The 93,000 kilometre roading network is one of the New Zealand’s most expensive assets. In the absence of any official estimate, informed observers put its depreciated replacement cost at around $60 billion. This figure is nearly half the value of the nation’s dwellings and is around 81% of GDP. The 11,000 kilometre state highway network was officially valued, on a depreciated replacement cost basic, at $7 billion in the Crowns December 1992 Financial Statement.