Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


'Lunacy’ that property speculators get tax free capital gain

Labour leader David Cunliffe: ‘lunacy’ that property speculators get tax free capital gain.

Labour leader David Cunliffe told TVNZ’s Q+A programme that a Labour led government would impose a capital gains tax of 15% on realised gains from investment property. He says the family home would be exempt.

‘I'm comfortable with that because speculators are driving this market, and to make matters worse, according to the BNZ and Real Estate Institute about 12% of speculative house buyers, all house buyers last year in Auckland came from non-resident foreigners. Non-resident foreigners who have access to cheap finance are driving up the price of homes in New Zealand, so young Kiwis can't get into their own homes.’

When questioned on why a capital gains tax isn’t working in Australia, Mr Cunliffe said, ‘the problem would be worse if they didn’t have it.’

‘We're not talking about crashing house prices, there is no way that house prices are going to crash. Middle New Zealand does not have to worry about that. But what we don’t want – what I don’t want – I've got one home – I don’t want to see the value of it crash, but I don’t want my two sons locked out of the market when they come to need a home,

Mr Cunliffe says housing is one of the crucial issues in this year’s election.

‘If Nick Smith and the National Party don’t think we're going to be coming after them – this is disgusting and it's going to change.’

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Board Appointments: Some Minister Appoint Less The 3 In 10 Women

“It’s 2015 not 1915: Ministers who appoint less than 3 in 10 women to their boards must do better, they have no excuse but to do better,” said Dr Blue. More>>

Gordon Campbell: On The 1990s Retro Proposals For Our Health System

As we learned yesterday, the reviews propose that the democratically elected representation on DHBs should be reduced, such that community wishes will be able to be over-ridden by political appointees. In today’s revelations, the reviews also propose a return to the destructive competitive health model of the 1990s. More>>

ALSO:

Post-Cab Press Conference: Foreign Buyers Register, TPP And Serco

At a press conference today in Wellington, John Key discussed the foreign buyers register as well as the TPP and Serco. Key was questioned on whether a stamp tax might be used as a tool to deal with foreign buyers. More>>

ALSO:

Lyndon Hood Satire: Serco To Outsource Prison To Public Sector

In response to high-profile failings, multinational omnicorporation Serco will introduce public management in its prison system. Serco's New Zealand manager, speaking on condition of anonymity, has announced plans for managers from the Department of Corrections to run the Mt Eden Correctional Facility. More>>

National Party Conference: Plans To Nudge Immigrants Towards Regions

The Government will introduce a package of immigration measures aimed at improving the spread of workers, skills and investment across New Zealand, Immigration Minister Michael Woodhouse says. More>>

ALSO:

Corrections: Serco Relieved Of Control At Mt Eden Prison, Retains Contract

Multi-national private prison operator Serco has been forced to hand back control of Auckland's Mt Eden remand prison to the Department of Corrections, which has used a 'step-in' clause in its contract with Serco following a string of increasingly serious allegations about contraband, prisoner injuries and a death. More>>

ALSO:

Other Experiments: Failing Charter School Stays Open 'For Kids'

Education Minister Hekia Parata says she has given Te Pumanawa o te Wairua in Northland a chance to continue operating because of her concerns about finding other educational opportunities for its students. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news