Despite sticking with a zero budget to ensure surplus targets are met, government has freed up $4.4 billion to spend on  "high priority areas" over the next four years.

But government figures reveal earthquake recovery spending, excluding EQC, dropped between 2011 and this year.

New Zealand banks issuing covered bonds will be required to register their programmes with the Reserve Bank.

The Crown has clawed back $645 million of the $1.78 billion it stumped up to pay out depositors of South Canterbury Finance but taxpayers still face a bill of $1.1 billion.