Parliament

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

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement.

As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

 

Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>

ALSO:

Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>

ALSO:

Gordon Campbell: On Our Refugee Intake (And Uber’s Woes)

On figures released this week, there are currently 65.6 million people worldwide who have been displaced from their homes by war, famine or other external causes… More>>

ALSO:

IGIS Report: GCSB Support For Groser WTO Bid Not Illegal

“The inquiry has found that the GCSB did not act unlawfully or improperly in providing assistance to the New Zealand government campaign”, Ms Gwyn said. More>>

ALSO:

PM's Press Conference: Pike And Houses

There were questions on Pike River mine re-entry after new video from inside the drift was released over the weekend. English maintained a human effort would not be feasible irrespective of any future coalition demands from NZ First. He said the government would continue to work with families on non-manned re-entry. More>>

ALSO:

Flogging A Dead Horse: NZ First Seeks New s59 Referendum

10 years on from the so called “anti-smacking” law - NZ First calls for a binding referendum. NZ First MP Tracey Martin told TVNZ’s Q+A programme that the law change has had a “chilling effect” on NZ parents including herself. More>>

ALSO:

Always Interesting: Internet Party Has New Leader

The Internet Party has a new leader: Suzie Dawson... She currently resides in Moscow, Russia, where she has applied for temporary asylum due to severe persecution she reports being subjected to by those whose corruption she worked to expose.More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog