You are quite wrong. It does in fact entitle one to travel at the maximum gazetted speed; that's why they post a maximum gazetted speed; Doh!
Back in the good old days, when folk were allowed a little discretion in a whole range of things, they had things noted as LSZ (Limited Speed Zones). The concept being, an LSZ zone was a warning to drivers that sometimes the area or road wasn't good for full-on speed....mostly due to weather conditions, schools in country areas, or small conclaves in a country village. These zones gave the cops the right to ping those drivers who weren't taking proper notice of the conditions.
In other words, it was during the days when personal responsibility still had some currency, as opposed to the modern world wherein anyone can claim lack of liability unless someone has pointed out specific rules; like, "Eating the plastic bag containing this dope could cause choking"!
The other day I was at a car-grooming place and noticed a 20 Litre container sitting to one side. Emblazoned in bright red letters were the words, "Do not drink the contents of this container. Poison!" It was acidic mag-wash!
I'm waiting for the day when the makers of Duct-Tape are forced to add the admonishment to their packaging, "Do not use this product to silence your child. It could cause suffocation. Do not use this product to immobilise criminals' you could be liable for unlawful detention."
The world's gone fucking mad with safety warnings.
The idea of LSZ zones being to advise drivers to either slow down or be a bit more watchful.....like, take a bit of personal responsibility.
I believe there is still one such zone still alive and well today, somewhere in the Far North.
The point I'm striving to make here is this. Some over our newer roads are so well designed and surfaced, that a far higher speed (certainly in the right hand lane) could be allowed in relative safety. Yet there are other roads, currently with a 100Kph limit which should be restricted to 50Kph.
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