John Key’s call for tougher lending controls for property speculators again demonstrates a Government in crisis mode over the hugely damaging housing price bubble, the Green Party said today. Prime Minister John Key yesterday signaled to the Reserve Bank that it should quickly extend existing loan-to-value ratio restrictions to investors to help slow house price rises. The latest monthly QV House Price Index shows values nationwide are now rising at the fastest rate since 2004, with the average house value...

New data showing that the top 10 percent of New Zealand households own half our country’s wealth, while the bottom 40 percent of households own just 3 percent of the wealth, helps explain why so many people are living in cars and being forced to choose between putting food on their table or seeing a doctor when they’re sick, the Green Party said today. The data is from Statistics NZ’s Household Net Worth survey. “When wealth inequality is this stark,...

The National Government is still the property speculator’s best friend, Green Party said today. Mortgage lending data released today by the Reserve Bank shows that residential property investors are borrowing more than three times as much as first home buyers. “Under the National Government, it’s clearly still much easier to buy a third, fourth, or fifth investment house, rather than your first home to live in,” Green Party Co-leader Metiria Turei said. “People just trying to get their own home...

The National Government’s failure to fix the Auckland housing crisis continues to keep interest rates higher than they need to be, meaning families and businesses face higher than necessary costs of borrowing, the Green Party said today. The Reserve Bank today left the Official Cash Rate unchanged at 2.25 percent despite economic conditions that favour lowering the rate, citing risks to the economy from high house prices and a lack of housing supply. “National’s failure to fix the Auckland housing...

Tomorrow’s Budget needs to announce a new, transformative plan to fix the housing crisis, the Green Party said today. Finance Minister Bill English will deliver his eighth Budget tomorrow and it’s likely it will contain no significant new measures to address rampant speculation in the housing market or the lack of affordable homes being built. “We’re becoming one of the only countries in the world that makes it easier for people to buy their second, third, or fourth house instead...

New data that shows business executives received 12 percent pay rises last year, on average, while over 40 percent of all working people received no pay rise at all shows we need action to rebalance our economy, the Green Party said.* “The evidence is clear that economic inequality creates serious social issues – but we can address these issues by taxing the highest earners a bit more. They can afford it,” Green Party workplace relations spokesperson Denise Roche said. “When...

Taking more tax cuts off the table was the right move for Bill English to make in his pre-Budget speech today, the Green Party said. “It’s good that the Government has realised that tax cuts aren’t the kind of medicine our economy needs right now,” Green Party finance spokesperson Julie Anne Genter said. “National’s tax cut bribes have historically benefitted people on high incomes, and come at the expense of fixing problems like child poverty and the housing crisis. “There...

It’s time for the Government to act to solve the housing crisis as the Reserve Bank again called for stronger Government action, the Green Party said. “The Government is moving too slowly and cautiously on housing, but actually there are many things it could do right now that would make a difference, including a proper capital gains tax (excluding the family home),” Green Party finance spokesperson Julie Anne Genter said. “The Government’s blaming everyone but itself for the housing crisis,...

The Government can start the clean-up of the foreign trust industry as early as tonight by supporting the Green Party’s proposed changes to a Government tax bill being voted on this evening. Green Party finance spokesperson Julie Anne Genter will put forward an SOP to the Government’s Taxation (Transformation: First Phase Simplification and Other Measures) Bill that will require trustees, settlors, and beneficiaries of foreign trusts to disclose to the IRD their name, date of birth, address, passport number and...

The Government’s financial update today shows its focus on maintaining a wafer-thin surplus has come at the expense of real ideas about how to tackle the big economic problems we face, like child poverty, unemployment, and the housing crisis, the Green Party said. Government Financial Statements for the nine months to 31 March 2016, the last update before the Budget on 26 May, showed a modest $167 million operating balance before gains and losses and net government debt of $63.3...