Increasing rebuild momentum... ...in Christchurch, our second-biggest city
4. Rebuilding Christchurch
The Budget confirms an additional $2.1 billion of operating and capital spending to further support the rebuilding of our second-biggest city.
This funding includes:
- Over $900 million from the Future Investment Fund for projects including redeveloping Christchurch hospitals, establishing a justice and emergency services precinct and supporting tertiary education institutes.
- $300 million for anchor projects for the Christchurch city centre.
- $642 million of capital funding from departmental balance sheets, largely for health and education projects.
- Expected total Crown cash payments for earthquake recovery
- $7.6 billion incurred by the Earthquake Commission and other Crown entities.
- Direct Government support, which also totals $7.6 billion.
The rebuild is one driver of economic growth over the next five years. The total estimated cost of the rebuild is expected to be around $40 billion (equivalent to 20 per cent of annual GDP).
- Earthquake-related investment (March years)
Investment associated with the Canterbury rebuild contributes to a larger current account deficit
- Current account balance and rebuild (March years)
