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REINZ welcomes Labour’s CGT announcement

The Real Estate Institute of New Zealand (REINZ) has today welcomed the announcement from the Prime Minister that Labour will not be adopting a capital gains tax (CGT), following feedback from the majority of New Zealanders that they do not believe in a capital gains tax.

Bindi Norwell, Chief Executive at REINZ says: “As an industry we had grave concerns that a capital gains tax could push up house prices even further - especially when we look at examples of other OECD countries that introduces CGT such as South Africa and Australia and have seen housing affordability decline in those countries.

“Therefore, we welcome today’s announcement from the Prime Minister that Labour will not be looking to proceed with any of the Tax Working Group’s recommendations and instead focus on the wider issues affecting New Zealanders,” continues Norwell.

“We also welcome the fact that Government will look at other areas of the tax system that could be fairer and look forward to engaging and consulting with the Government over these areas they wish to address in the coming months.

“Those who own lifestyle blocks will no doubt be particularly pleased with today’s announcement, as they were one of the few communities facing a capital gains tax on the sale of their own home on land over 4,500 square metres.

“We hope today’s announcement will bring more certainty for the real estate industry as feedback from buyers and sellers has been unanimous in their uncertainty ahead of today’s announcement,” concludes Norwell.

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