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

 


Banker’s doubts over LVRs another nail in the housing coffin

Banker’s doubts over LVRs another nail in the housing coffin

Thousands of first home buyers around New Zealand will be asking the Government what all the pain has been for after departing BNZ CEO Andrew Thorburn said that the jury is still out on whether LVRs have worked, says Labour’s housing spokesperson Phil Twyford.

“When one of the most respected senior banking figures in Australasia questions whether LVRs have worked, it must raise doubts for all the first home buyers who have been the fall guys for National’s failed housing policy.

“All the data shows first home buyers have been shut out of the market, leaving offshore and domestic speculators to have a field day. Modest to middle income home buyers have been hobbled by 20% minimum deposits while the big end of town has been unaffected. And in the regions, towns and cities who already have static or declining house prices, have taken an unnecessary hit.

“Kiwis who long to own their own home would probably put up with some short term pain if they thought it was part of a serious plan to fix the housing crisis, build more affordable homes, and slow down runaway house price inflation, particularly in Auckland and Christchurch.

“Things are getting worse. The Reserve Bank says interest rates are heading to 8%. Consents for new builds in Auckland have dropped off. And desperate first home buyers have been driven into the arms of the finance companies.

“Hearing now that one of our most senior bankers thinks the jury is out on whether LVRs have worked is the unkindest cut, reducing the government policy on home lending to a cruel experiment on decent hard working Kiwis who just want a crack at the Kiwi dream.

“National’s total refusal to tackle the fundamentals by taxing speculators through a Capital Gains Tax, and by actually building large volumes of affordable homes for people to buy, has allowed the housing crisis to rage on out of control. Labour will implement a capital Gains tax and build 100,000 houses.”

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Inadequate Response To Sexual Violence Prevention

On combatting sexual violence, the government has finally begun to undo some of the problems that were of its own making. Early in March, ACC launched the Integrated Services for Sensitive Claims scheme – a package aimed at improving the attitudes of ACC staff towards sexual violence victims, and offering them more substantive support.

Hopefully, this will help to reverse the damage done with the insensitive, punitive ACC policy put in place by the incoming Key government in 2009, which in some parts of New Zealand, saw 90 per cent of sexual violence victims being turned away by ACC. More>>

 

PARLIAMENT TODAY:

"To Help Families Get Ahead": April 1 Changes Kick In

Prime Minister John Key says Paid Parental Leave, the parental tax credit, the minimum wage and Superannuation will increase, while average ACC levies will fall, and more people will be helped in to home ownership... More>>

ALSO:

Climate: Ministers Exclude Emissions From ‘Environment Reporting'

The National Party Government has today revealed that the national environmental report topics for this year will, incredibly, exclude New Zealand’s greenhouse gas emissions, the Green Party said today. More>>

ALSO:

No Retrial: Freedom At Last For Teina Pora

The Māori Party is relieved that the Privy Council has cleared the final legal hurdle for Teina Pora who was wrongfully convicted of murder and sent to prison for 22 years. More>>

ALSO:

Germanwings Crash: Privacy Act Supports Aviation Safeguards In New Zealand

Reports that German privacy laws may have contributed to the Germanwings air crash have prompted New Zealand’s Privacy Commissioner to reassure the public that the Privacy Act is no impediment to medical practitioners notifying appropriate authorities to a pilot’s health concerns. More>>

ALSO:

Treaty: Taranaki Iwi Ngāruahine Settles Treaty Claims For $67.5mln

The settlement includes a $13.5 million payment the government made in June 2013, as well as land in the Taranaki region. The settlement also includes four culturally significant sites, the Waipakari Reserve, Te Kohinga Reserve, Te Ngutu o te Manu and Te Poho o Taranaki. More>>

ALSO:

Gordon Campbell: On A Funeral In Asia, The Northland By-Election, And News Priorities

Supposedly, New Zealand’s destiny lies in Asia, and that was one of Foreign Minister Murray McCully’s rationales for his bungled reforms at MFAT. OK. So, if that’s the case why didn’t Prime Minister John Key attend the state funeral on Sunday of Singapore’s founding leader Lee Kuan Yew? More>>

ALSO:

Werewolf Satire: Not Flag-Waving; Flag-Drowning

The panel choosing the flag options has no visual artists at all. Now, I’ve kerned the odd ligature in my time and I know my recto from my French curve so I thought I’d offer a few suggestions before they get past their depth. More>>

ALSO:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news