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

 


Treasury backs call for restrictions on foreign house buyers

24 October 2013

Treasury backs Green’s call for restrictions on foreign house buyers

Treasury loan-to-value (LVR) documents released today show the Government isn’t listening to their economic advisors’ calls for restrictions on overseas buyers of homes to help dampen housing demand and rapidly rising house prices.

The Green Party has consistently called for restrictions on foreign buyers, as is common in other countries such as Australia and Hong Kong, as part of a suite of measures to reduce demand in order to make housing more affordable.

“The Government is tinkering with housing supply while totally ignoring Treasury’s advice on ways to dampen demand that would make a real difference to first home buyers,” said Green Party Co-leader Dr Russel Norman.

“Restrictions on foreign buyers is a simple step that would help to dampen the housing market and reduce prices. It’s smart advice that the National Government is ignoring.

“Other countries, including Australia, have taken the simple step of placing restrictions on foreign buyers, but our Government is ignoring serious advice from Treasury on this issue.

“The Government has its head in the sand on constructive ways to help New Zealanders into their first home. If we want to control house prices we need to take action on both housing supply and demand. The Government’s approach is unbalanced.”

Treasury made a range of demand side suggestions, in addition to LVRs, which includes another Green Party policy – a capital gains tax. The Green Party supports a comprehensive tax on capital gains excluding the family home.

“Treasury says a capital gains tax and restrictions on foreign ownership are part of suite of measure the National Government could take to get more Kiwis into their first home,” said Dr Norman.

“The proof of National’s failure on house prices is in the pudding. House prices in Auckland continue to skyrocket, despite some action on supply. The Government’s tinkering is failing.”

Link to Treasury advice:
http://www.treasury.govt.nz/publications/informationreleases/financialsector/lvr/pdfs/lvr-2674208.pdf

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Anzac Issue Out Now: Werewolf 47

Hi and welcome to the 47th edition of Werewolf, published on the eve of Anzac Day. Its become a cliché to describe Gallipolli as the crucible of this country’s identity, yet hold on... Isn’t our national identity supposed to be bi-cultural... and wouldn’t that suggest that the New Zealand Wars of the 19th century is a more important crucible of national identity than those fought on foreign soil?

Yet as Alison McCulloch eloquently reveals in this month’s cover story, New Zealand devotes a mere fraction of its attention span and funding resources to commemorating the New Zealand Wars compared to what it devotes to the two world wars, Vietnam and Afghanistan... More>>

 

Parliament Today:

Crowdsourcing: Green Party Launches Internet Rights And Freedoms Bill

The Green Party has today launched the Internet Rights and Freedoms Bill, New Zealand’s first ever Bill crowdsourced by a political party. More>>

ALSO:

Gordon Campbell: On The Shane Jones Departure

Shane Jones has left Parliament in the manner to which we have become accustomed, with self interest coming in first and second, and with the interests of the Labour Party (under whose banner he served) way, way back down the track. More>>

COMMENT:

Multimedia: PM Post-Cabinet Press Conference - April 22 2014

The Prime Minister met with reporters to discuss: • The recent improvement in the economy with a growing job market • Income and wealth inequality • Easter trading laws • The New Zealander killed in a drone strike in Yemen... More>>

Easter Trading: Workers 'Can Kiss Goodbye To Easter Sunday Off'

The Government’s decision to “reprioritise” scarce labour inspector resources by abandoning the enforcement of Easter Sunday Shop Trading laws means workers can kiss goodbye to a guaranteed day off, says Labour’s Associate Labour Issues spokesperson Darien Fenton. More>>

ALSO:

ACT Don't Go For Maximum Penalty: Three Strikes For Burglary, Three Years Jail

Three strikes for burglary was introduced to England and Wales in 1999. As in New Zealand, burglary was out of control and given a low priority by the police and the courts. A Labour government passed a three strikes law whereby a third conviction for burglaries earned a mandatory three years in prison... More>>

ALSO:

Gordon Campbell: On Drone Strikes And Judith Collins‘ Last Stand

The news that a New Zealand citizen was killed last November in a US drone attack in Yemen brings the drones controversy closer to home. More>>

ALSO:

Elections: New Electorate Boundaries Finalised

New boundaries for the country’s 64 General and seven Māori electorates have been finalised – with an additional electorate created in Auckland. More>>

ALSO:

Policies: Labour’s Economic Upgrade For Manufacturing

Labour Leader David Cunliffe has today announced his Economic Upgrade for the manufacturing sector – a plan that will create better jobs and higher wages. More>>

ALSO:

Gordon Campbell: On The Life And ACC Work Of Sir Owen Woodhouse

With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the titans of its post-war social policy. More>>

ALSO:

Bad Transnationals: Rio Tinto Wins 2013 Roger Award

It won the 2011 Roger Award and was runner up in 2012, 2009 and 08. One 2013 nomination said simply and in its entirety: “Blackmailing country”... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news