Greens: Nation to pay quake levy

Wrecked buildings are seen all over Christchurch. Photo / Sarah Ivey

The Green Party would push for a nationwide earthquake levy if they became government.

The Greens announcement in Christchurch today would see the levy used as a dedicated revenue stream to pay for the Christchurch rebuild.

Party leader Dr Russel Norman said the fund is a priority for his party this election.

"The Green Party is the only party proposing a dedicated revenue stream that will be ring-fenced and used exclusively for the rebuild of Christchurch," Dr Norman said.

"We consider that the fastest, fairest, and most economically sensible way to rebuild the livelihoods of those in Christchurch is to introduce a temporary earthquake levy on those who can most afford it.

"The people of Christchurch need assurance that all of New Zealand is backing the rebuild of their city."

What you would pay

The levy would see New Zealanders earning between $48,000-$70,000 a year pay an additional 1.5 per cent income tax on the income between those amounts, while those earning over $70,000 would pay an additional three per cent on income over $70,000.

The Greens say their levy means people earning $50,000 a year would pay an additional 58 cents per week, people earning $70,000 per year would pay an additional $6.33 per week and people on $100,000 would pay an additional $23.59 per week."

"The Government has created the Canterbury Earthquake Recovery Fund to pay for the rebuild, but it is borrowing to cover it. Our levy would fully cover the costs of the Recovery Fund over five years.

"A levy costs less. Compared to borrowing it would save tax payers more than $660 million dollars in interest payments over five years."