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

 


Key handed loaded LVR gun to Reserve Bank

Phil TWYFORD

Spokesperson for Housing

David PARKER

Spokesperson for Finance                        

16 July 2013    MEDIA STATEMENT

Key handed loaded LVR gun to Reserve Bank

John Key’s incompetent handling of the mortgage lending limits tool is set to deny thousands of Kiwis a shot at their first home, Labour’s Housing spokesperson Phil Twyford and Finance spokesperson David Parker said.

Labour understands the Reserve Bank will soon announce limits on high Loan to Value Ratio (LVR) home lending without an exemption for first home buyers.

“John Key has completely mishandled the lending limits plan from the very beginning. His negligence has handed the Reserve Bank a loaded gun of lending limits. He can't now fake surprise that it is about to pull the trigger,” said Phil Twyford.

“National is desperate to dampen the rampant Auckland housing market and at the same time is spooked by Labour’s affordable homes building plan and our tax on speculators – seen by Kiwis as an excellent plan to tame house prices.

“In May National caved in to the pressure, signing a Memorandum of Understanding with the Reserve Bank that would allow it to restrict high value mortgages. As usual John Key took a once-over-lightly approach and didn’t realise the ramifications for first home buyers.

“It wasn’t until a month later that Mr Key realised what he had done. He then tried to negotiate through the media to put pressure on Reserve Bank Governor Graeme Wheeler. But the primary purpose of the Reserve Bank is to be independent and not listen to political pressure.

“John Key’s plan has backfired. The Reserve Bank was given complete decision-making power over how to set LVRs in May. When he realised what had happened in June, Mr Key was left out of ammo and reduced to shouting from the microphone,” said Phil Twyford.

“Labour has a plan for housing. We would protect first home buyers with an interim exemption from LVRs and deal with speculators first. By building 100,000 affordable new homes in 10 years with KiwiBuild and bringing in our tax on speculators we will tame rampant house prices and keep the home ownership dream alive,” said David Parker.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On First Time Voting (Centre Right)

For the next two days, I’m turning my column over to two guest columnists who are first time voters. I’ve asked them to explain why they were voting, for whom and what role they thought their parental upbringing had played in shaping their political beliefs ; and at the end, to choose a piece of music.

One guest columnist will be from the centre right, one from the centre left. Today’s column is from the centre right – by James Penn:

As someone who likes to consider himself, in admittedly vainglorious fashion, a considered and rational actor, the act of voting for the first time is a somewhat confusing one. I know that my vote has a close to zero chance of actually influencing the outcome of Parliament. The chance I will cast the marginal vote that adds to National or Act’s number of seats in Parliament is miniscule. The chance, even if I did, that doing so would affect the government makes voting on a strictly practical level even more spurious as a worthwhile exercise.

But somehow I have spent a large amount of time (perhaps detrimentally so, depending on the outcome of my upcoming exams) agonising over how to cast my first vote in a national election. More>>

 

Parliament Today:

SURVEILLANCE:

Election Ad Soundtrack: Rapper Eminem Sues National Party Over Copyright Breach

US rapper Eminem is suing the New Zealand National Party for alleged copyright infringement over unauthorised use of the rapper’s ‘Lose Yourself’ song in an election campaign advertisement. More>>

ALSO:

Pre-Election Chartering: Four New Partnership Schools To Open

Education Minister Hekia Parata today announced the Government has signed contracts to open four new Partnership Schools in 2015. More>>

ALSO:

Werewolf 50 Out Now - The Election Issue: Loss Leaders

Gordon Campbell: A third term requires a mature decision, with eyes wide open. It calls for a conscious vote of confidence… Without trying hard here are about 19 reasons, in no particular order, for not ticking ‘party vote’ National. More>>

ALSO:

Not-Especially New Plans: All Prisons To Become Working Prisons Under National

All public prisons in New Zealand will become full working prisons by 2017, and ex-prisoners will receive post-release drug addiction treatment if National is returned to government, says Corrections Spokesperson Anne Tolley. More>>

ALSO:

Māngere: "False Claim Of Matai Title" - Labour

National must explain why its candidate for Māngere Misa Fia Turner appears to be using a Matai title she is not entitled to, Labour’s MP for Māngere and Pacific Islands Affairs spokesperson Su’a William Sio says. A Matai title is a legally-recognised ... More>>

ALSO:

CPAG Report: No New Zealand Child Should Grow Up In Poverty

Child Poverty Action Group's flagship policy publication Our Children, Our Choice: Priorities for Policy calls for cross party political agreement to underpin an action plan to eliminate child poverty in New Zealand. More>>

ALSO:

Gordon Campbell:
On National’s Phantom Tax Cut Package

Hmmm. So National’s tax cuts package turns out to be one of those television advertisements that screams a headline promise – perfect skin! a youth tonic that works! – while in very small print there’s an out clause: special conditions may apply. More>>

ALSO:

Water: New Marine Reserves On West Coast Opened

Five new marine reserves were officially opened by Conservation Minister Dr Nick Smith on the West Coast of the South Island to protect a range of marine ecosystems for conservation, science and recreation. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news