20 August 2015

No understanding of the value of overseas investment

The Government has now admitted it has absolutely no idea of the actual value of foreign investment in New Zealand, says Labour’s Land Information spokesperson Stuart Nash.

“It is crucial that the Government starts to understand just what this overseas investment is worth to our economy and communities.

“Even though Minister Joyce has admitted that ‘we have not been as effective as other countries in ensuring that overseas investment has provided additional benefits’, Minister Bennett has rejected Labour’s call to start holding overseas investors to account for the promises they make to New Zealanders.

“For example, since the Overseas Investment Act became law in 2005, 608 overseas investors have promised to introduce added investment into New Zealand, and the Government has absolutely no idea of the actual amount of foreign money that has come into the country. That is not good enough.

“I believe it’s important that New Zealanders understand the value added by foreign investment and that the foreigners who are buying our land are held to the promises they make.

“A Labour government will promise to deliver an annual report that provides all Kiwis with information outlining the benefits overseas investment creates for our economy and communities.

“Labour has also said it would hold all overseas investors to the promises they make in their purchase consent applications, and if overseas investors don’t meet their promises then we will take action; including tossing them out of they refuse to comply,” says Stuart Nash.

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