Labour calls for capital gains tax

Wednesday 14 November 2012

New Zealand needs a capital gains tax to redirect investment into productive businesses, Labour says.

Labour party finance spokesman David Parker was responding to the latest ASB investor confidence survey, which showed that rental property is once again New Zealanders’ favourite investment.

"A capital gains tax is needed to quell a prolonged increase in property speculation that will only continue the trend in declining home ownership,” he said.

"We aren’t going to grow as a country if we keep putting our investment money into property speculation because of a tax bias that hurts our productive exporters.”

He said New Zealanders should be encouraged to invest in other areas, such as the export sector.

“ This creates jobs, helps increase wages and limits our reliance on overseas lenders. A capital gains tax will encourage investment towards good, productive businesses while also helping to limit the increase in house prices, making homes for Kiwi families more affordable."

Comments from our readers

On 16 November 2012 at 1:57 pm Josh said:
Is it just me or is every landlord going to vote National again if they keep these comments up

Sign In / Register to add your comment

House Prices

Decline in NZ’s median price – but not Auckland’s

Following a decrease of 4.2% ($20,000) from March, the national median house price is now $455,000, according to the latest Real Estate Institute of New Zealand data.

Commercial

Victory for business in change to earthquake rules

New, more targeted regulations for earthquake-prone buildings are a win for commercial property owners and businesses.

Mortgages

Auckland landlords face new lending restrictions

The Reserve Bank, this morning, unveiled new lending restrictions on people buying houses in Auckland. Here's what they said:

Site by PHP Developer