Post-Cabinet Press Conference: Home Ownership vs The TPP

Incoming Prime Minister Jacinda Ardern held her first post-cabinet press conference this afternoon,following the second meeting of her cabinet.

She was joined by Minsiter David Parker to announce the details of a ban on people who are not citizens or permanent residents purchasing existing housing, and a focus on investor/state dispute mechanisms in negotiations for the TPP11.

The ban would operate by classifying existing housing as 'sensitive' under the Overseas Investment Act. Ardern said this would be consistent with existing New Zealand trade deals apart from the Singapore deal (which is due for renegotiation soon) but changes would need to be in place before any TPP deal comes into force.

It would not apply retrospectively and Australian citizens would still be able to purchase houses.

There was also discussion of the extent and quality of advice sought by the previous government on the issue of foreign land ownerships.

In other matters, Ardern confirmed her intention to rename the 'Ministry for Vulnerable Children'.

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