Govt support for Canterbury rebuild now $16.5b

Posted 21 May 2015 by GovtBeehive Popular
Posted in CERA/Govt , Rebuild , Finance

Gerry Brownlee | Budget 2015

An additional $107.8 million operating funding over the next four years is provided in Budget 2015 for the Canterbury rebuild, cementing the Government’s commitment to the recovery effort. 

This takes the Government’s total contribution to the Canterbury rebuild since 2010 to around $16.5 billion.

More than four years after the first earthquake, the recovery is progressing well, but much work will need to continue even after the special earthquake legislation expires, Canterbury Earthquake Recovery Minister Gerry Brownlee says.

“This new operating funding will support land clearances to make way for Anchor Projects, preparation of land before those constructions begin and ensure the planned recovery work is implemented over the next four years.

“With the Canterbury Earthquake Recovery Act expiring next April we will need to transition to a new structure for continuation of recovery work, and soon we will have a better idea of what that will look like.

“This Budget enables recovery to progress with certainty.”

The new funding also covers the operational cost of owning and developing assets purchased by the Crown as part of Christchurch’s redevelopment, and the cost of preparing these assets for future sale or vesting.

Of the additional $107.8 million, $10 million is allocated for the removal of buildings that currently sit on land designated for Anchor Projects.

“We still have areas to clear for some projects, so putting this aside in Budget 2015 means the work is able to progress as required in the coming years,” Mr Brownlee says.

 

 
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