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Govt. policies scare off overseas investment

Hon John Luxton National Spokesperson on Inward Investment

02 March 2001

Labour-Alliance policies scare off overseas investment

The Coalition Government's anti-business policies are behind a dramatic reduction in overseas investment into New Zealand, detailed in the New Zealand Overseas Investment Commission six monthly report released this week, National's Spokesperson on Inward Investment John Luxton said today.

The report showed a net investment flow approved by the Government of just $300 million in the last six months of the financial year to June 2000, compared to ten times that amount, $3 billion, in the previous six months. The drop was despite Ministers refusing only three applications worth $1.3 million.

"That's a massive drop of 90 percent which impacts negatively on job opportunities and infrastructure development in New Zealand.

"These figures were surprising given the very low value of the New Zealand dollar during that period, and indicate a loss of confidence by overseas investors in New Zealand.

"This is just the tip of the iceberg of the impact of the Labour-Alliance anti-business policies that were so often to the fore during the year 2000. Increasing tax rates, re-unionising the workforce and re-nationalising accident insurance are already costing New Zealanders jobs.

"It also explains why the Government is dramatically changing its focus to try and woo business investment in 2001", Mr Luxton said.

Ends

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