Aussies exempt from foreign house buyers ban

Elias Hubbard
October 31, 2017

Jacinda Ardern's first trip as Prime Minister will be across the ditch to meet Australian counterpart Malcolm Turnbull.

Since becoming prime minister, Ms Ardern has said she intends to travel to Australia as soon as possible while Ms Bishop has pledged to work with New Zealand's new government.

By adding housing to that legislation, Labour will be able to go ahead with the ban without having to request any changes to the TPP when ministers meet on the sidelines of Asia-Pacific Economic Cooperation meeting in Vietnam next week to finalise the agreement. Parker said the ban needed to be legislated before the TPP came into force to avoid any breach.

Ardern campaigned in the recent New Zealand election to restrict foreign buyers to reduce demand, while the country tackles what her Labour party says is a housing crisis left unresolved by the previous National administration.

"New Zealand has done a lot of work over the last 12 months to bring the TPP 11 parties together and they've got the desire to proceed so that the agreement is not renegotiated", Mr English said.

"That government claimed this could not done without breaching other free trade agreements and that a stamp duty would be the only effective tool".

This would effectively ban foreign speculators without affecting the TPP or most free trade agreements, Ardern said.

Ardern and Parker said the ban on foreign buyers did not apply to bare residential land, but that the Government would look at the issue of land banking further down the track.

The Speaker of the House, who takes third place in the New Zealand order of precedence after the Governor-General and the Prime Minister, is also elected. "We will do all we can at this late stage to negotiate in the best interests of New Zealand and New Zealanders when it comes to the use of ISDS clauses".

She wants to introduce the legislation before Christmas and pass the law early next year, before the TPP is ratified.

"The proposed change means we can move our focus away from land issues at the negotiating table at APEC", Ardern said.

Ms Ardern says her government is determined to amend the ISDS provisions of the TPP.

Other reports by Click Lancashire

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