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Audio, Radio New Zealand

Questions to Ministers 1. AMY ADAMS to the Minister of Finance: What will be the focus of the Budget on 19 May? 2. Hon PHIL GOFF to the Prime Minister: Does he stand by all his statements on the sale of State-owned assets? 3. SHANE ARDERN to the Minister of Customs: What recent reports has he received regarding interceptions of methamphetamine by Customs officers at the border? 4. Hon ANNETTE KING to the Prime Minister: Does he stand by his statement that "we've done as good a job as we can in the conditions we've got to try and help low-income New Zealanders"? 5. KEITH LOCKE to the Minister of Defence: Has New Zealand's SAS detained anyone during its operations or joint operations with other forces, since being redeployed to Afghanistan in 2009? 6. Hon DAVID CUNLIFFE to the Minister of Finance: Does he stand by his statement that "I have seen almost no criticism of the Government's plan to rebalance the economy" given the statement from the Chair of the 2025 Taskforce, Don Brash, that "There is certainly no evidence yet that current policies will deliver the kind of accelerated growth we need"? 7. NICKY WAGNER to the Minister for Canterbury Earthquake Recovery: What process will the Government use to rebuild and restore damaged infrastructure in Canterbury? 8. Hon CLAYTON COSGROVE to the Minister for Canterbury Earthquake Recovery: Is he satisfied that the Canterbury Earthquake Recovery Act 2011 provides him with all the powers necessary to facilitate the recovery of Canterbury? 9. Hon JOHN BOSCAWEN to the Minister of Finance: By how much has Government expenditure increased as a percentage of GDP since he became Minister of Finance? 10. DAVID SHEARER to the Prime Minister: Does he have confidence in his Minister of Foreign Affairs? 11. KATRINA SHANKS to the Minister for Social Development and Employment: Why has the Government announced a Green Paper on how we value, nurture and protect children? 12. Hon TREVOR MALLARD to the Prime Minister: Does he have confidence in all his Ministers?

Audio, Radio New Zealand

TODD McCLAY to the Minister of Finance: What reports has he received on the Government's financial position? DAVID SHEARER to the Prime Minister: Does he stand by all his statements? METIRIA TUREI to the Prime Minister: Does he stand by his reported statement that "anyone expecting details of a 'cosy sort of little deal' would be disappointed" by the Deputy Auditor-General's report into the SkyCity Convention Centre negotiations. DENIS O'ROURKE to the Minister for Canterbury Earthquake Recovery: What criteria did he use in deciding that owners of vacant sections in the red zone of Christchurch should only be compensated at half of the sections' most recent rateable value? KANWALJIT SINGH BAKSHI to the Minister for Economic Development: What economic opportunities will a new convention centre bring for Auckland? Hon DAVID PARKER to the Prime Minister: Did he or his office receive the 12 November 2009 report from Ministry officials to the Department of Prime Minister and Cabinet, summarising the process with SkyCity for the building of a convention centre; if so, did he read it? MIKE SABIN to the Associate Minister for Social Development: What steps is the Government taking to reduce welfare fraud? Hon CLAYTON COSGROVE to the Minister for State Owned Enterprises: What contingency plans, if any, does the Government have in place regarding its asset sale programme should the Tiwai Point aluminium smelter reduce production? KEVIN HAGUE to the Minister of Trade: Will New Zealand support Australia's objection to signing up to investor-state dispute provisions in the Trans-Pacific Partnership agreement; if not, why not? Hon LIANNE DALZIEL to the Minister for Canterbury Earthquake Recovery: Why is he offering only 50 percent of rating valuation for commercial or bare land in the residential red zone where the land could not be insured? MARK MITCHELL to the Minister of Corrections: What announcements has she made on improving prisoner employment training in New Zealand prisons? CHRIS HIPKINS to the Minister of Education: Does she stand by all her decisions in relation to schools in Christchurch?

Audio, Radio New Zealand

Questions to Ministers 1. TODD McCLAY to the Minister of Finance: What reports has he received on the Government's financial position? 2. DAVID SHEARER to the Prime Minister: Does he stand by all his statements? 3. METIRIA TUREI to the Prime Minister: Does he stand by his reported statement that "anyone expecting details of a 'cosy sort of little deal' would be disappointed" by the Deputy Auditor-General's report into the SkyCity Convention Centre negotiations. 4. DENIS O'ROURKE to the Minister for Canterbury Earthquake Recovery: What criteria did he use in deciding that owners of vacant sections in the red zone of Christchurch should only be compensated at half of the sections' most recent rateable value? 5. KANWALJIT SINGH BAKSHI to the Minister for Economic Development: What economic opportunities will a new convention centre bring for Auckland? 6. Hon DAVID PARKER to the Prime Minister: Did he or his office receive the 12 November 2009 report from Ministry officials to the Department of Prime Minister and Cabinet, summarising the process with SkyCity for the building of a convention centre; if so, did he read it? 7. MIKE SABIN to the Associate Minister for Social Development: What steps is the Government taking to reduce welfare fraud? 8. Hon CLAYTON COSGROVE to the Minister for State Owned Enterprises: What contingency plans, if any, does the Government have in place regarding its asset sale programme should the Tiwai Point aluminium smelter reduce production? 9. KEVIN HAGUE to the Minister of Trade: Will New Zealand support Australia's objection to signing up to investor-state dispute provisions in the Trans-Pacific Partnership agreement; if not, why not? 10. Hon LIANNE DALZIEL to the Minister for Canterbury Earthquake Recovery: Why is he offering only 50 percent of rating valuation for commercial or bare land in the residential red zone where the land could not be insured? 11. MARK MITCHELL to the Minister of Corrections: What announcements has she made on improving prisoner employment training in New Zealand prisons? 12. CHRIS HIPKINS to the Minister of Education: Does she stand by all her decisions in relation to schools in Christchurch?

Audio, Radio New Zealand

Questions to Ministers 1. TODD McCLAY to the Minister of Finance: What reports has he received on the Government's financial position? 2. DAVID SHEARER to the Prime Minister: Does he stand by all his statements? 3. METIRIA TUREI to the Prime Minister: Does he stand by his reported statement that "anyone expecting details of a 'cosy sort of little deal' would be disappointed" by the Deputy Auditor-General's report into the SkyCity Convention Centre negotiations. 4. DENIS O'ROURKE to the Minister for Canterbury Earthquake Recovery: What criteria did he use in deciding that owners of vacant sections in the red zone of Christchurch should only be compensated at half of the sections' most recent rateable value? 5. KANWALJIT SINGH BAKSHI to the Minister for Economic Development: What economic opportunities will a new convention centre bring for Auckland? 6. Hon DAVID PARKER to the Prime Minister: Did he or his office receive the 12 November 2009 report from Ministry officials to the Department of Prime Minister and Cabinet, summarising the process with SkyCity for the building of a convention centre; if so, did he read it? 7. MIKE SABIN to the Associate Minister for Social Development: What steps is the Government taking to reduce welfare fraud? 8. Hon CLAYTON COSGROVE to the Minister for State Owned Enterprises: What contingency plans, if any, does the Government have in place regarding its asset sale programme should the Tiwai Point aluminium smelter reduce production? 9. KEVIN HAGUE to the Minister of Trade: Will New Zealand support Australia's objection to signing up to investor-state dispute provisions in the Trans-Pacific Partnership agreement; if not, why not? 10. Hon LIANNE DALZIEL to the Minister for Canterbury Earthquake Recovery: Why is he offering only 50 percent of rating valuation for commercial or bare land in the residential red zone where the land could not be insured? 11. MARK MITCHELL to the Minister of Corrections: What announcements has she made on improving prisoner employment training in New Zealand prisons? 12. CHRIS HIPKINS to the Minister of Education: Does she stand by all her decisions in relation to schools in Christchurch?

