It's clear since the 2008 GFC - and even more so post Brexit and Trumpism - that neoliberalism has outlived its usefulness to the working classes - and now the middle classes - and is living on borrowed time. It would be prudent to manage the transition to whatever comes next rather than leave it in the hands of those who refuse to believe there's anything wrong with neoliberal dogma, or leave it in the hands of demagogues (NZ hasn't got to that point yet but our time will come). Preserve the benefits of neoliberalism (e.g, access to imported goods and foreign markets etc.) while taking more control over one-way capital flows; specifically do not allow NZ to be a safe-haven parking ground for the spare capital of wealthy non-residents which has inflated a dangerously unsustainable property bubble and effectively makes Kiwis tenants in our own land renting from overseas-based absentee landlords. Policy:- Prohibit non-resident entities from buying property in NZ. This would include the cessation of the use of NZ-based corporations and trusts by non-residents to purchase property on their behalf.
Prohibit non-resident entities from buying property in NZ
Prohibit non-resident entities from buying property in NZ
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Facebook TwitterForeign investment in housing should be restricted to those who are committed to raising their families here or running businesses, whilst living and working in NZ and paying tax (whatever form that takes). The alternative is that hard working NZ’ers become tenants in their own country to overseas investors who are exploiting the weak tax system, due to the absence of a Capital Gains Tax.
Having already sold many assets to overseas interests, yet again the baby boomers seem intent on lining their pockets at the expense of those who have to live in their wake. Making huge capital gains selling to overseas interests at the expense of the next generation of genuine kiwis (read as tax payers).