PM fires shot at ANZ boss over capital gains tax support

Wednesday, 25 September 2024

ANZ chief executive Antonia Watson said she felt taxing investment properties at point of sale was fair.

PM responded, inviting Watson to enter the political domain.

The government has taken a shot at ANZ’s boss after she came out in support of a capital gains tax.

ANZ chief executive Antonia Watson told RNZ on Wednesday she felt taxing investment properties at point of sale was fair.

'I love it that the CEO of a big bank from Australia wants to take more money off New Zealanders,' Luxon said in response according to reporting by RNZ.

'You don't tax your way out of a recession. You grow your way out of a recession.'

Luxon said Watson was 'more than welcome to enter the political domain'.

'As a former CEO, I understand what she's doing… the big Australian banks make a lot of money off the New Zealand public, and I would just suggest to her that maybe taking more money off New Zealanders isn't the road forward.'

Earlier this month Labour leader Chris Hipkins said conversations around the tax needed to be had.

“I think we do actually need to have a fairly significant conversation as a country around tax,” he told the Tova podcast.

“I think the debate needs to start from, what are we funding, and then we talk about how we fund it.”

Labour’s housing spokesperson Kieran McAnulty called Luxon’s response to Watson “unbecoming of a leader”.

'The CEO of a company surely is capable of making their own mind up and expressing it without the prime minister having a crack,' he told RNZ.

'He's starting to show a bit of pressure, that bloke, I reckon.'

McAnulty said he didn’t expect Watson to express a view on the policy and that her comments “added some weight” to the argument for a capital gains tax.

“I think what is obvious is that more and more people are expressing that view,' he said.

'Last time we had a debate, it was pretty divisive… perhaps it won't be this time, who knows?'