Audio, Radio New Zealand

BRENDAN HORAN to the Minister for State Owned Enterprises: Is he satisfied with all aspects of the KiwiRail Turnaround Plan? GRANT ROBERTSON to the Prime Minister: Does he stand by his statement in relation to Hon John Banks, “The law may be very loose as I’ve said before, and the law may well need reforming and that’s something we’ll consider in due course but I’m comfortable with what he’s done”? JOHN HAYES to the Minister of Finance: What reports has he received on the international economic situation and its impact on New Zealand? Hon DAVID PARKER to the Minister of Finance: Does he stand by his statement regarding migration to Australia “What’s the point of standing in the airport crying about it?”; if so, are the numbers of people leaving New Zealand from the regions being replaced by people moving into the regions from elsewhere in New Zealand or overseas? Hon TARIANA TURIA to the Minister of Finance: Did the Minister of Māori Affairs discuss with him how the Crown would meet its Treaty obligation with respect to the Mixed Ownership Model? EUGENIE SAGE to the Minister for Canterbury Earthquake Recovery: What advice, if any, has he received on the potential sale of Christchurch City Council assets to help pay for the rebuild of Christchurch? JONATHAN YOUNG to the Minister of Energy and Resources: What reports has he received on renewable electricity generation in New Zealand? JACINDA ARDERN to the Minister for Social Development: What was discussed at the three meetings she has had with Australian company Taylor Fry, known for its actuary services to the insurance industry? Dr PAUL HUTCHISON to the Minister of Health: What investments are planned for improving health facilities in Wairoa? Hon CLAYTON COSGROVE to the Minister for State Owned Enterprises: Does he agree with the Minister of Finance that “The asset sales programme remains on track”? LOUISE UPSTON to the Minister of Labour: What advice has she received regarding the implementation of the new adventure activities regulations? Hon ANNETTE KING to the Minister of Housing: What recent reports has he received on housing in the Aranui area of Christchurch?

Audio, Radio New Zealand

Questions to Ministers 1. CHRIS AUCHINVOLE to the Minister of Finance: What steps has the Government taken to make better use of its balance sheet to boost growth and jobs? 2. Hon ANNETTE KING to the Minister for Social Development and Employment: In light of her answer on behalf of the Prime Minister yesterday, that there is child poverty in New Zealand, what is the estimated cost of child poverty per year? 3. KATRINA SHANKS to the Minister for Communications and Information Technology: What progress has the Government made on rolling out ultra-fast broadband in Wellington? 4. GRANT ROBERTSON to the Minister of Health: Have hospital admissions for children with respiratory diseases and infectious diseases increased over the last three years; if so, by how much? 5. Dr RUSSEL NORMAN to the Minister of Agriculture: Will the Government adopt the OECD's 2011 recommendation that New Zealand implement water charging for agricultural uses? 6. SUE MORONEY to the Minister of Education: Does she stand by her commitment on The Nation on 20 August 2011, that low and middle income families would not pay more for 20 hours of early childhood education in the next three years if the Government is re-elected? 7. Hon TAU HENARE to the Minister for Social Development and Employment: What reports has she received on the latest benefit figures? 8. PHIL TWYFORD to the Minister of Transport: Does he endorse the transport elements of the draft Auckland Plan; if not, why not? 9. NICKY WAGNER to the Minister of Health: What steps has the Government taken to improve outpatient and other health services to the people of Canterbury following the earthquakes? 10. STUART NASH to the Minister of Finance: Does the Government's privatisation plan include parameters which would cause it to cancel sales, such as low sale prices or high dividend yields; if so, what are the parameters? 11. NIKKI KAYE to the Minister of Internal Affairs: What announcements has he made regarding the igovt scheme, and increasing online access to government services? 12. Hon RICK BARKER to the Minister of Veterans' Affairs: When can veterans expect a full response from the Government in response to the Law Commission report titled A New Support Scheme for Veterans: A Report on the Review of the War Pensions Act 1954 that was presented to Parliament on 1 June 2010? Questions to Members 1. CLARE CURRAN to the Chairperson of the Transport and Industrial Relations Committee: Has he requested any written submissions on the petition of George Laird, signed by nearly 14,000 people, calling the Government to retain the Hillside and Woburn workshops?

