The appropriateness of the overall base shear levels prescribed by
 the New Zealand Loadings Code NZS4203:1976 is investigated for reinforced concrete frame buildings. Six-storey structures were designed to different base shear levels and total costs were computed: total cost takes account of capital cost, averaged direct economic loss due to earthquakes, and indirect earthquake losses. Damage levels were obtained from computer time-history analyses. It is shown that the code base shear levels are
 of the right order of magnitude for reinforced concrete frame buildings, but that the total cost of such buildings is insensitive to design
base shear level. The increase in capital cost of a concrete frame building due to earthquake design requirements is of the order of 4%.