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


Housing crisis still a major risk to financial stability

Grant Robertson
MP for Wellington Central

Finance Spokesperson
Employment Spokesperson

31 May 2017

Housing crisis still a major risk to financial stability

The Reserve Bank Governor has sent a clear message to the National led Government that their failure to address the housing crisis represents a risk to New Zealand’s financial stability, says Labour Finance spokesperson Grant Robertson.

“The housing crisis that has developed over nine years of National government is their real legacy. Today’s Reserve Bank Financial Stability Report has highlighted the housing market as the number one risk factor in the economy. The Reserve Bank Governor has said that the rate of housing building “remains insufficient to meet population growth and address housing shortages”.

“The blame for this lies squarely at the feet of the National Government. They have denied the existence of a housing crisis and sought to blame everyone else for the shortfall in house building. There is an urgent need for a large-scale building programme of affordable houses.

“Only Labour has that plan through our Kiwibuild programme that will see 10 thousand houses built each year over 10 years. The report also highlights that the Reserve Bank has done all the heavy lifting in terms of controlling demand in the housing market. National have replied with weak, half-measures. Labour will crack down on the tax loophole that is giving speculators a free ride, ban off-shore purchasers of existing housing and tax those who flip investment properties within five years.

“Today’s report also makes clear that the risk represented by the housing crisis goes beyond Auckland with a need to increase supply to ‘address the underlying imbalance between demand and supply in many regions.’ New Zealanders are seeing the impact of this with those unable to afford to buy a house staying in rental accommodation, which in turn is driving up rents.

“The housing crisis is putting many families under stress. Today’s report shows that it also represents a major risk the economy as a whole. Dealing with it will be a top economic priority for the next Labour Government,” says Grant Robertson.

© 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>>




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>>


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>>


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>>


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>>


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>>


(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>>






Featured InfoPages

Opening the Election