Research papers, University of Canterbury Library

The Canterbury earthquakes of 2010 and 2011 have shone the spotlight on a number of tax issues. These issues, and in particular lessons learned from them, will be relevant for revenue authorities, policymakers and taxpayers alike in the broader context of natural disasters. Issues considered by this paper include the tax treatment of insurance monies. For example, building owners will receive pay-outs for destroyed assets and buildings which have been depreciated. Where the insurance payment is more than the adjusted tax value, there will be a taxable "gain on sale" (or depreciation recovery income). If the building owner uses those insurance proceeds to purchase a replacement asset, legislative amendments specifically enacted following the earthquakes provide that rollover relief of the depreciation recovery income is available. The tax treatment of expenditure to seismically strengthen a building is another significant issue faced by building owners. Case law has determined that this expenditure will usually be capital expenditure. In the past such costs could be capitalised to the building and depreciated accordingly. However, since the 2011-2012 income year owners have been prohibited from claiming depreciation on buildings and therefore currently no deduction is available for such strengthening expenditure (whether immediate or deferred). This has significant potential implications for landlords throughout New Zealand facing significant seismic retrofit costs. Incentives, or some form of financial support, whether delivered through the tax system or some other mechanism may be required. International Financial Reporting Standards (IFRS) require insurance proceeds, including reimbursement for expenditure of a capital nature, be reported as income while expenditure itself is not recorded as a current period expense. This has the effect of overstating current income and creating a larger variation between reported income for accounting and taxation purposes. Businesses have obligations to maintain certain business records for tax purposes. Reconstructing records destroyed by a natural disaster depends on how the information was originally stored. The earthquakes have demonstrated the benefits of ‘off-site’ (outside Canterbury) storage, in particular electronic storage. This paper considers these issues and the Inland Revenue Department (Inland Revenue) Standard Practice Statement which deals with inter alia retention of business records in electronic format and offshore record storage. Employer provided accommodation is treated as income to the benefitting employee. A recent amendment to the Income Tax Act 2007 retrospectively provides that certain employer provided accommodation is exempt from tax. The time aspect of these rules is extended where the employee is involved in the Canterbury rebuild and comes from outside the region.

Audio, Radio New Zealand

Questions to Ministers 1. Dr RUSSEL NORMAN to the Minister of Finance: What is the cost impact for the Earthquake Commission following Friday's High Court decision, and what now is the total cost to the Crown of the Canterbury earthquakes? 2. PESETA SAM LOTU-IIGA to the Minister of Finance: What steps has the Government taken to build a more competitive, export-focused economy? 3. Hon PHIL GOFF to the Prime Minister: Does he stand by his statement that "New Zealand simply can't afford a future where 20 percent of our workforce does not have the skills necessary for modern jobs"? 4. TIM MACINDOE to the Minister of Health: What was the average annual increase in elective discharges from 2000/2001 to 2007/2008, and how does this compare to the average annual increase in elective discharges over the last three financial years? 5. Hon PHIL GOFF to the Prime Minister: Does he stand by his statement in relation to part-privatisation of State-owned assets that "there will be some wholesale investors from overseas who will want to buy a little bit of these shares"? 6. KEITH LOCKE to the Minister of Defence: Was he briefed as to the presence of United States personnel at the Provincial Reconstruction Team base in Bamiyan and their duties; if so, what are the duties of the United States personnel at Bamiyan? 7. Hon ANNETTE KING to the Prime Minister: Does he stand by all his answers to Oral Question No 1 on 16 August 2011? 8. NIKKI KAYE to the Minister of Transport: What progress has the Government made on improving Auckland's commuter rail network? 9. Hon DAVID CUNLIFFE to the Minister of Finance: If he expects at least 85 to 90 percent of the State-owned assets he intends to privatise would remain in New Zealand's ownership, including the Crown's holding, what percent of the shares he plans to sell would be bought by foreign buyers? 10. NICKY WAGNER to the Minister of Education: What recent announcements has she made regarding trades academies? 11. Hon DAVID PARKER to the Acting Minister of Energy and Resources: Does she stand by the Government's decision to require Meridian Energy to sell some of its hydro-electricity dams on the Waitaki River to Genesis Energy, and how have the proceeds of the sale been used? 12. JONATHAN YOUNG to the Minister of Corrections: What reports has she received about efforts to cut re-offending rates and rehabilitate offenders? Questions to Members 1. CLARE CURRAN to the Chairperson of the Transport and Industrial Relations Committee: Has he requested any submissions of evidence about the petition to the Transport and Industrial Relations Committee signed by nearly 14,000 people calling on the Government to retain the Hillside and Woburn workshops?

