Wellington Ratepayers' Alliance spokesman James Ross spoke to TVNZ's Breakfast to talk about Wellington's looming underinsurance crisis, and how owning 44 earthquake-prone buildings has the city's finances on the edge.

These buildings - including the Town Hall which has cost each Wellington household $4,000 each - are underinsured by $1.8 billion. If an earthquake hits, each household will be stung with costs of around $22,500.

Council needs to sell off buildings it doesn't need - and we don't need five or six concert venues on the books.

As James put it, "being in an earthquake-prone city means Council has to be more realistic about what we can afford, not less."