The National Government still has time to extend the bright line test to five years to better curb rampant housing speculation, the Green Party said today. National’s “bright line” rules will apply tomorrow, requiring income tax to be paid on any gains from residential property purchased and sold within two years, with some exceptions.  The exceptions include the sale of an owner’s main home, inherited property, or the transfer of property in a relationship settlement. “National’s moves to clarify the...

A proper Capital Gains Tax remains the most essential immediate option to fix the Auckland housing crisis, the Green Party said. Reserve Bank data released today shows that in the last year, 43 percent of mortgage lending has been for property investment while just 12 percent has been for first home buyers. “No solution to Auckland’s housing crisis is complete without a capital gains tax (exempting the family home),” Green Party finance spokesperson Julie Anne Genter said. “While National’s bright...

The Green Party is calling on the Government to urgently bring forward funding for the City Rail Link, following the announcement that rail passenger patronage grew 23 percent in the year to August 2015. “Public transport patronage is up, cycling is up, road congestion is up, but the Government is letting Aucklanders down,” Green Party transport spokesperson Julie Anne Genter said. “Every day, thousands of Aucklanders on packed trains are calling out for the Government to stop delaying the City...

The Green Party is calling on the Government to embrace low-carbon economic development opportunities, because economic growth from record migration and the runaway Auckland housing market is unsustainable. “High migration is part of National’s facade of economic prosperity – migration-driven economic activity is part of what’s hiding the fact that National’s economic policies are failing,” said Green Party finance spokesperson Julie Anne Genter. Statistics NZ has released monthly migration statistics that show a record net gain of 60,300 migrants in...

The Government’s ideological refusal to properly address the demand side factors is driving the unsustainable Auckland housing market into ‘dangerous territory’ and creating major risks for the economy, the Green Party said. “The Government must tackle the demand side factors driving unsustainable house price inflation – like rampant property speculation – with measures like a proper capital gains tax and restrictions on overseas property investors, but is choosing not to,” Green Party finance spokesperson Julie Anne Genter said. “When the...

The Green Party is calling for reform of the Reserve Bank’s governance structure following today’s Official Cash Rate decision which reverses the mistaken OCR rises of 2014. The Reserve Bank Governor has today unwound 75 of the 100 basis points that he increased the OCR by just last year. “The Reserve Bank made the right decision today to cut the OCR – effectively reversing the mistaken OCR increases in 2014 – but concentrating this power in just one person isn’t...

The value and volume of manufactured goods has fallen for a second quarter in a row despite National’s promise that a lower dollar would help the sector, the Green Party said today. Statistics New Zealand released its Economic Survey of Manufacturing today showing that total manufacturing sales for the quarter were $23.4 billion, down nearly $1.3 billion (5.1 percent) on the June 2014 quarter. The Trade Weighted Index – a basket of the currencies of our main trading partners –...

The Green Party is calling on the Government to follow through with a recommendation from the Cycling Safety Panel to protect people who cycle with mandatory safe passing distances. “It’s vital that the Government follows through on the Cycling Safety Panel’s recommendation for mandatory safe passing distances to protect people who cycle,” Green Party transport spokesperson Julie Anne Genter said. “It’s good to see practical solutions recommended like different safe passing distances for low speed and high speed roads. “The...

New data that shows slowing economic activity and record low business confidence confirms that National’s brand of complacent economic management and protecting the status quo isn’t working, the Green Party said.   The Treasury’s Monthly Economic Indicators, released today, show GDP growth falling to around 2 percent and job creation slowing. ANZ’s business confidence survey shows the lowest level of confidence since 2009. “With economic activity slowing, unemployment rising, and business confidence at its lowest since the Global Financial Crisis, it’s...

The Green Party is delighted the Basin Reserve flyover will not be going ahead after a ruling by the High Court today. “The Green Party is very happy with the decision by the High Court today dismissing the appeal over the Basin Reserve flyover,” said Green Party transport spokesperson Julie Anne Genter. “The New Zealand Transport Agency (NZTA) should not have taken the decision to court in the first place after the Environmental Protection Agency made a rational transport decision....