Audio, Radio New Zealand

Questions to Ministers 1. Hon RODNEY HIDE to the Acting Minister of Energy and Resources: Does she accept her Ministry's advice that the value of New Zealand's onshore minerals excluding hydrocarbons is $194 billion overall with $80 billion estimated in Schedule 4 land; if so, what plans does the Government have to allow their development? 2. Hon PHIL GOFF to the Minister for the Rugby World Cup: What advice has the Prime Minister, the Government or Rugby New Zealand 2011 been given on Christchurch's ability to host Rugby World Cup matches later this year? 3. CHESTER BORROWS to the Minister of Finance: What reports has he received on the economy's prospects after New Zealand meets the immediate challenges of the Christchurch earthquake? 4. Hon DAVID CUNLIFFE to the Minister for Communications and Information Technology: Would he indicate his agreement to a further extension, if it were required, to the report back date for the Telecommunications (TSO, Broadband and Other Matters) Amendment Bill? 5. TE URUROA FLAVELL to the Minister of Agriculture: Is he concerned to learn that New Zealand's first majority Māori-owned dairy company, Miraka, has reportedly stated that there is a serious risk that Fonterra's proposed Trading Among Farmers exchange will be illiquid, volatile and unstable; if so, what assurances can he give Miraka and other dairy processors and industry groups, that anti-competitive behaviour will not be tolerated? 6. Hon DAVID PARKER to the Acting Minister for Economic Development: Has he been advised by the Prime Minister whether his appointment as Acting Minister for Economic Development is temporary or expected to carry on to the election? 7. JO GOODHEW to the Minister of Education: What progress has been made on re-opening Christchurch schools and early childhood education centres since the 22 February earthquake? 8. GRANT ROBERTSON to the Minister of Health: Does he favour the sale of any public hospitals in New Zealand; if so, which one or ones? 9. SIMON BRIDGES to the Minister for Building and Construction: What advice has he received from the Department of Building and Housing regarding last month's Christchurch earthquake? 10. DARIEN FENTON to the Minister of Labour: What factors did she consider in deciding to increase the minimum wage by 25 cents from 1 April in her latest review? 11. CHRIS TREMAIN to the Minister of Transport: What progress has been made on roading projects in the Hawke's Bay region? 12. GARETH HUGHES to the Minister of Finance: What steps, if any, is he taking to reduce New Zealand's economic vulnerability that stems from dependence on oil? Questions to Members 1. Hon DAVID CUNLIFFE to the Chairperson of the Finance and Expenditure Committee: How many submissions have been received so far on the Telecommunications (TSO, Broadband and Other Matters) Amendment Bill? 2. Hon DAVID CUNLIFFE to the Chairperson of the Finance and Expenditure Committee: How many submitters on the Telecommunications (TSO, Broadband and Other Matters) Amendment Bill have requested an oral hearing? 3. Hon DAVID CUNLIFFE to the Chairperson of the Finance and Expenditure Committee: Is he aware of any complaints about times allocated to submitters on the Telecommunications (TSO, Broadband and Other Matters) Amendment Bill?

