The New Zealand Government has confirmed estimated costs of rebuilding Christchurch have risen from $30 billion to $40 billion.

Speaking at the National Party Mainland Region conference in Hanmer Springs recently, Prime Minister John Key said Treasury had advised upwards its estimate of the total capital cost of the rebuild.

“This is the largest and most complex, single economic project in New Zealand’s history. The scale of the rebuild is unprecedented,” he said.

“That always meant that it would be difficult to get an exact handle on the total estimated cost straight away.”

Mr Key made it clear in his address that the New Zealand Government’s commitment to the rebuild was unwavering.

“We will do what it takes to rebuild our second largest city and that commitment will be unwavering.”