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National Will Reverse Interest Deductibility Changes

The arrival of the belated interest deductibility and Brightline rules discussion document brings with it confirmation of what an unprincipled mess the proposed legislation is, National’s Shadow Treasurer Andrew Bayly and Housing spokesperson Nicola Willis say.

“National oppose the Government’s ill-advised approach to dealing with the housing crisis and, in fact, argue that these measures will contribute to further housing challenges,” Mr Bayly says.

“We know investors and landlords have a role in New Zealand and the demonization of this small group of people is bizarre and divisive behaviour from the Government.

“We urge property owners to share their views on interest deductibility and Brightline changes despite the short timeline Housing Minister Megan Woods has allowed consultation.

“It is astounding that Finance Minister Grant Robertson would be so cavalier about breaking the fundamental rule of tax which is: tax profits, not revenue. It is no wonder that property owners feel the rug has been pulled out from under them.”

National’s Housing spokesperson, Nicola Willis, adds that it is incredibly cynical of this Government to exempt themselves from these changes by allowing interest deductibility to continue in regards to Kāinga Ora houses.

“It is one rule for thee and one rule for me with this Government,” she says.

“Minister Woods’ own advisors cautioned her that these changes could increase rents, impose additional costs on lower income tenants, and increase reliance on state and emergency housing, but she ploughed on ahead anyway.”

Mr Bayly says: “I want to be clear that National oppose these changes”.

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