Research papers, Victoria University of Wellington

The Canterbury earthquake sequence (2010-2011) was the most devastating catastrophe in New Zealand‘s modern history. Fortunately, in 2011 New Zealand had a high insurance penetration ratio, with more than 95% of residences being insured for these earthquakes. This dissertation sheds light on the functions of disaster insurance schemes and their role in economic recovery post-earthquakes.  The first chapter describes the demand and supply for earthquake insurance and provides insights about different public-private partnership earthquake insurance schemes around the world.  In the second chapter, we concentrate on three public earthquake insurance schemes in California, Japan, and New Zealand. The chapter examines what would have been the outcome had the system of insurance in Christchurch been different in the aftermath of the Canterbury earthquake sequence (CES). We focus on the California Earthquake Authority insurance program, and the Japanese Earthquake Reinsurance scheme. Overall, the aggregate cost of the earthquake to the New Zealand public insurer (the Earthquake Commission) was USD 6.2 billion. If a similar-sized disaster event had occurred in Japan and California, homeowners would have received only around USD 1.6 billion and USD 0.7 billion from the Japanese and Californian schemes, respectively. We further describe the spatial and distributive aspects of these scenarios and discuss some of the policy questions that emerge from this comparison.  The third chapter measures the longer-term effect of the CES on the local economy, using night-time light intensity measured from space, and focus on the role of insurance payments for damaged residential property during the local recovery process. Uniquely for this event, more than 95% of residential housing units were covered by insurance and almost all incurred some damage. However, insurance payments were staggered over 5 years, enabling us to identify their local impact. We find that night-time luminosity can capture the process of recovery; and that insurance payments contributed significantly to the process of local economic recovery after the earthquake. Yet, delayed payments were less affective in assisting recovery and cash settlement of claims were more effective than insurance-managed repairs.  After the Christchurch earthquakes, the government declared about 8000 houses as Red Zoned, prohibiting further developments in these properties, and offering the owners to buy them out. The government provided two options for owners: the first was full payment for both land and dwelling at the 2007 property evaluation, the second was payment for land, and the rest to be paid by the owner‘s insurance. Most people chose the second option. Using data from LINZ combined with data from Stats NZ, the fourth chapter empirically investigates what led people to choose this second option, and how peer effect influenced the homeowners‘ choices.  Due to climate change, public disclosure of coastal hazard information through maps and property reports have been used more frequently by local government. This is expected to raise awareness about disaster risks in local community and help potential property owners to make informed locational decision. However, media outlets and business sector argue that public hazard disclosure will cause a negative effect on property value. Despite this opposition, some district councils in New Zealand have attempted to implement improved disclosure. Kapiti Coast district in the Wellington region serves as a case study for this research. In the fifth chapter, we utilize the residential property sale data and coastal hazard maps from the local district council. This study employs a difference-in-difference hedonic property price approach to examine the effect of hazard disclosure on coastal property values. We also apply spatial hedonic regression methods, controlling for coastal amenities, as our robustness check. Our findings suggest that hazard designation has a statistically and economically insignificant impact on property values. Overall, the risk perception about coastal hazards should be more emphasized in communities.

