Winston Peters indicates New Zealand First could ease foreign house buyer ban for the 'right investor'

Monday, 14 October 2024

Winston Peters' speech in Hamilton was interrupted by protesters shouting to 'free Palestine'. They were swiftly removed, stating they represented a 'bureau of concerned citizens' against alleged genocide.

New Zealand First leader Winston Peters promoted the idea of a $100 billion infrastructure fund at his party’s weekend convention.

The amount taxpayers contribute to the fund will depend on how much money can be attracted from other sources, Peters says.

The fund would include money from overseas, and NZ First could ease its opposition to foreigners buying houses in this country for the right investors.

New Zealand First leader Winston Peters has indicated he might be prepared to ease the party’s opposition to foreigners buying houses in this country for the “right investor”.

At his party’s annual convention in Hamilton on the weekend, Peters promoted ideas for an infrastructure fund of up to $100 billion that would include overseas investment.

“As an incentive for the right investor, we’ll consider anything,” Peters told Newstalk ZB on Monday.

“If someone’s going to come in with a lousy $20 million, I think we’re not going to be cutting the ice for him.

“But if he or she is in with a whole lot of money beyond that, we’d consider it,” Peters said.

Winston Peters speaking at the New Zealand First annual convention in Hamilton during the weekend.

“The right person, with the right investment will get the right place, yes.”

The world was awash with money, and investors were looking for a safe and secure place, with a reason why it was advantageous to invest in, Peters said.

The audience during Peters speech at the New Zealand First annual convention in Hamilton during the weekend.

“As to them buying a house, if you’ve got the right investor here, who’s going to argue about them buying a home.”

Peters told RNZ on Monday New Zealand would contribute to the fund, and “find other supporting agencies, find international money, make it attractive for them”.

The amount needed from taxpayers would depend on how much came from other sources.

“If the initiative is sound enough, we believe, like Singapore it will take off.”

He believed part of the NZ Super Fund would be the answer, but that was a decision for those running the superannuation fund.

It was possible corporate tax could be cut to attract overseas companies, but in Singapore and Taiwan taxes were cut for companies coming in, but not for domestic companies, Peters said.

New Zealand needed to have been thinking like that for a long time, “rather than standing here and having this stupid argument that somehow taxation should be neutral, and that taxation can’t pick winners”.