Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the National government wants to take over the management of the rebuilding of Christchurch from the Christchurch City Council.
Earthquake Recovery Minister Gerry Brownlee said the government would step using its powers under the extended state of emergency to take over the recovery response from the Christchurch council.
Brownlee argued the response from the city council after the September quake had been too bureaucratic and the government wanted to punch through all the red tape. See more here in this NZHerald article.
"We need something that can move a lot faster than what we have been doing," Brownlee said. "That requires a lot of changes to these legal niceties."
"While they are part of our past history, they have no place in our future history."
Meanwhile, John Key has said the national state of emergency was likely to be extended again for some time.
Elsewhere, Key said a cut in the Official Cash Rate on Thursday would be helpful for the economy, but it was up to the Reserve Bank Governor to make that decision.\
The Treasury also estimated the earthquake could cost NZ$10 billion to NZ$15 billion to repair. See more here from Alex Tarrant.
The New Zealand dollar fell to 73.7 USc this morning.
Our apologies for the late delivery of the this report today. We had some technical problems that have now been rectified.
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