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


Overseas investors robbing Kiwis

9 May 2005

Overseas investors robbing Kiwis of first family home

The Overseas Investment Bill, reported back from Select Committee today, won't stop the wholesale sell-off of New Zealand's land and businesses and won't help Kiwis wanting to buy their first homes, the Greens say.

"The Government refuses to face up to the fact that its open-door policy on land sales is artificially inflating the price of properties, including residential housing," Green Co-Leader Rod Donald said.

"It's not just the family farm or the bach at the beach which is out of reach - first-home owners are now losing out to foreign investors.

"The Select Committee scrutiny of the Bill revealed the Government keeps no record of the extent of foreign ownership of residential properties," Mr Donald said. "However, there is plenty of anecdotal evidence that overseas investors, particularly Australians, are buying up residential property at the low-end of the market.

"This is adding to the woes of first-home buyers who can't compete against these cash-rich foreign investors."

Mr Donald, a member of the Committee, has written a minority report on the Bill criticising its failure to effectively monitor and regulate the foreign buy-up of Kiwi land and businesses.

"The overwhelming effect of this Bill will be to make it even easier for foreign investors to purchase and control New Zealand land, buildings and businesses.

"For example, the Bill narrows the role of the regulatory authority, by limiting its scrutiny to properties or businesses worth more than $100 million. If we're serious about ensuring that all foreign investment in New Zealand is in our national interest, we need to give the authority the ability to scrutinise all sales worth more than $10 million."

Mr Donald said the Greens want additional obligations to be placed on foreign investors in recognition that it is a privilege to own sensitive New Zealand assets.

"We believe foreign owners should be required to conform to a code of corporate responsibility or risk losing the privilege of owning assets here. This is to ensure we do not have a repeat of debacles such as the run-down of Tranz Rail."

Mr Donald said the Greens would support a number of positive amendments now contained within the Bill, such as improved public access to the foreshore, lakes and rivers, through the creation of marginal strips, but would continue to oppose the Bill as a whole.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Werewolf: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word. In reality, Peters will have power only up to the point that he uses it.

By next week, he’ll have become just another junior player in an MMP governing arrangement, battling to hold onto the gains he was promised. More>>


Rising Toll: Road Safety Needs To Be A Higher Priority

Official advice released to the Green Party under the Official Information Act shows that the previous National Government dismissed an option to make road safety its most important transport priority after being told the road toll was rising. More>>


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>>


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>>


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>>


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>>


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>>


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>>




Featured InfoPages

Opening the Election