Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

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

 

New foreign owners register for farm land

18 August 2015

New foreign owners register for farm land


A publically-accessible register of foreign owners and tougher requirements for them to live up to their investment promises are needed to bolster the powers of the Overseas Investment Office, Labour’s Land Information Spokesperson Stuart Nash says.

“Large blocks of productive New Zealand land are heading into foreign ownership. The Government has no idea how much has been sold and whether those owners are living up to the OIO’s requirements to create jobs and bring economic benefits over and above what a New Zealand investor would.

“A Labour government would amend the Overseas Investment Act to ensure we can hold all foreign investors to account for the promises they make in their consent applications. Foreign buyers often make sweeping promises about issues like job creation, increasing export receipts and further downstream investment.

“Yet all the Government does is receive desktop reports without ever getting the gumboots on and getting down to the farm to investigate whether this value is being added or not.

“Labour would also ensure that a register of foreign owners is constructed and maintained so all New Zealanders can easily access information around who is buying our land.

“We would make it mandatory for an annual report to be published outlining the value foreign investment has added to New Zealand’s economy and communities. We would also conduct spot audits on the investors.

“It’s time for more transparency and accountability on foreign ownership,” says Stuart Nash.

ends

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.