Parliament

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

 

Reserve Bank responds to National’s housing failure

20 August 2013

Reserve Bank responds to National’s housing failure

The Green Party today welcomed the Reserve Bank’s introduction of new loan-to-value ratio restrictions on mortgage lending but said it highlights the National Government’s failure to address the growing home affordability crisis.

The Reserve Bank Governor gave notice in a speech today that from October, banks will be subject to restrictions on high loan-to-value ratio (LVR) housing mortgage loans.

“We support the introduction of new Reserve Bank tools to help control runaway property prices and have been calling for their introduction for many years,” said Green Party Co-leader Metiria Turei.

“However, the Bank’s attempt to control house price rises are being undermined by the National Government’s inaction on a capital gains tax and its demand-side measures, both fuelling the home affordability crisis.

“National’s plans to expand the Welcome Home programme and ease KiwiSaver rules for home deposits will only add fuel to the house price fire, undermining the Reserve Bank’s announcement today.”

Mrs Turei said that National’s failure to tackle the policy elephant in the room – a lack of a capital gains tax – meant that speculators would continue to squeeze out first-time home buyers from home ownership.

“Under National, house prices in Auckland have risen 25 percent, making home ownership an unaffordable dream for many Kiwi families. But it doesn't need to be that way,” said Mrs Turei.

“A capital gains tax (excluding the family home) will remove the current tax-free gains property speculators can make from housing. Removing property speculators from the market will lower house prices.

“The Green Party Home for Life plan would put in place a debt-free progressive ownership model to help families afford their own homes.

“Additionally, we will build 3,000 state houses a year which will ensure families in need have accommodation and take pressure off the affordable end of the housing market.”


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On What We Could Do For Hong Kong, If Only We Dared

There has been something repulsive about PM Jacinda Ardern’s assurances that our joint 5 Eyes criticism of China’s actions over Hong Kong – and China’s harsh reaction – are all well understood on both sides. According to Ardern, it has been a case of us saying the sort of things we’ve said before, them acknowledging our need to do so, and then them responding much as we would expect them to do. All neat and tidy. Frankly, if all of this is merely virtue signalling on our part, and huffy declarations of independence on their part, then what’s the point of this diplomatic dance..? More>>

 

Grant Robertson: Government To Review Housing Settings

New Zealand’s stronger-than-expected economic performance has flowed through to housing demand, so the Government will review housing settings to improve access to the market, the Finance Minister Grant Robertson announced today. “Our focus More>>

ALSO:

Law Commission: Recommends New DNA Laws For Criminal Investigations

Te Aka Matua o te Ture | Law Commission today released a report that recommends a new, comprehensive regime to control how DNA is obtained, used and retained for criminal investigations. The report has revealed significant gaps in the operation ... More>>

ALSO:

National: Leader’s Speech At Annual General Meeting

Good morning delegates. It’s an absolute privilege to be speaking as your leader. I’d like to acknowledge the party president, regional chairs, board members, National Party staff, our MPs, our candidates, and most importantly, you – the delegates, ... More>>

ALSO:


Economy: Crown Accounts Reflect Govt’s Careful Economic Management

The better-than-expected Crown accounts released today show the Government’s careful management of the COVID-19 health crisis was the right approach to support the economy. As expected, the Crown accounts for the year to June 2020 show the operating balance ... More>>

ALSO:

Green Party: Announce Portfolio Reshuffle With Talented And Energised Caucus Team

“The Green Party caucus offers a breadth of talent and energy to the Parliament this term. In ten MPs you have a small business owner, a human rights lawyer, an academic, a climate negotiator, a transport planner, and so much more”, Green Party ... More>>

ALSO:

APEC: New Zealand Ready To Host Virtually

Prime Minister Jacinda Ardern took over the leadership of APEC earlier today, when she joined leaders from the 21 APEC economies virtually for the forum’s final 2020 meeting. “We look forward to hosting a fully virtual APEC 2021 next year. While ... More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels