Parliament

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

 

New Zealand Initiative More like New Zealand Submissive

New Zealand Initiative More like New Zealand Submissive

New Zealand First recommends the authors of the “Open for Business: Removing Barriers to Foreign Investment” report should bring themselves up to date.

“Have the authors, the New Zealand First Initiative, not noticed that the barriers to foreign investment were removed decades ago?” asks New Zealand First Leader Rt Hon Winston Peters.

“Do they not remember that when the floodgates to foreign ownership were opened in 1984 foreign ownership of the New Zealand share market was 19 per cent.

“Today, 30 years later, it is around 70 per cent.

“Hardly a day passes without another foreign buy up of an existing New Zealand-owned asset, a business or resources. The latest is CHH’s pulp, paper and packaging going into Japanese hands for a billion dollars.

“It’s been an open-for-sale approach for years yet the result under foreign investment-ownership is productivity more than 20 per cent below OECD average, a lacking of innovation and a reliance on a few raw materials.

“We have a huge and growing gap between the rich and poor, a ballooning debt and every day the number of New Zealand companies producing goods of added value is diminishing. Much of this is the result of the lowering of barriers.

“Back when this economic experiment started in 1984, our biggest bank was New Zealand owned.

“On examination, the New Zealand Initiative report is hopelessly flawed, extremely right wing, and demonstrates little understanding of overseas ownership conditions.

“Countless countries have barriers to foreign ownership, and China in particular.

“Arguing that New Zealanders who bought on a New Zealand only market should now have the right to sell everything and anything on the world market, demonstrates how facile their logic is.

“Do they not understand whilst one can move to Australia, hundreds of thousands of New Zealanders are being denied equality of citizenship in that country.

“Removing all screening barriers would simply be a recipe for wholesale money laundering in the New Zealand economy.

“Their statement that ‘the onus of proof for keeping our regulated FDI (foreign direct investment) regime should be on those who want to keep it’ is not only stupid, but a call to economic anarchy.

“But perhaps the level of integrity that should be attached to this report, is best judged by demanding an embargo till 11am today, whilst they appeared defending their report on TV1 and TV3 four hours earlier.

“All in all, this report has the depth of a bird bath,” says Mr Peters.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election