The post-earthquake rebuilding of Greater Christchurch will
cost between $20 billion and $30 billion, with more than two
thirds of the funding coming from private sector investment,
the Government revealed today.
Twenty key projects were announced today as part of the
Government's "roadmap for economic recovery" in
post-earthquake Greater Christchurch.
The "wide ranging" Economic Recovery Programme covers all
aspects on the massive rebuilding task, crossing science,
technology, education and training, and innovation, while
working towards a more business friendly approach and more
collaboration between public and private sectors.
It includes the anchor developments in the new central
business district blueprint plan unveiled in July, like the
covered sports stadium, new convention centre, and health and
Around $18b will be spent on residential developments, while
public and private investment in the 20 projects - identified
as the most important for the recovery - will cover the
staggering rebuild price tag.
It is estimated that $6b to $9b will come from local and
central government, with the private sector providing the
rest of the rebuild cash, of between $14b to $21b.
Developed by the Canterbury Earthquake Recovery Authority
(Cera) and Ministry for Business, Innovation and Employment
(MBIE), the Economic Recovery Programme has been welcomed by
Canterbury business people and stakeholders as a key step
Cera's general manager economic recovery, Steve Wakefield,
who was behind the plan, said he hoped it would help
Canterbury retain existing business, attract new investment,
generate wealth, increase exports and enable the return of
greater levels of prosperity and growth to the embattled
He said Cera had a "broad set of goals" when setting about
the plan, which has resulted in "a broad programme" aimed at
achieving "long term prosperity, not just short term
"We need to make sure that we spend this $30b as wisely and
as effectively as possible," said Mr Wakefield, named this
week's the country's top chartered accountant.
"If we do that we'll get a big economic lift, we'll improve
our long-term prosperity, and I believe we'll have the most
modern, most attractive, most vibrant city in the world."
Some of the 20 projects are already in progress, Earthquake
Recovery Minister Gerry Brownlee said at the announcement in
front of invited business people at Addington Raceway today.
The plans were developed collaboratively by Cera and MBIE in
partnership with local government and the business sector.
"This is a once-in-a-lifetime opportunity for Canterbury to
create a new, better and enduring business environment," Mr
Mr Brownlee says the 20 projects have varying timeframes
through to 2016, by which time some will be completed and
others will transition to partners such as regional economic
Economic Development Minister Steven Joyce says business
disruption following the quakes was significant, but the
sector also showed a resilience which provides great
confidence in Canterbury becoming a more productive economic
engine for the country.
"The Canterbury business community is in good heart and is
ready to harness the opportunity presented by the rebuild.
"Every week we're seeing examples of innovation, focus and
commitment to making the Canterbury economy strong," Mr Joyce
Cera has set up the monthly Canterbury Economic Recovery
Dashboard to allow the public to follow the rebuild's
progress and can be found at www.cera.govt.nz.