Budget 2014: Cera to get $50m more over 2 years

Govt now paying $15.4b towards rebuild

VERNON SMALL
Last updated 14:13 15/05/2014

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The Budget earmarks an extra $50 million for the Canterbury Earthquake Recovery Authority over the next two years.

The extra funding takes the Government's commitments to rebuilding Christchurch to $15.4 billion out of an estimated $40b total rebuild cost, Earthquake Recovery Minister Gerry Brownlee said.

Of that, $7.3b comes from the Earthquake Commission, net of reinsurance proceeds.

The Budget also allocates $14m to the Canterbury Social Support Fund and $75m from the Future Investment Fund, which holds the proceeds of the asset sales programme, goes to Canterbury housing development.

Brownlee said the Government was currently paying $9m a day in rebuild invoices.

Horizontal infrastructure - utilities and roads - repairs in the central city are expected to be 90 per cent complete by the end of the year.

"But there is still much to do."

The recovery is one of the Government's four top priorities and Brownlee said no resource was being spared in seeing Christchurch and surrounding areas rebuilt appropriately so they could thrive in the future.

He said the Budget package confirmed commitments of $313.8m in operating funding over four years and $150m in capital funding for land acquisitions in the central business district and for anchor projects.

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