Research papers, University of Canterbury Library

In the last century, seismic design has undergone significant advancements. Starting from the initial concept of designing structures to perform elastically during an earthquake, the modern seismic design philosophy allows structures to respond to ground excitations in an inelastic manner, thereby allowing damage in earthquakes that are significantly less intense than the largest possible ground motion at the site of the structure. Current performance-based multi-objective seismic design methods aim to ensure life-safety in large and rare earthquakes, and to limit structural damage in frequent and moderate earthquakes. As a result, not many recently built buildings have collapsed and very few people have been killed in 21st century buildings even in large earthquakes. Nevertheless, the financial losses to the community arising from damage and downtime in these earthquakes have been unacceptably high (for example; reported to be in excess of 40 billion dollars in the recent Canterbury earthquakes). In the aftermath of the huge financial losses incurred in recent earthquakes, public has unabashedly shown their dissatisfaction over the seismic performance of the built infrastructure. As the current capacity design based seismic design approach relies on inelastic response (i.e. ductility) in pre-identified plastic hinges, it encourages structures to damage (and inadvertently to incur loss in the form of repair and downtime). It has now been widely accepted that while designing ductile structural systems according to the modern seismic design concept can largely ensure life-safety during earthquakes, this also causes buildings to undergo substantial damage (and significant financial loss) in moderate earthquakes. In a quest to match the seismic design objectives with public expectations, researchers are exploring how financial loss can be brought into the decision making process of seismic design. This has facilitated conceptual development of loss optimisation seismic design (LOSD), which involves estimating likely financial losses in design level earthquakes and comparing against acceptable levels of loss to make design decisions (Dhakal 2010a). Adoption of loss based approach in seismic design standards will be a big paradigm shift in earthquake engineering, but it is still a long term dream as the quantification of the interrelationships between earthquake intensity, engineering demand parameters, damage measures, and different forms of losses for different types of buildings (and more importantly the simplification of the interrelationship into design friendly forms) will require a long time. Dissecting the cost of modern buildings suggests that the structural components constitute only a minor portion of the total building cost (Taghavi and Miranda 2003). Moreover, recent research on seismic loss assessment has shown that the damage to non-structural elements and building contents contribute dominantly to the total building loss (Bradley et. al. 2009). In an earthquake, buildings can incur losses of three different forms (damage, downtime, and death/injury commonly referred as 3Ds); but all three forms of seismic loss can be expressed in terms of dollars. It is also obvious that the latter two loss forms (i.e. downtime and death/injury) are related to the extent of damage; which, in a building, will not just be constrained to the load bearing (i.e. structural) elements. As observed in recent earthquakes, even the secondary building components (such as ceilings, partitions, facades, windows parapets, chimneys, canopies) and contents can undergo substantial damage, which can lead to all three forms of loss (Dhakal 2010b). Hence, if financial losses are to be minimised during earthquakes, not only the structural systems, but also the non-structural elements (such as partitions, ceilings, glazing, windows etc.) should be designed for earthquake resistance, and valuable contents should be protected against damage during earthquakes. Several innovative building technologies have been (and are being) developed to reduce building damage during earthquakes (Buchanan et. al. 2011). Most of these developments are aimed at reducing damage to the buildings’ structural systems without due attention to their effects on non-structural systems and building contents. For example, the PRESSS system or Damage Avoidance Design concept aims to enable a building’s structural system to meet the required displacement demand by rocking without the structural elements having to deform inelastically; thereby avoiding damage to these elements. However, as this concept does not necessarily reduce the interstory drift or floor acceleration demands, the damage to non-structural elements and contents can still be high. Similarly, the concept of externally bracing/damping building frames reduces the drift demand (and consequently reduces the structural damage and drift sensitive non-structural damage). Nevertheless, the acceleration sensitive non-structural elements and contents will still be very vulnerable to damage as the floor accelerations are not reduced (arguably increased). Therefore, these concepts may not be able to substantially reduce the total financial losses in all types of buildings. Among the emerging building technologies, base isolation looks very promising as it seems to reduce both inter-storey drifts and floor accelerations, thereby reducing the damage to the structural/non-structural components of a building and its contents. Undoubtedly, a base isolated building will incur substantially reduced loss of all three forms (dollars, downtime, death/injury), even during severe earthquakes. However, base isolating a building or applying any other beneficial technology may incur additional initial costs. In order to provide incentives for builders/owners to adopt these loss-minimising technologies, real-estate and insurance industries will have to acknowledge the reduced risk posed by (and enhanced resilience of) such buildings in setting their rental/sale prices and insurance premiums.