Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

First home buyers and investment properties

Media statement

For immediate release

Thursday, September 25, 2003

First home buyers and investment properties

United Future spokesperson on Revenue and Finance, Gordon Copeland, says he has been misquoted in today’s Dominion Post article on home buyers.

“The article makes the bald statement that I have written to Housing Minister Steve Maharey and Finance Minister Michael Cullen ‘urging an end to tax breaks on investment properties.’ That is a vast oversimplification,” said Mr Copeland.

“My letter makes five key points, only one of which mentions taxation advantages, and then only to say that they should not favour residential property investment as compared to alternative investments.

“That is United Future’s position. For the sake of the New Zealand economy and its success, it is vital that investment decisions be driven, not by tax advantages, but by the underlying investment return which is available. That is also the position of the savings industry in NZ. We simply end up investing too much in one area to the exclusion of another (e.g. housing versus the Stock Exchange) if tax treatment is inconsistent.”

Mr Copeland said “The central point of my letter to the two Ministers was that the cumulative effect of a number of present economic realities (NZ’s high interest rates relative to the rest of the world, the resultant inflow of funds to NZ, the willingness of banks to lend readily for housing investment and current disillusionment with Stock Exchange investments) have brought about the current situation.

“As a result many first home buyers, some of whom are still struggling to pay off student debt, are faced with the stark choice of long term (perhaps lifelong) property rental or an impossibly high level of mortgage debt servicing. The outcome is negative for family life.”

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election