4. Rebuilding Christchurch
The Government is committed to standing beside the people of Canterbury and supporting the rebuild of Christchurch. The reconstruction process is continuing to gather pace:
- Work on around three quarters of the 1,000 buildings required to be partially or fully demolished in the Christchurch CBD has been completed.
- About 13,000 building repairs are underway across greater Christchurch.
- A significant number of infrastructure repair projects, worth about $820 million, have been completed, are underway or in the design stage.
- Nearly 5,000 of the 7,000 property owners in the residential red zone have formally accepted the Government's offer to purchase their properties. About half of these owners have already settled on their properties, allowing them to move on and restart their lives.
The rebuild in Canterbury is forecast to have a significant impact on GDP, with residential investment increasing by 30 per cent in the year ending March 2013, and 41 per cent in the year ending March 2014.
Canterbury Earthquake Recovery Fund (CERF)
Budget 2012 announces new initiatives to support the rebuild of Christchurch funded from the CERF, including:
- $114.9 million in additional funding for the Canterbury Earthquake Recovery Authority to oversee the reconstruction.
- $13 million in Vote Social Development for NGO-led initiatives to support Cantabrians and assist with the recovery.
Of the $5.5 billion in the CERF, the current estimate of specific costs is $4.0 billion, with the remaining $1.5 billion made up of contingencies relating mainly to land. Almost $1.6 billion was spent in 2010/11, and most of the remaining funding is expected to be spent before 2014/15.
- Expected CERF spending profile
