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Budget Policy Statement 2016

Rebuilding Christchurch

Budget 2016 will commit the last major tranche of funding to support the rebuilding of Christchurch after the destructive earthquakes in 2010 and 2011 as we move from recovery to regeneration.

The Government's contribution to the rebuild is very significant, totalling around $17.0 billion, including payments made by the Earthquake Commission (EQC), net of reinsurance proceeds. This is an increase over the $16.5 billion estimate in the Budget Update (Table 2).

Table 2 - Net earthquake expenses
Year ending 30 June
$millions
2011-15
Actual
2016
Forecast
2017
Forecast
2018
Forecast
2019
Forecast
2020
Forecast
Outside
forecast period
Total
Half Year Update
Total
Budget Update
Local infrastructure 1,582 107 107 57 - - - 1,853 1,806
Crown assets 471 666 603 269 128 116 150 2,403 2,158
Land zoning 999 101 57 - - - - 1,157 1,126
Christchurch central city rebuild 767 199 441 178 56 6 -175 1,472 1,241
Welfare support 297 4 3 2 - - - 306 306
Southern Response support package 907 -14 -29 -14 -4 1 - 847 800
Other costs 726 134 92 93 97 101 - 1,243 1,197
Core Crown Canterbury earthquake recovery costs 5,749 1,197 1,274 585 277 224 -25 9,281 8,634
EQC (net of reinsurance proceeds) 7,313 -146 -192 -29 3 - - 6,949 7,267
Other SOE and CEs -119 226 336 226 91 50 - 810 625
Total Crown 12,943 1,277 1,418 782 371 274 -25 17,040 16,526

Source: The Treasury

 

Hon Bill English
Minister of Finance

15 December 2015

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