the largest and riskiest, costliest programme of investment ever undertaken by central and local government, so you'd think they would have put a tried and tested governance model in place. Instead, it's that race-based co-governance model that we've heard from again and again that this Government wants to apply to every policy. At the same time that the Government imposes this untried and risky governance model, they've loaded up these new water entities with debt, while calling it a better-off funding package for councils. Better off for whom? Not taxpayers, not ratepayers, and certainly not water users. 