Parliament

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

 

Capital Gains Tax will lift rents, add to living costs

A capital gains tax would lead to further rent increases and hurt those who can least afford it, National’s Finance spokesperson Amy Adams says.

“The Government insists it set up the Tax Working Group ‘to deliver fairness’ to the tax system but the TWG admits that a capital gains tax would see rents increase further.

“Other economists agree. Andrew Coleman from Otago University has modelled the effect of a capital gains tax and found it would likely lead to higher rents.

“That’s the last thing New Zealand families need when rents are already at record highs and the cost of living is rising. Many New Zealanders already have to stretch each dollar further and make hard decisions on how to pay for essential household items like groceries.

“One of this Government’s primary shortcomings is an inability to properly consider the consequences of ideologically driven policies.

“It has also refused to take any responsibility for rising rents. But a raft of poorly conceived policies are behind the recent spike in rents, including extending the bright-line test, ring fencing of losses, more burdensome regulations and the ban on foreign investment.

“All of these policies discourage private rentals and inevitably drive up rents. Rents have already increased by $30 a week in the past twelve months. That’s a rapid increase on the $12 a week average increase over the previous nine years.

“A capital gains tax will further compound these rent increases, something the Tax Working Group even acknowledges. There is growing opposition to a capital gains tax from sectors as diverse as the financial markets and farmers.

“National believes the New Zealand economy is in relatively good shape thanks to nine years of stable, sensible policies. We don’t want to see that unwound by a Government that isn’t property assessing the impact of its plans on hardworking New Zealanders.”

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

State Highways: $1.4 Billion For Road Safety Improvements

The Safe Network Programme will make 870 kilometres of high volume, high-risk State Highways safer by 2021 with improvements like median and side barriers, rumble strips, and shoulder widening. More>>

ALSO:

Dealing Crackdown, Addiction Support: Government Action On Synthetics

The NZ Drug Foundation has welcomed the Government’s response to synthetic drug deaths. The response strikes a balance between giving law enforcement the tools they need to target criminal networks and changing drug law to make it easier for people to access help when they need it. More>>

ALSO:

Strategy Committee Unanimous: Wellington To Forge Ahead With Convention Centre

The three-storey Cable Street building, with around 18,000-square metres of floor space, will comfortably be able to host 1500 people for conventions. It includes a 1651sq m exhibition area that will attract international exhibitions too big for nearby Te Papa and provide an always-changing visitor attraction. More>>

ALSO:

Surveying The Surveillance: First IGIS Review Of Warrants Under New Act

The report sets out the Inspector-General’s interpretation of the new warrant provisions under the ISA and her expectations of the GCSB and NZSIS when they prepare warrant applications. More>>

SSC: 2018 Public Service Workforce Data Published

State Services Commissioner Peter Hughes has published the 2018 Our People, Public Service Workforce Data , which shows the Public Service is making significant progress in important areas. More>>

ALSO:

Sinking Cap: Auctions, Permanent Forests, Added To ETS

The move to auctions, signalled in an August consultation paper, will help put a cap on the number of emission units available over time. Annual announcements, looking forward five years, will help provide certainty for scheme participants, she said. More>>

ALSO:

Joint Select Committee Report: Achieving Smokefree 2025

In a historic first for select committees, the Māori Affairs Committee and the Health Committee presented their joint report on achieving the Smokefree 2025 goal to the House on Tuesday, 11 December 2018. More>>

"Shared Interests And Democratic Values": Peters To Visit USA

Deputy Prime Minister and Foreign Affairs Minister Winston Peters will travel to Washington D.C. for talks with US Secretary of State Michael R. Pompeo and other senior members of the US Administration. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels