Canterbury Earthquake - Bill English
Audio, Radio New Zealand
Bill English addresses Press at the Beehive.
Bill English addresses Press at the Beehive.
The Canterbury earthquakes have forced the Government to look more closely at the strength of the country's transport, water, sewerage, energy and communication networks.
The Finance Minister, Bill English, says the Christchurch earthquake means the New Zealand economy is unlikely to grow this fiscal year.
The Treasury is forecasting the Christchurch earthquake will slow economic activity, taking about 15 billion dollars out of the economy over the next five years.
The Finance Minister says the Government will cover the ten billion dollar cost of the Christchurch earthquake by borrowing more rather than cutting spending or putting up taxes.
Finance Minister Bill English, and the Civil Defence Minister John Carter have a news conference at the Beehive theatrette.
The Treasury is forecasting the Christchurch earthquake will slow economic activity and the Finance Minister says the forecast 11-billion dollar Budget deficit this year will also climb.
The Education Minister is waiting for the Canterbury Earthquake Royal Commission to report back before considering a national survey of all school buildings in the country.