18 February 2016

Australia and Singapore fought harder for foreign buyers ban

The Government did not fight as hard as other countries to strengthen the right to restrict and ban foreign buyers from purchasing their farms and homes, says Labour’s Trade and Export Growth spokesperson David Clark.

“The Government claims no other country bolstered their ability to restrict ownership from foreign buyers, they simply preserved their current laws. That’s completely wrong.

“Australia and Singapore both preserved their rights to adopt any new measure, including a ban, to restrict sales to foreign buyers and protect local buyers.

“MFAT officials have made it clear they followed instructions from the then-Trade Minister Tim Groser. That was obviously to not argue strongly for the right to have future restrictions including a ban.

“National is flat-out misleading New Zealanders when it says it tried to protect the right for future governments to protect our homes and farms.

“Labour had a clear position on foreign buyers for over two years – to ban them from buying existing homes. That was made clear as part of our bottom lines.

“Kiwis don’t want foreign speculators snapping up our homes and farms. National is undermining the Kiwi dream of home ownership by not standing in their corner,” says David Clark.

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